Been with Spectrum/Moneyplus for 15yrs - should i think of going BK? - Advice Please!!

[squidgy]

Hey Guy's,

 

I entered into a DMP a couple of years back with a well known (and not very well liked) company.

 

Things have been ok, I've been paying creditors each and every month etc.

Things got a little tough again recently and I've now managed to run up another debt (overdraft).

 

What with travelling a lot through work etc and now being (temporarily) unemployed the money was needed and I didnt go about things the right way.

 

Thing is, in a few weeks I'll be getting enough money to see me through for 5/6 months living and could bring the O/D back into credit (although not clear) but I don't think the bank will wait that long.

 

I just want to know what my options are.

I can still afford repayments on DMP but what can I do about this new debt??

My debt company know nothing of this.

 

Will they cancel my DMP when I tell them??

Then what??

 

I know I'm stupid but I want to get this sorted.

Maybe do things on my own??

How?!?!

 

Cheers guys.

[Dipply75]

obvious question 1st, is any of the OD charges?

[squidgy]

Hey,

 

To be honest mate it's only recently that I've been getting charged.

They have been charging me 35 quid a pop for some debits that amounted to no more that 95 pence!!

 

I went into my branch when I first knew what was coming, when the first charge came out, and the manager couldn't even be bothered to come and talk to me, neither could the financial adviser!

 

It's a small branch, all they did was relay 'advice' between myself and the girl on the counter!

Not until they had ripped me off to the tune of around 800 quid did someone call to offer 'Help'.

 

I'm beginning to think bankruptcy is my best option.

I have no assets, all debts are unsecured and at least then I can make a fresh start.

 

Any advice gratefully received.

 

Cheers

[Dipply75]

Hi Squidgy

Sorry for the delay, life just blows up in your face sometimes!

 

I understand if you are considering bankruptcy, that feeling you just want it all to b@gger off - totally understand. Please make sure it is a last resort though. If there are charges in that overdraft you can start the reclaiming process which should put the whole debt in dispute and give you some breathing space.

 

As for the rest in the DMP - I have noticed that more and more folk have started taking control of it themselves again - asking for agreements to check if they are even liable for each debt etc.

 

It is a lot of letter writing and work though! If you can get the OD in dispute due to the charges, start checking the validity of each debt and then see where you stand. By all means continue with the DMP in the meantime then you can get no hassle while you check into all this.

 

That may be an option for you? Can you give us an idea of some of the companies you are paying through the DMP and are they the original creditors or DCA's - so we can advise who can be really awkward.

 

Either way, we'll try and help

[squidgy]

How would I go about claiming?

My main worry at the minute is that I am expecting a few thousand as way of a tax rebate which will go into that account!

I don't want to lose it as it's all I have.

I'm trying to get the tax office to send me a cheque but it may be too late (I'm working on that as we speak!).

The bank gave me a month to put it back in credit but I cant guarantee that, so there's still hope!

 

The companies I'm in DMP with are

Barclay card,

Barclays (handled by "Central Debt Collection Services"??, might be Barclays themselves?),

Egg Loan,

Egg Credit Card,

Link Financial (on behalf of MBNA credit card).

 

Cheers for the reply.

[palomino]

Go and get a building society account immediately!

One of the basic types where all you have to produce is proof of identity (usually two photo IDs and a utility bill. Most places will do this almost immediately - while you wait.

Get the account number and advise the IR as soon as you possibly can.

 

Once the cash is in the building society account then you can distribute to the other accounts at your leisure.

It will also earn a few coppers in interest.

[squidgy]

I wish it was that simple buddy!

I've been onto the tax and because they do amendments to claims by hand they are currently a few weeks behind, hence my claim hasn't got in their hands yet!

 

Now, if I want to change my method of payment this will be classed as another amendment, they will only accept this in writing, so by the time they receive instructions to pay me by cheque they probably would have already paid by transfer to my account!! What a system!!

 

They WILL NOT accept any changes over the phone!!

I really need to keep the bank sweet I suppose.

Don't know how though?!?

 

Any more info on putting my account into dispute would be greatly appreciated.

Obviously my main aim is to keep the bank off my back till my money comes through, giving me more time to think but this sounds like a good option to me (dispute).

 

If I was to handle my affairs myself is there any advice out there to help me out??

It sounds very daunting to me, as I'm sure it would to others in the same boat.

 

Would rather write a lot of letters than let these DMP lot screw me for more money.

Do they actually have to do anything after initial set up anyway??

 

Also, do you think the creditors I have listed above are ok to work with or a pain in the ass???

 

Cheers

[Dipply75]

Hi squidgy

 

Doesn't the tax man just love his little rules . The problem with putting your account in dispute is that any money going into it would still be swallowed up - which you would get back later when you get your refund etc...so no good to you right now I'm afraid.

 

Are you able to visit your local tax office and ask them to get the account changes made asap, tell them that account is now closed and their payment would just bounce back to them maybe? (more work for them that way, they may suddenly be happy to help lol) Ask them to fax the changes to whatever office and confirm it is done.

 

Apart from that I would do as palomino said urgently, that way if you can get your OD in dispute you have another account to run things from in the meantime.

 

As for the companies you list...well (cause I won't lie to you!) Link Financial and Central Debt are cowboys - there are plenty of threads on both DCA's and their games. This does mean however, plenty of advice and help with them

 

From personal experience MBNA can be very frustrating also. If you take the 1st steps of finding out who now owns each debt and then request copies of all your agreements then see who can comply and take it from there.

 

Sorry I can't think of any better ways of re-routing that tax rebate, them and their godddam little rule book, they are ridiculous.

[squidgy]

Cheers for the advice buddy. As for the tax I'm gonna have to suck it and see!! Hopefully it'll come through and my bank won't swipe it!! But, I have spent a lot of time on this forum over the past week or so and am very interested in fighting back with all these debts!!

 

I mean I've tried paying back the debts and had threats and charges thrown at me so want to get things handled.

I defo want to claim ALL charges back!! (could be a few grand!!) and also been reading with interest about sending out CCA's to DCA's and other creditors??

Maybe I should give that a go??

I'm well within my rights eh??

 

Think I'm just sick of being ripped off! J

ust want to say though, I take full responsibility for my debts but if the banks and DCA's are not within the law r.e charges and selling of debts, paperwork etc

 

I'm well within my rights to fight them.

Plus, with bankruptcy my only other option...

what have I got to lose???

[kazdoc]

Are you able to share how much you owe and how long you expect to be in a DMP for and what impact this has on your life???

Nosey I know, but I wouldnt like to say without hearing that first.

[squidgy]

Well, I currently owe approx 40K.

I only recently realised that a DMP can go on for years (I was under the impression I would be rid of it after 5 years, think thats an IVA isnt it??) so god knows when I'll be rid of it.

Affect it has on my life??

[kazdoc]

Sorry for just skimming your posts squidgy, so apolgies if I ask something that you have already stated.

Firstly with £40k, I dont think a DMP is for you. Thats ludicrous!

 

An IVA may be an option, but if you have no assets and do not work in finance, military, Police Force or are a Director, then maybe you should research BR.

 

Alternatively if your house has little or no equity then you will most likely keep this by buying the Beneficial Interest.

Do any of these things apply?

 

Oh and by the way

I am bankrupt!

I am a homeowner, car owner, mum and manager at work.

 

BR should never be underestimated. Its major, but quite often the best thing.

[squidgy]

No assets mate.

I know it's crazy isn't it.

 

In a way though it's my own stupid fault.

Should of looked at my options a little closer in the first place but I suppose you just want the calls, letters and stress of it all to stop.

[kazdoc]

Seriously Squidgy why are you working your bum off to pay these creditors with no quality of life in your best years?

 

You have nothing to lose really do you?

 

Have you looked at

Bankruptcy Help: Bankruptcy Help Forum, articles, blogs, TV channel ... ???????

 

Probably get in trouble for posting that.

Please take a look as there are experts on hand to give advice 24/7 (For Free!!! No catch) and will help talk you through the whole process.

 

Or if you really want to pay your creditors and you can afford to then

IVA Help - Individual Voluntary Arrangement: IVA Help and Advice

 

Please get out of that DMP and live your life like you deserve to

[squidgy]

Yeah I know but just trying to look at all the options really. I've never really looked at any! =) I see people on here who have sent this form and that form to people like DCA's, same as who are dealing with some of my debts and they basically 'disapeared'! Why not go down fighting?!?

[kazdoc]

I tried to fight for too long.

Got so fed up with the options BR was the best thing for hubby and I (£25K joint debt).

To suddenly be debt free is quite bizarre. But I am embracing my new found freedom and frugal existance.

I just hate to see others trudging along thinking there is no way out.

[squidgy]

I know what you mean.

6K of that debt is a current overdraft.

 

But what I was thinking was, keeping BR as a last resort, why not do what others have done, fight the DCA's,

if I could get them written off like others have done there's 10K done.

 

I could possibly get another 3K back in charges and that could go to another debt??

Feel quite positive after reading through this forum!

 

Bit of a joke though really when your at your last resort,

BR yet you have to find 500 quid for the privilege!! lol

[kazdoc]

Sorry about delay in replying, was caught up sugarbabes thread!

 

I dont really know much about DCA's except that they call all the time to harrass you!!!!!.

You have to do what is right for YOU. Go with your instincts.

 

As for the £500, you are almost expected to not pay your creditors for up to 3 months to raise this money.

[squidgy]

Hi,

 

Should I open a Co Op bank account before or after filing for bankruptcy??

[phat256]

it doesnt't really matter but National debtlien advise me to open it after filing BR( i was decalred BR at 23 pm and at 3 pm i applied for my Bank account) as everything you have before your BR order belong to the OR unless the OR says that he has no interest in it .

[squidgy]

Yeah, I just don't want the OR to freeze my co op account with what little cash I have left in it! =) But I have also heard that it has took some people months to get an account??

 

Do you know how long it takes to get a hearing in court? How do I start proceedings?? CAB? I'm in the Manchester area if that helps?

 

Cheers

[phat256]

hi squidgy . i knwo i had soem problem with my account i used to be with Halifax and my accoutn was frozen it was a nightmare to withdraw my salary lol not really i just had to ask my OR to send a fax to my bank saying it was ok to withdrew it !

 

not sure about manchester county court hearing , if i were you called them on monday to see if u need to book anappointment or not , as some county court u just walk in on the day you want to be declared BR.

 

me too i am form greater manchester and ihad to book an appointment for the following week.

 

to start procedding you must first have soem financial and/or legal advise from the CAB, NAtional Debtline or CCCS. itr is very important that you do that as the judge will ask you that at you BR hearing and if you haven't then you wont be declared BR ! then if they advise you BR go for it if you feel it is the way u want to go.

 

personally i was advisd to go Br by the CAB and NAtional debtline my partner and I, we had over 50 K worth of debt between the two us !

 

Once you have decided you have to fill in a form , u can fill it in on line from the insolvency service

 

https://www.insolvencydirect.gov.uk/isolv/

 

read and learn as much as u can about BR. if you need any help regarding the form come back here there is a lot more knowlegeable folk around to help you.

 

once the form filled in u will have to go to court and pay the fee which are 345 pounds for the OR and 150 pounds for the county court fee ( you can have it "discounted" if you qualify !).

 

then the BR clerk will look at your file , you will have to make a sworn statement saying that your statement of affair are true. then you will have to wait to see the judge ( for me it lasted 10 minu or so ) then you are BR and free of debt !

 

then the BR clerk will bring into a room so you can have a chat with the OR over the phone.

 

But be aware that BR as some serious consequence so don't take it lightly !

 

sorry for the typo i think the wine is getting to me lol

[squidgy]

Thats great mate. Cheers.

 

My situation, no assets, around 50K debt, just me all unsecured. I am withdrawing all the cash I have on Monday from the bank (around a grand). I am currently unemployed. Think BR is the way to go.

 

I am going to the CAB on Monday anyhow. I've even tried to stay off benefits but am finally caving in and gonna start claiming till I find work. Will I qualify for a dicounted fee although I am not claiming yet??

 

Cheers

[phat256]

goosd luck to you to be honest i wish i was decalred Br sooner it would have spare me a lot of problem !

 

i am the same situation like you , we had no asset, i was unemployed for most of the year unti li find a part time job ( less than 16 hr/week) , i was on JSA not very much to live on to be honest !

 

then with all the pohne call letter threat of CCJ bailiff ( we had council tax arrear) etcc... we had enough and so we throw the towel and went for BR

 

please have some advise before you go BR . BR is a life changing event !

 

you may qualify for a "discounted" fee here is the link for you

 

The requested resource (/HMCSCourtFinder/tiles/Her Majesty's Courts Service -Forms and Guidance) is not available

 

have a look through it may answer your question. keep us informed !

 

oh i forgot if you are going to court prepare some reading material to take with you as the waiting to see the judge can be quite long ! i had to wait 1 h 30 before i was declared BR.

 

 

[squidgy]

Hey Guy's!

 

I am looking into a few thing's regarding my debt's and was hoping somebody could point me in the right direction.

 

I am currently in a DMP with "Spectrum" who are crap but to be honest there is only so much fighting I can do due to me travelling so much with my job.

 

I have only recently decided to really give it a big push towards clearing my debt, should have done it sooner but life kinda got in the way.

 

I have recently upped my monthly payments from around £30/Month to £550/Month but am now looking into claiming back charges, PPI and whatever else I can so that I can clear my debt's a lot quicker.

 

My creditors are as follows :

 

 

Egg Loans

Barclaycard

Central Debt Collection Services (Barclays)

Link Financial (MBNA)

Egg (Cards)

 

Total = £35,000

 

I am going to send off the CCA letter first and foremost to see exactly where I stand with each credit agreement. Where do I send these letter's?

To the branch I originally took out the loan with or to the bank's head office?

I'm correct in thinking I should send all my creditors CCA's?

 

Once I receive (or don't!) receive the credit agreement's I would like to reclaim against missold PPI, bank and credit card charges.

 

I understand I need to get a statement of all charges from the bank or credit card company,

can I send the SAR letter's the same time I send off my CCA's?

 

I know some have advised against this but I currently have 2 months off work then I'll be in out of the country for 4 months so can't be waiting too long for replies/paperwork coming through.

Would I send these (SAR) to all the above?

 

Looking over certain paperwork I think I could (hopefully) knock off a tidy sum from these debt's if my claims are successful (I believe PPI on my Egg loan was around £7,000!).

 

Sorry for the long post ladies and gent's but I'm finally on a mission to get out of debt, it's been a long time coming so I'm all gun's blazing!!

 

 

Any help will be gratefully received!!