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Facing up to debt


emmar
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I have an Egg CC debt of £3k and a Lombard Direct loan of £16k and after hiding, being ashamed and generally useless about it Im facing facts that im sinking.

 

I have been on incapacity since 2007 (and looks like it for a good while) I have physical and mental health difficulties (which hasnt helped the head in the sand re debt)

 

Anyway!

 

I have sent a CCA to Egg so awaiting that. I have heard nothing from Lombard themselves since 2005 until today when I receive a statement to my previous name, wrong address - right house number, wrong town, wrong postcode (which I have lettered them about before) but postal service bless them know to send it here!

 

My last dealing regarding this debt was in 2006 when i had a letter from Moorcroft (again mis addressed) stating that they were no longer dealing with the above account. I have no copy of any default notices only knowing that there was a problem due to not setting up a new direct debit and receiving letters from Moorcroft.

 

Can anyone shed any light on how this goes on from here?

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You have come to the right place emmar, when were the debts taken out, and have you been paying anything at all to the creditors ?.

Edited by blueda
typing error
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Thanks, I only discovered here last week and I feel much better just knowing theres people willing to help without charging you!

 

Egg was 2001 I think, I have asked for the CCA to check.

 

Lombard was 2005, I've not paid anything or agreed anything with Lombard since 2006 (head was right in the sand!)

 

Hope this helps

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As Egg is from 2001, there is a good chance that there will not be a proper CCA , we need to wait for their reply. As for Lombard, thats one for Rory ,Ida,Silverfox or others who have expereince in dealing with loan problems.

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I have an Egg CC debt of £3k
The credit card debt is likely to be lacking one of the prescribed terms because of how it is worded. Technically this means that the account is unenforceable but please be aware that the sheriff may not agree with this opinion.

 

a Lombard Direct loan of £16k
As the loan is from 2005 it is likely that the paperwork can be found and will comply with the Act.

 

I have been on incapacity since 2007 (and looks like it for a good while) I have physical and mental health difficulties
Are you a homeowner?

 

Do you think it is likely that you will be able to return to work and if so how long do you realistically think this might take?

 

There are several ways to go in your situation and to a degree these will depend on whether you own any assets e.g. are a homeowner and your likelyhood of returning to work in the next year/3 years.

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

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The credit card debt is likely to be lacking one of the prescribed terms because of how it is worded. Technically this means that the account is unenforceable but please be aware that the sheriff may not agree with this opinion.

 

As the loan is from 2005 it is likely that the paperwork can be found and will comply with the Act.

 

Are you a homeowner?

 

Do you think it is likely that you will be able to return to work and if so how long do you realistically think this might take?

 

There are several ways to go in your situation and to a degree these will depend on whether you own any assets e.g. are a homeowner and your likelyhood of returning to work in the next year/3 years.

 

Hello,

 

I'm not a homeowner and realistically know I have no chance of being able to afford anything in the future. Likelihood of returning to work in the next three years - pretty low to zero in all honesty.

 

I have no savings, no assets at all - no car, no house. Just really what I stand up in.

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Okay. There are a number of options open to you. Going bankrupt is one (not a scary thing in your position, so don't think it is - you're not going to lose any possessions or have less to live on and it only lasts for one year).

 

A DAS is another option but I don't think this option is open to you due to being on benefits which basically means you have no disposable income. Another one would be a trust deed but again I'm fairly sure you wouldn't qualify.

 

I'll post some links tomorrow for insolvency practioners and qualified debt advisors for you to talk to about your situation. To me bankruptcy looks like the option to take but they may have other ideas. While you have to pay fees for bankruptcy there are charities who are willing to help you with this and may pay the fees for you. Your local CAB should be able to give you a list of any such charities in your area.

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

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thanks again, look forward to looking through the links. My worry was about things like my computer being taken to pay debt, its a lifeline to me (ordering groceries as I cant get out etc).

 

I'll try and hold off the worry until I read through the links

 

Thanks again, I've got a wee warm glow with the world today :)

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Okay I think the first thing to do is to get in touch with National Debtline and discuss your options with them. You'll speak to a qualified debt advisor who'll be able to go through things with you. Their contact details are here National Debtline Scotland | Debt Advice

There's also lots of useful fact sheets on their website.

 

I think your best option from what you have said is probably bankruptcy under the Low Income Low Assets (LILA) scheme. You qualify for this if:

 

- your income is less than £229.20 per week before deductions for tax and national insurance contributions (ignore any social security benefits or tax credits);

 

- you are not a homeowner;

 

- you have no single asset worth more than£1,000; and

 

- your total assets are worth less than £10,000.

 

Other sources of advice are Money Advice Scotland (you can find your local advice agency here ) and Citizens Advice Scotland The website of the Citizens Advice Bureau Service in Scotland

 

The Accountant in Bankruptcy website is also a good source of information http://www.aib.gov.uk/

They also have a helpline, the details of which are here http://www.aib.gov.uk/About/contact

 

My worry was about things like my computer being taken to pay debt, its a lifeline to me (ordering groceries as I cant get out etc).
A second hand computer isn't worth a lot of money so the trustee wouldn't really be interested in it. The trustee would really only be interested in items which are excessive in their value, say if you had expensive jewellery or furniture that was worth a lot of money. Most people who are considering bankruptcy are unlikely to have these sort of items as the value of second hand goods is fairly low.

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

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I can't say thank you enough! I'm going to sit down with my parents and go through these and get in touch with CAB.

 

thank you once again

 

:) ( a wee bit happier!)

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