over £40K debt - next step?

[PriorityOne]

The debt is currently split across 4 creditors, although they originally started as 7, covering 3 loans, 2 credit cards and 1 store accounts and 1 current account. They are at various stages of “collections” – ranging from Court action threatened, issued to doorstep collectors, or DCA who don’t appear too bothered.

He needs to send a CCA request for each account,enlcosing £1 for each one and sent by rec. delivery. Do not sign these requests, but print a "signature" in block capitals. Keep the rec. delivery receipts safe as these are proof that legal requests have been sent and when.

 

I am looking at IVA or BR, but that decision will be a few months away for now, I just need to see if he can actually pay the monthly amounts and live by the agreed budget. He is in his early twenties and needs to grow up rather quickly!

Do not go down the IVA/BR routes for now.... there are other ways, as outlined above.

 

So my questions or guidance are:-

 

Reading through the various threads – it looks like the CCA request is a good next step, (once the boy has made his first payments!) do you agree? The requests can go off now.... don't wait. After 12 working days from receipt, your nephew can withhold all further payments in the absence of a properly executed CCA. If they do send something back, come back on here to have it checked out, as some of these companies like to try and pass off Application Forms as "Agreements".

 

 

[PriorityOne]

The CCA requests go to whoever is currently chasing your nephew for payment. They need to go by rec. delivery and the receipts kept somewhere safe... making sure that you know which one applies to each CCA request sent.

 

The S.A.R - (Subject Access Request) goes to the original creditor, to determine the level of unlawful charges applied to the account(s). These also need to be sent by rec. delivery and at £10 a time, are more expensive to send.... but they cover all data held by the same creditor, if you have had several accounts with the same creditor, you will only need to send the one.

 

Not sure about the "Notice of Disassociation" template, but you could always write a letter yourself headed up with that as a title, send by rec. delivery and take it from there.