Drowning in debt - please help

[bigegg]

Thank you for your reassuring words tendogs and you are so right, they won’t be losing any sleep over my account but I am having to take sleeping tablets. The thing is, I’m not sure if I’d be able to fight them, I haven’t got a clue where to start!!!

 

 

 

You start by asking for help on The Consumer Forums - Welcome to the The Consumer Forums

 

And don't worry! easy to say, but really - it's only money!

 

I'm guessing that there will be quite a lot of charges applied to your credit cards - if you start reclaiming these, it will reduce your debts.

 

The lloyds loan and credit card are probably unenforceable - most old loans/credit cards are.

 

How is the 50K split? (approx?)

 

GOLDEN RULES:

 

1. NEVER, EVER, speak to them on the phone.

2. Don't sign your letters

3. Don't talk to them on the phone.

4. See rule 1.

 

 

First thing to do is write letters to each of your creditors (or debt collectors - whoever is asking for the money) asking for a copy of the Credit Agreement and any terms and conditions in force AT THE TIME OF SIGNING. You need to enclose a £1 postal order to make it a legally binding request under Consumer Credit Act 1974.

 

Don't sign your letters.

Don't talk to them on the phone.

 

If they don't respond within 12 days, you can stop paying them ANYTHING until you get a copy - not much good on the 2007 debts, cos they come under different rules, and are usually enforceable.

As I said - the older debts may be easier to get rid of.

 

If you are taken to court, a judge is only likely to order you to pay £1 a month -

I don't believe MBNA (or anyone) can ask for a charging order unless you default on this court order, and even if they do -

there is a very good (in my amateur opinion!) defence against this as it's making an unsecured loan into a secured loan at the expense of other people you may owe money to.

 

So, to recap:

 

You're in good hands -

the people on here have been through what you're going through - we survived it, and so will you.

In 6 months, you'll look back and wonder what the panic was!

 

Don't sign your letters.

 

Don't talk to them on the phone.

 

 

Oh, and welcome to CAG

[bigegg]

P'ing off DCAs always ensures I get a good night's sleep.

 

Edited March 13, 2009 by bigegg
d*mnd apostrophes!

[bigegg]

We think of them more as guidelines more than rules...

 

If you are getting harrassing phone calls, it may be worthwhile having your telephone number changed.

There is also an offer on a machine called truecall somewhere on this site - it's got good reviews, but I've never used it.

Eventually you'll get to the point where you look forward to the letters and phone calls so you can report them to the OFT, trading standards, and generally p* them off.

THEN you get your life back.