Deep trouble

[ceebee]

My so has got himself into serious financial problems and one of the items is a loan from HSBC taken last December for £7100, to this the bank has added £1780 for PPI. If that is not bad enough the interest rate is 14.9%. He has now lost his job and is on the verge of a breakdown over this, I would appreciate any advice on how to get this resolved.

[ReasonableRon]

Can he not claim on the policy if he has lost his job?

[di0430]

Sorry to hear your son has lost his job, I know this can be very devastating.

With a bit of luck, something will come up soon for him.;-)

 

In the meantime, I would check his terms & conditions, because if he was made redundant, laid off etc he should be able to claim on this ppi policy.

He will need to contact them for a claim form, they will send a form for him to fill in and the unemployment office/job centre to fill and sign too, I think most claims go from 30 days, but at least if he has this, now its the time to take advantage of using it.;-)

 

Good luck, hope everything works out.

 

Di.

[ceebee]

Having gone through his financial affairs last night it seems that he may have missed the last payment as his account is now overdrawn. I wouldn't mind betting they will use this as a reason not to pay but we will have to try anyway. Thanks to everyone for advice its comforting to have someone to talk to particularly as he has now told us he was contemplating suicide.

[adamski]

WHOA

No need for that speak to us again, they cannot put kill you, take away your family etc no need for such thoughts.

 

First get in touch with all the people who you owe money to and see if you have PPI and if they will pay out if not come back and we will do our best to help, but suicide is not an option here it is only money!

[deb4tlj]

WHOA

No need for that speak to us again, they cannot put kill you, take away your family etc no need for such thoughts.

 

First get in touch with all the people who you owe money to and see if you have PPI and if they will pay out if not come back and we will do our best to help, but suicide is not an option here it is only money!

 

I totally agree with Adamski - suicide is NOT an option! NOTHING is worth that! I have over £25,000 of debt, have only £675 a month coming in, am on a reduced payment plan with all of my creditors and am living hand to mouth and struggling through most months - I also have a mental health problem (chronic depressive) and have been on medication for the past 7 years - I'll be on medication for the rest of my life. My depression results from the fact that I was sexually abused by my father at the age of 6 and bottled it up until I was nearly 40. My childhood was sh*t - we were abused physically and mentally, beaten with anything they could lay their hands on - trust me, been there, done it and bought the t shirt! Suicide is NOT an option - apart from the crap I've already gone through and the financial problems I now face, I have a wonderful husband, a brilliant and adoring son and I would not kill myself for anything! Haven't been driven to it yet and never will be.

 

Sorry for the rant.

[adamski]

ceebee trouble please talk to us please!

[adamski]

Please!

[deb4tlj]

Doesn't look as though Ceebee is online Adamski love. Let's hope sanity prevails - there's always hope. XXX

[noomill060]

Lets hope ceebee's son's panic is temporary and he gets things into perspective.

[ceebee]

Thanks for you concerns people its nice to know there's someone out there to get advice from. I've got him at home and he is stable at the moment,sorry i didn't mention it but one of the reasons he is in so much debt and is that we have found out he is addicted to cocaine and that is why he lost his job. We are getting him treatment because he really wants to stop, i think it was the drugs that were talking at least i hope so. My problem is having to deal with the drugs and his financial affairs at the same time, i got him booked into rehab so thats one thing out of the way now i need to focus on getting some of the scumbags he owes money to dealt with. Welcome Finance Logbook Loans Pawnbrokers HSBC although i dont put them in the same class as the others

[deb4tlj]

Deal with one company at a time my love or it all gets to be too much to keep track of. It might be a good idea to speak to somebody like Payplan who will organise a debt management plan for your son and reduce all payments to all creditors - their services are free and they are non judgemental. If your son does this then Payplan will deal with all his creditors and basically "fend them off" for you. Their website is here;

 

Free Debt Management company | Debt Advice | Payplan

 

I sympathise with you my love but you're doing all the right things. Stay strong. XXXXXXXXXXXXX

[ReasonableRon]

With respect, I think the bigger scumbags are those that were taking his money to supply him with the drugs.

 

Sadly, based on the circumstances, a PPI claim may be out of the question because drugs based circumstances will be excluded. This is not unique to PPI but all types of insurance.

 

I would suggest that the CCCS or similar organisation may help here, but at the moment your priorities should be towards your son's health and mental well being.

 

Wishing your son a full and quick recovery.

[ceebee]

Thanks for your support and advice and i agree about the ****** dealers if would make a hanging offence for dealing if it was left to me. One question though if the PPI doesn't want to know has he got a claim for return of payments because from what i've seen of his bank statement the only 'missed' payment is one that was due at the end of July.

[ceebee]

Sorry i forgot to add he lost his job through bad time keeping, admittedly through taking drugs, but as far as the Bank, PPI etc are concerned he is just unemployed. The letter from his company doesn't give a reason so who is to know other him, me and you guys.

[bathgatebuyer]

Ceebee, try and put in claim forms for PPI cover at the moment as, if anything, it can help buy you some time. I know that I was out of work and being chased for money, the pressure was lessened on occasion when the caller was told I had a claim in. It's not much, but being able to get rid of one call at a time was often helpful.

 

Please speak to one of the fee-free debt counselling services available. And I agree with all the other comments - 3 years ago I had £34K worth of debt, sever depression, no job..............................now I have about £2K of debt and can see myself being debt-free inside 12 months. My life is well back on track and this 'blip' (albeit a serious one) in your son's life can be overcome.

[alanalana]

hello ceebee,

 

I just have to add my full support to all the above posts of support to you and your son.

 

Life is more precious than any amount of money owed. I wish you a happy outcome to your all of your concerns. I can see you are a fighter andI applause that spirit which has seen you survive.

 

aa

[adamski]

Thank god you came back.

 

Look we need to help you.

 

Firstly this is the PPI forum, sounds like you need help on another froum where there are Moderators, Site helpers and Admin whpo can give you quality help.

 

But for now lets see if we can help you I will direct you to the right place when needed.

 

I know all about drugs and what they can do good and bad.

 

Would your son come on here and seek advice directly?

 

He would be very very welcome as far as I am concerned and the real, good, and honest people her would feel the same I am sure.

 

What is the total of your sons debts, can you break them down into i.e., loans, credit cards, bank accounts etc? then I may be able to assist further every detail you give is of great help in order to advise.

 

Best Regards.

[deb4tlj]

Thank god you came back.

 

Look we need to help you.

 

Firstly this is the PPI forum, sounds like you need help on another froum where there are Moderators, Site helpers and Admin whpo can give you quality help.

 

But for now lets see if we can help you I will direct you to the right place when needed.

 

I know all about drugs and what they can do good and bad.

 

Would your son come on here and seek advice directly?

 

He would be very very welcome as far as I am concerned and the real, good, and honest people her would feel the same I am sure.

 

What is the total of your sons debts, can you break them down into i.e., loans, credit cards, bank accounts etc? then I may be able to assist further every detail you give is of great help in order to advise.

 

Best Regards.

 

Hear hear. Adamski you rock. XXXXXXXXXXX

[ceebee]

Thank you all for your support he has given me an excel spreadsheet which i can cut and paste to word and presumably i can just paste this in the reply box. I need to go through and will post in the next day or two, also i will get him to register and let him speak to

you guys direct at least it will see how fantastic other people are when things look crap

[tinkerbell20]

Look into recaliming the PPI and also see if there has been a secret commission payment

[ceebee]

I've now had time to get the details together and set them out below not necessarilly in any order, my son is now starting to think clearer and he is going to register so that he can talk you wonderful people direct, he is also going to contact payplan. 1. £1450 with Logbookloans payable at £52.13 a week for 58 weeks as from 1st May2008. 2.£2000 loan with Welcome Finance 22nd July 2008, £180.66 per month for 36 months, seems there is an optional PPI ? of £37/month. 3. HSBC loan of £7100 over 60 months at 14.9% interest to which has been added PPI of £41.62/month which totals a repayment of £206.51/month 4. HSBC overdraft of approximately £550 There are a couple of small other debts but these are for pawning his watch and some small bills for his old flat for electricity, gas and 1 months council tax. I have written to these and asked them to hold action. they don't add up to more tham a couple of hundred pounds. If more information is required please let me know, i need to focus on getting his habit sorted and getting him back.

[adamski]

Ok

1. Logbook Loans.

Does he need the car? can he not trade it in with them to clear the debt or maybe sell it to part clear it, also has he missed payments, been late with payments and inccured charges.

 

2. Welcome Finance

 

Is this a new loan? as I think you state that the repayments began on 22nd July? if not has there been charges on this account, and if it is not a new loan how much of it has he paid off do you have a credit ageeement for this loan? to see if the PPi was a one off payment or a monthly payment.

 

3. HSBC

 

Again how old is this loan how much has been paid off if any, any charges, do you have credit agreement for this to check out the PPI?

 

The overdraft can be dealt with by paying a small amount off when you can.

 

Also

It would be helpful to assertain how old each of these debts are, it would a good idea to get rid of the council tax and utitltie bills first as they can come down on you quite hard.

 

Are any of these debts with DCAs i.e. debt collection agencies

[ceebee]

OK here are answers to your queries, 1. Logbook Loans he has made payments of £409.2 unfortunately he really does need a car. 2. Welcome Finance he has paid £180.66 including PPI the loan commenced 14/07/08, the agreement states that there are 3 items that have been rolled up and added to the loan, Personal Accident Plan £195, Lifecare 24 £215, and PPI £931.94 3. HSBC the loan was taken out 28th December 2007 and he has made 7 payments totalling £1445.57 including PPI, the PPI is a lump sum of £1780 added to the loan and charged monthly £41.62/month I asked about the PPI and he was told that it was a condition of getting the loans albeit that on the documents it is referred to as optional. I hope this is enough if not

[ceebee]

My son has now registered under the nick cj25 and posted in the debt help section, i've requested the mods to bump it here but not sure how that works. If not i'll have to respond to his thread and point him here