creditcard debts and intrest

[P.ink]

please cans someone help, i have 5 creditcards adding up to a debt of £11,500.

around £2000 is interest alone.

i have card protection at around £60 a month, collective for a year of which i have been unemployed signed off by my doctor for depression,

i cannot claim on the protection because i didnt have a contract with my employer but am still paying for the protection, i dont know how to stop it.

i have asked the companies for help with my situation and that i would start payments when i could, any possibility of reducing payments or stopping interest and have been told its not possible.

i am with NBMA, CAPITAL 1, EGG, BARCLAYCARD and NATWEST

A debt management programme can help, charging £3000 over 10 years but not helping reduce any of the capital owed.

im 22 and unemployed, i can make payments of £120 a month, but dont know where to start

 

please help

pink x

[Goldlady]

Hi Pink, what a situation. £120 a month is not a bad start, if you can really manage to pay that. Can you give a bit more insight into why the PPI would not work - and why it is dependent on a contract from your employer? Can your previous employer not help here?

 

Anyway, have a read around the site. I would not suggest a DMP until you know exactly where you stand on several issues.

 

You can set up your own DMP. I did it - I owed £80K to various cards and offered them in total £250 a month, pro rata to the amounts I owed them, on the basis that they froze interest. They ALL agreed. The monthly payments should have been £2500;)

 

Secondly you need to look into the PPI (insurance) you have been and are paying - was this mis- sold, what was your situation when it was taken out?

 

And finally you need to find out if the debts are enforceable. If they haven't got a properly executed consumer credit agreement (there are loads of threads on here about it) they can't enforce the debt at all.

 

You will get lots of help on here - welcome to CAG by the way;)

[rory32]

Hi Pink and welcome to CAG. Have a look here for misseling of PPI and how to cancel and reclaim it http://www.consumeractiongroup.co.uk/forum/ppi/61081-ppi-some-notes-claimants.html

[P.ink]

thank you so much for your help.

im new and very confused, please could you set up some links about executing the customer credit agreement properly and how do i find out if they have or not??

thankyou

pink x

[rory32]

If you click on the link in my signature "Creditors and DCA Template Letters" the CCA request is template N. This asks for a copy of your credit agreement under the Consumer Credit Act. Send the letter recorded with a £1 postal order and bon't sign the letter. They have 12 working days to provide a copy of the agreement. If they don't after this period of time they are in default and can not enforce the agreement until they produce a copy of the agreement (this means you can lawfully withhold payment).

[pt2537]

executing the customer

thats illegal:lol:

sorry, just had to say that

the first thing you need to do is establish if the agreement is enforcable,you would need to request a copy of your agreement from each of your creditors, use the template letter here http://www.consumeractiongroup.co.uk/forum/general-debt/20758-creditors-dcas-letter-templates.html

you need to use letter N and include a one pound postal order with each request

they have 12 working days to respond with a copy of your credit agreement. if they fail then they enter what is called a default situation and are not allowed while the default continues to enforce the debt

if they send a non compliant agreement ie if its missing vital prescribed terms then they cannot enforce the debt and a court is precluded from issuing an enfiorcement order

oh dont ever sign any letters which you may send them, instead use a digital signature such as here http://www.consumeractiongroup.co.uk/forum/general-debt/110578-digital-signature-guide.html

i hope this helps you for starters

regards

paul

[rory32]

Are any of the accounts with debt collection agencies yet? You may wish to take some time to read through some threads on the Debt Collection and General Debt forums.

[pt2537]

Rory replied at the same time as me, oh well, he's pretty much covered every thing

 

i would go with Special Delivery if you can afford it as recorded does not always guarantee a signature on delivery whereas special does but it does cost more

 

regards

 

Paul

[P.ink]

some are with the debt collector, threatening to go to my mums even tho i have told them i don't live ther, they don't believe me. i wrote to all of them explaining my situation, asking them to at least hold off on the interest, but they all refused and the amount goes up monthly.

A debt management programme said they could help reduce the capital i owe, but didn't and want to charge interest for themselves! it will take 10 years to pay them back. i haven't signed.

i know my situation is of my own making but i am so overwelmed with it all i've left it til now.

it is tempting to sign for the 10 years but my mum said i must come here first to see if there is anything else i can do.

it all seems so confusing.

am reading through it all, but do not have a computer so can only do all this when i am at my mums.

 

why use a digital sig?

x P.ink x

[pt2537]

some DCAs and creditors have been known lets say to get a little happy with photoshop and scan sigs from your letters onto credit agreements and then try and pass them off as legitimate

 

thats why you should never sign any letter you send them and why i advocate using a digital signature

[rory32]

Regarding DMP I wouldn't rush into one. There are organisations who will set one up for you for free if required (it sounds as if you've got in touch with one that charges). I know you have a lot of information to take in at the moment but you may wish to get in touch NationalDebtline for one of their information packs on debt and DMP's. They area charity who have a very good reputation on this site. Their telephone number is FREEPHONE: 0808 808 4000

Monday to Friday 9am to 9pm

Saturday 9.30am to 1pm

24-hour voicemail.

[rory32]

Regarding DCA's threatening to pop round to your Mum's there is a letter you can send to revoke their license to do this (they do after all have no more right than you or me). Letter shown below:

Dear Sirs,

Please be advised that I am only prepared to communicate with you in writing. OFT rules and regulations clearly state that you can only visit me at my home if you make an appointment and I have no wish to make an appointment with you. There is only an implied license under English Common Law for people to be able to visit me on my property without express permission; the postman and people asking for directions etc (Armstrong v. Sheppard and Short Ltd [1959] 2 Q.B. per Lord Evershed M.R.).

 

Therefore take note that I revoke license under Common Law for you, or your representatives, to visit me at my property and if you persist in sending “doorstep callers” to my home, you will be reported for harassment and be liable for damages for a tort of trespass. You would also be liable for conspiring in a tort of trespass by acting in defiance of my instructions and sending someone to visit me nevertheless.

 

Should it be necessary, I will obtain an injunction.

 

Yours sincerely,

[P.ink]

thanks for all your help, I have spoken to 2 debt collectors, they have agreed to take payment of £5 a month, so i feel like i have a result there, I waiting to here back from the others.

ill keep you updated but i wouldnt have been confident enough to insist they except this with out your help

thanks again

xxx