Hi Everyone !!
I stumbled upon this website after googling a number that kept ringing me - led me to a thread on here about Mercers. I'm astounded as to what you guys are doing - I had no idea how many rules these creditors are breaking and just what people on here are doing about it - well done!
I've spent the past 6(!) hours reading threads on here similar to my situation, but I'm rubbish at legal jargon and find a lot of it confusing, so I was wondering if I could have some advice on my own situation?
(Background story) Past few years I've been silly with money, using revolving credit and living the life of riley - buying plasma TVs, XBOXs and just having an all round good time, living at home and not having to worry about expenses, but paying off big chunks of what I owed. Then in June last year my father was made redundant and I started helping out with the bills while he was looking for a job, paying the minimum payments on my cards and not getting anywhere with paying them off due to the fact I was helping out so much. Then, in January this year the company I worked for sold their premises for residential development and closed the business - meaning I had no income! I've been applying for jobs since, selling off my worldly goods to support myself, but since March I've been sinking and I've got no money, no assets, no way of supporting myself and the money I owe my creditors has spiralled out of control - it's now about £16k. The house is now being repossessed so when I do find a job - I will have to start renting my own place and be in the same situation as I am now - no way of paying off my creditors. Hard lesson to learn - but a lesson learned nonetheless - there is no way I will ever treat money the same way again.
I made token payments of £1 to all my creditors in the first two months after being made redundant. Since then, my bank accounts have been defaulted due to overdrafts having no income, so I haven't been able to do that. I have not admitted my debt in writing, but I have agreed over the telephone that I should pay £1 a month where possible and if they have said OK. If not I've paid nothing.
I recently opened a Coop cashminder account, so I will start using internet banking to send £1 a month if that is the right course of action.
I read about asking for the CCA from the people I owe money to. It seems I can ask that from credit card companies, but what about mobile phone companies?
If they do not reply to my request for the CCA in the set time, then what happens? I know after 30 days I can complain, but what does this mean? Am I able to forget about what I owe them?
If they do send me a valid CCA, and I am still unable to make payments unless they are token, will they issue me with a CCJ? What happens with a CCJ? Do I pay what the court tells me to for 6 years and then I can rebuild my life?
As our home is being repossesed, could I just ignore the debt and in 6 years I would be able to start again?
I feel ridiculously guilty about being in this situation, one because I have foolishly borrowed money and am now in a situation i never ever foresaw, and two because if I didn't run this money up I might have been able to help keep the house through my wages.
I don't want to get off scot-free, but I just want a clean slate and have been thinking about bankrupty. I understand if I go bankrupt that it is normally removed from my credit file after 6 years, and after 1 year life is relatively back to normal. But I do not know if this is the route to take? I can't believe bankruptcy costs you £500 !
I'm sorry for asking so many questions, I have read many threads on here but I seem to be a bit more of a noobie than most other people on here. Feel free to be as patronising as necessary when replying as I think laymans terms will be more understandable lol
Thank you all for any replies