Debt misery when self employed

[badluckcoulsdon]

My husband was a self employed mortgage broker, but is no longer earning an income. He was paying stamps, but apparently this wasn't enough so he is unable to get any help. I am fighting a losing battle with severe debts that have been building up in the last year with loans & credit cards - we are unable to get help with a crisis loan or council tax because of my income. However my outgoings are far more than my incomings & this doesn't even take into account utility bills or the minimum on my credit cards. What can I do or where can I turn to help as the CAB were unable to help also.

Edited November 30, 2008 by badluckcoulsdon
spelling

[creditcardmug]

Hi, welcome, you will get more help if this was in the general debt forum, dont worry too much theres always a way forward.

 

Can a mod move this to general debt please

[fedup74]

Hi and welcome to CAG:) You will get lots of support on here. It would help if we knew a bit more detail- when were loans/ cards taken out, have you had excessive charges? Have you tried speaking to National Debtline? They offer free impartial advice and are really understanding. Why wouldn't CAB help. Stop worrying you can do something about it and you will get all the help and advice you need here:)

[bish]

Hi and welcome to the CAG site, all I can say is you are in deep doo doo, what you can do is cut up the credit cards and try to live on your income and reduce your outgoings as much as possible. I know that is not much comfort at the moment but that is how it is. I am self employed and know how bad things can get, I was fortunate to get on this site a few years before the OFT took action againnst bank charges resulting in everyones claims being frozen indefinitly. Have you had unfair charges applied to your accounts, be they credit card late payments, late payments on loans, bank charges, mortgage penalty charges, etc. Hubby being self employed should have records going back many years, challenge anything over £12, in fact challenge anything over £0 as the bastards have ripped you off. Look on all the forums on this site regarding you as will get a mine of information on how to proceed. If your husband has suffered as I have because he is self employed, then you should be able to get back a mint. Start with your credit cards as they are the only ones to comply with the OFT statement issued in April 2006. You can reclaim the difference between what they charged you and £12 or you can go the whole hog and claim the lot back, up to you. Bank charges are a different matter as in the high court at the moment, but can start the process and be in a position to get in there when if ever it gets resolved. I am self employed and recently had a demand for £640 late payment charges on a loan I have finished this year, two letters latter down to £288, still awaiting response from my last letter, doubt I will receive one as threatened OFT. Go for it girl and encourage hubby to go for it to, these bast**ds have took enough from us, enough is enough. If you need any help we are here.

 

Regards bish.

[flyingdoc]

Whilst I agree with some of what bish has said - I think there are some more positive steps you can take.

 

Firstly sit down and write down who you owe what to and for what reason. (cc loan overdraft etc)

 

secondly On ALL your debts make a CCA request from the company - find out whether the debt itself is enforceable. It may be that if the loan or credit card was taken out before april 07 and is unenforceable then you can concentrate on paying the loans that are enforceable.

 

Thirdly on debts that are enforceable - request a SAR - find out how much in charges has been applied to the outstanding credit. Bish is not right in saying that the bank charges have been frozen indefinately, and credit card charges can still be claimed back (With Interest)

It may be that you can reduce the debt by getting back the charges.

 

Fourthly prioritise the debt. Government agencies mortgages and utilities should have the highest priority with banks and cc lower down the list.

 

Once you have your agreements - post them here - with all personal details removed - and we can help you from there.