Feeling Sick about £60K of Debts!

[harvest]

Just a quick update

 

Received a copy of the loan agreement from my bank. It looks like a proper agreement to me. Original Loan £25k (£31K with interest). Last letter I received said I had defaulted and they wanted full repayment of the outstanding balance which amounted to £12.9k)

 

I've received dozens of letters from other creditors that I'm just going through today before I head off to the post office tomorrow.

 

Rather worryingly I have received nothing from EGG at all.

[The GodMother]

Can u scan a copy of that agreement you got so ppl can make sure it is a proper CCA.

[odds]

or, ask them to answer your security questions (after all they are phoning you, and you know who you are but dothey know enough?), they will always put the phone down as they cannot disclose details under Data Protection Act.

 

What would you suggest as security questions ?

My address, my date of birth, post code ?

 

Pete.

[The GodMother]

No they will have that on comp.

 

What it is best you do is

when they say to you can u confirm your address u say yes can u confirm yours.

when they say can u confirm your DOB u say yes can u confirm yours.

When they say can u confirm your phone number u say yes can u confirm yours.

Basically any question that would be classed as a security question when they ask u to confirm anything u ask them to confirm theres.

[robcag]

Just a quick update

 

Received a copy of the loan agreement from my bank. It looks like a proper agreement to me. Original Loan £25k (£31K with interest). Last letter I received said I had defaulted and they wanted full repayment of the outstanding balance which amounted to £12.9k)

 

I've received dozens of letters from other creditors that I'm just going through today before I head off to the post office tomorrow.

 

Rather worryingly I have received nothing from EGG at all.

Was the letter you received regarding your defaulting actually calling itself a Default Notice? If so it might be worth scanning it and posting it here (after removing your personal details) so that some of the experts on here can pick holes in it (if there are any). I've recently received a copy of one for an alleged credit card debt and posted it here on the advice of pt2537 who immediately noted a flaw which rendered it invalid.

 

I don't know if this would apply to your loan, but it might be worth doing.

 

Rob

[andrew1]

Harvest, what a ride you've had. I have run businesses for 30 yrs + not always easy either, suffered anything you can think of. One thing comes through on your thread here which I notice is payments for your invoices. Most companies will pay you if you set your terms out first. I don't know what type of work it is, but with invoice values around £1-2000 I always state to clients when I take instruction that once the work is done " my terms are 7 days, do you have a problem with that?" Someone mentioned 'Pro-Forma Invoice to get paid before or part payment before the work starts, great idea, but if that fails, all companies can raise a manual payment it's often that they get used to the 30 days with larger trading partners. Get to know the person processing and paying your bill by telephoning accounts and speaking to the Accounts Payable or Bought Ledger department and ask them if they want any kind of reference numbers on your invoices (this is just to spark a relationship up and doesn't look as though you are being pushy or going over your contacts head to get paid). Then tell the person your invoices are 7 days is there anyone you can address them too particularly. I never have a problem getting paid in the main. Also, this is another site to add to your collection which you might find helpful and something to add to your terms of business: Late payment legislation and the BPPG Interest calculator.

 

It is the legislation behind getting Interest on late payment, it also works it all out for you too. Don't give up - I've been there so many times, always believe you can 'trade your way out' and you will...have faith, you'll get there.. Good luck.

 

 

Sarah

[odds]

No they will have that on comp.

 

What it is best you do is

when they say to you can u confirm your address u say yes can u confirm yours.

when they say can u confirm your DOB u say yes can u confirm yours.

When they say can u confirm your phone number u say yes can u confirm yours.

 

Basically any question that would be classed as a security question when they ask u to confirm anything u ask them to confirm theres.

 

I can't see how they are breaking the Data Protection Act by giving you THIER details. If they want to give me thier details that is thier choice. What they can't do is give out details they hold on other people to a 'stranger' on the phone. But if you asked them to reveal the DOB, Address, phone no. of the person they wish to speak with, then they would be breaking the DPA.

That's the way I would see it anyway.

 

Pete.

[harvest]

Thanks for all the helpful comments.

 

I confess to suffering a bout of unparalleled depression over the last few days. I don't know if it's the prospect of facing the New Year still trying to delay action by creditors or the thought that even if things go better for me in 2008 in will be years and years and years until I'm debt free.

 

I thyink I'd better summarise my current situation below in case anyone has helpful advice on what to do:

 

First Direct

 

1. Loan Agreement received -looks like a proper loan agreement to me. £12716.34 to settle in full.
   
2. Bank Overdraft £2263 - my OD limit is £1500. The bank has exceeded this by continuing to allow direct debits and standing orders to be declined and adding charges to the account.
   
3. FD Credit Card £3669.29

Egg

1. Credit Card Balance £14660 Credit Agreement Received

Sainsbury's

1. Loan - £11800
   
2. Credit Card £4230.75

Morgan Stanley / Goldfish

1. Credit Card £4420

Sky Card

1. Credit Card £3514

Barclaycard

1. Credit Card £3790

Relatives / Friends

1. Freind 1 £1000
   
2. Friend 2 £500
   
3. Brother £200
   
4. Sister £240
   
5. Step Father £500

Total Debts at present = £61063.38 to banks / credit cards and £2440 to friends and relatives.

Income for January / February = approx £6k.

Rent and council tax is £430 plus bills per month

 

So - since I started this thread my debts have increased and I have had no agreement from banks and credit cards to pay reduced payments. I am planning to use the £6k to pay my friends and relatives and then to see what is left after rent and food to pay creditors.

 

I have a reasonable prospect of a full time job next year that will mean monthly net income of approx £2100.

 

Am I delaying the inevitable? What happens if I start a new full time job (in a government agency dealing with funding applications) and I am made or have to declare myself bankrupt in 2008? I will presumably have to inform my new employers and since the job will be dealing with funding applications will have to give up the job because bankrupots can't work in jobs delaing with funding - even if it's not physical cash?

 

Two organisations have produced CCA / Agreements - First Direct and Egg. They look fine to me - I can't scan them because I don't have a scanner. One credit card - Goldfish has asked for a signature. The others have just not replied.

 

A couple of weeks ago I felt very positive - is it normal to go through these massive dips in confidence about the future?

[Goldlady]

OK, perhaps this is a very simplistic way of looking at it, but if you can get all your creditors to freeze interest and refund any unlawful charges you are looking at about 60K once you have repaid your family and friends as you say. So if you can spare £1000 per month to share between them you can be debt free in 5 years exactly. If you write to them on that basis asking them to freeze interest I am sure they would far rather come to that arrangement than get nothing if you go BR. That is assuming that all are enforceable - the way I see it that is worst case scenario.

[jansus]

Perfectly normal I should think! I think with all the hype about christmas and people spending like there is no tomorrow this is the worse time to be going through what you are.

 

Did you get in touch with national debtline as suggested or CAB - I think what you need is to get your agreements up and running for amounts you can afford and that is what they should organise for you. Then you will have some breathing space to try and get your life in order and consider carefully all your options without rushing in to anything. For example you do need proper advice on your best course of action regarding bankruptcy.Dont make any panic decisions.I am sure there is help out there for you.

 

Wishing you all the best for 2008

 

jan:)

[PriorityOne]

Harvest, if you cannot scan these Agreements from FD and Egg, then please describe each one is as much detail as possible. One at a time...

[orky]

Hi Harvest

 

For what it maybe worth I have £100k of debts three business all in jeopardy. I mention this simply to let you know from my experience "just keep going". To me with all the **** I have been through death is the only thing to fear, depending on your viewpoint.

 

In a nutshell keep studying this website, keep posting and you will find a way I am sure.

 

orky

[Goldlady]

Hi Orky, glad to know we are not the only serial entrepreneurs in a mess!! I am sure there are many many more. The thing is, Harvest, you just never know what is round the corner. I have had many bitter arguments with Government departments about the fact that we have kept people in jobs even when times were tough - I am still repaying a CCJ to the Inland Revenue for the PAYE when we had to make all our staff redundant due to Foot and Mouth in 2001. And we were told at the time that it would be written off:mad:

 

Harvest please do not let depression get the better of you. I have been there but refused to let it destroy me. Still taking the St John's Wort though:o

[davefirewalker]

Harvest.....

 

I cant say this strongly enough.......dont accept any agreement as valid until you have had a second or third opinion.

 

scan them and put a link here photobucket is best

 

I have three credit card agreements and not one is enforceable

I have had a loan wiped off for the same reason and I'm challenging two other loans

 

the first thing is "Dont Panic" get all the agreements and get them checked properly...dont make your own mind up unless you know the cca1974 inside out.

 

hope you get out of this mess

 

my best wishes

 

Dave

[pt2537]

Hey Harvest,

 

when we request a copy of our credit agreements there is a tenancy to fall into the...........

if it looks like a duck,

walks like a duck

and quacks like a duck

 

then it must be a duck mentality

 

however, where credit agreements are concerned just because it says Credit agreement doesnt make it an enforcable agreement.

 

you have had some good advice and to add to the voice of reason can you please post a copy of the documents you have recieved, removing all the personal details first

 

then we can look over them and find as many flaws as we can

 

you have nowt to lose

[davefirewalker]

Just reread your post...

 

you dont have a scanner......

 

a friend / relative ...someone you know must have one...beg borrow or plead, you NEED to get the info here so we can have a look at it

 

mask any personal details names adresses account nos etc

 

Dave

[pt2537]

also Dave, dont forget digital camera or mobile phone camera

 

not ideal but will do the job

[PriorityOne]

 

I have three credit card agreements and not one is enforceable

I have had a loan wiped off for the same reason and I'm challenging two other loans

 

 

Well said Dave....

 

I have had 2 unenforceable "Agreements" to date and one creditor who tried to fob me off with a reconstructed one... No deal.

 

[Goldlady]

harvest, do you have a fax machine? If so I could PM you my fax number and I will then get OH to scan them.

[harvest]

I'm overwhelmed by the replies to my last post - that people take the time to look through agreements etc - well, almost brings a lump to the throat.

 

So I have borrowed my neighbour's printer that has a scanner and I'm just working out how to get the scanned copies onto the CAG post - I'm sure there's a guide on here somewhere.

 

I've never used 'photobucket' before - sounds like a bargain bin of cheap reproductions of famous photos.

 

Still I really must get to grips with this.

 

I've had another default notice today from Sainsbury's re my loan with them. They want the full amount of £12k. So I've now had two formal default notices one from FD and one from Sainsbury's. It's all getting a bit frightening but I know I must follow the procedures and get to grips with the situation otherwise I'll find myself in enforced BR.

 

Thanks again for all this help - I know I'm not very helpful to others on here but I promise to address this.

[pt2537]

as if by magic.....

 

http://www.consumeractiongroup.co.uk/forum/welcome-consumer-forums/107001-how-do-i-dummies.html#post1151870

 

there you go harvest, here a link to the guide attaching scanned copies

 

i would upload them into Image hosting, free photo sharing & video sharing at Photobucket and the it shows you down the bottom of the guide how to post a link to the photobucket pics

[linz2011]

just subbing harvest will help anyway I can - but you are doing fine with some of the best (IMO) caggers helping you.

 

Good luck do not let them get you down:)

[PriorityOne]

Harvest, registering with Photobucket is really painless. Do an internet search for it, register and have a play around with scanning the docs. into it first. When you are ready, try uploading those docs. on here.

 

Remember to mask over all personal info. first though..

 

Ah, I see Paul has already given you a link to it.

 

[davefirewalker]

We could also do with seeing the default notices as well......

just because it says default notice dont make it so

 

I have a "bad" default notice that just might help me lose a loan.....

 

please edit or mask any personal details (name acct no.s etc)

 

Dave

[pt2537]

Harvest, registering with Photobucket is really painless. Do an interent search for it, register and have a play around with scanning the docs. into it first. When you are ready, try uploading those docs. on here.

 

Remember to mask over all personal info. first though..

 

Ah, I see Paul has already given you a link to it. of course,

 

Hey P1, sorry but i beat you too it for a change:)