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Hi there im new to this site and in real need of advice.I am a single parent with my own florist shop i am now in the final year of my lease and have given my notice to finish in Decemeber unless a new tenant can be found.Although my debts arent massive(about £11,000)i am finding it extremely difficult to make ends meet and things seem to be getting worse.Ive just let my part timer go as i just cant seem to afford the wages.I get maintenance from my ex husband that covers the mortgage which is interest only and is £163,000.I currently have £45,000 negative equity :(.Ive worked out my budget and due to the credit card companies and loan company putting up there interest rates i do not have any mioney to buy food or clothes for me and the children.I get working tax credit and child tax credit.I am planning to run my business from home as alot of my work comes from the internet and on the phone,it seems pointless having the shop.what i want to know is how can i stop myself from sliding into more debt,i cannot work anymore than i do(6 days a week)and i am also physically unwell which isnt helping.Can anyone give me some advice because im feeling very low with the worry of it all.

A

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Hi there im new to this site and in real need of advice.I am a single parent with my own florist shop i am now in the final year of my lease and have given my notice to finish in Decemeber unless a new tenant can be found.Although my debts arent massive(about £11,000)i am finding it extremely difficult to make ends meet and things seem to be getting worse.Ive just let my part timer go as i just cant seem to afford the wages.I get maintenance from my ex husband that covers the mortgage which is interest only and is £163,000.I currently have £45,000 negative equity :(.Ive worked out my budget and due to the credit card companies and loan company putting up there interest rates i do not have any mioney to buy food or clothes for me and the children.I get working tax credit and child tax credit.I am planning to run my business from home as alot of my work comes from the internet and on the phone,it seems pointless having the shop.what i want to know is how can i stop myself from sliding into more debt,i cannot work anymore than i do(6 days a week)and i am also physically unwell which isnt helping.Can anyone give me some advice because im feeling very low with the worry of it all.

A

 

Evening butterfly, it's good to see you on the forum, I'll give the moderators a call and see if they will move your thread to a more appropriate section. The guys are going to need a little more detail, for example how many credit cards/loans do you have? What condition are the accounts in? Do you have payment protection insurance on any of the accounts? Do the accounts have charges upon them? I’ve asked if your thread can be moved to the getting out of debt forum. Speak to you later.


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Thanks tendogs - thread moved as requested :)


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Hi Butterfly...and welcome to CAG!! :D

 

Firstly, just be careful about working from home due to planning regs. Not sure how much disruption you are likely to cause to your neighbours or how amenable they are.

 

As regards your debts of £11k, you need to decide if you want to try and negotiate an affordable debt management plan with your creditors, with them freezing interest and other charges or, if you are prepared to endure the hassle of challenging the enforceability of their agreements (if applicable).

 

To know where you stand, I would be inclined to send off a CCA request for loans/credit cards taken out prior to April 2007...there is a standard template letter on this site and it will cost you £1. Often, this doesn't produce the documentation that you need so you may then have to consider using other methods of data extraction!! :p

 

As Tendogs has said, there are also other issues regarding misselling of ppi and re-claiming charges which may be relevant.


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Sorry none of that made any sense to me whatsoever???Or am i just very thick?Iwontcause any grief to the neighbours,wont have customers coming to my house.Can you possibly explain this a bit better to me?Whats a cca?

A

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Its a consumer credit agreement and you would have signed one when taking out your loan and/or credit cards.

 

What year did you take them out...do you know approximately??

 

As regards planning, it's just something to be aware of. If there's no real disruption to your neighbours then you should be ok.


If you feel I've helped then by all means click my star to the left...a simple "thank you" costs nothing! ;)

 

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Most of us here have come to this site because we have crashed into a wall of debt, commonly through no fault of our own or because we were not financially savvy.

 

There is no clear moral position as far as I can see, some say “you’ve had the money so you should pay it back” and some others characterise all the financial institutions and their more unpleasant hangers on (debt collection agencies) as spawns of the devil. The reality is, as always, somewhere in-between.

 

You have identified that your present problems are made worst by the amount you are paying to credit card companies and for your loan account. If that is stopping you from buying food for you and the kids then it is there where you need to begin making changes.

 

Now you need to determine which cause of action you intend to take. First you can consider the Consumer Credit Act, if your credit cards were taken out before 2007 then you can challenge the enforceability of the credit agreement, the Consumer Credit Act imposes strict criteria on the way an agreement is laid out and the wording and content of the agreement. If your agreement fails to comply with regulations (a surprising number fall short here) you can challenge the enforceability and, sometimes, not have to pay the debt back.

 

Another option is to ask the Credit Card Company to accept smaller payments and to freeze interest until such time as you return to a stronger financial footing this can work with the help of some organisations like the Citizens Advice Bureau or one of the national debt help organisations helping you. This is OK for some people but the financial institutions are not beyond reneging on their agreements, selling the debt on and plunging you into bother when you are not expecting it.

 

Another option is to just stop paying, this will lead to all sorts of letters and telephone calls, threats of home visits, notice of default, assignment of the debt to a debt collection company, the possibility of court action, threat of bailiffs and entries on your credit record. If you ignore all the threats and bluster in the final analysis all that happens is you go to court and a judge will determine a repayment schedule that will never be for more than you can afford and your credit rating will be damaged for a few years and, for some of us, not being allowed to go into debt again is a good thing.

 

There are also issues around what actually constitutes your debt, if you can determine that some of your debt is made up of unfair charges and the interest applied to those charges then you can reclaim that money. Also, if some of the debt is made up of payment protection insurance (PPI) then there is a chance that it might also be reclaimed.

 

What the majority of people who are members of this forum do is clarify their position by making a request for a copy of their credit agreement under the rules of the Consumer Credit Act (CCA) this cost a pound, or they make a Data Subject Access Request (SAR) this costs ten pounds but for that you are suppose to get all the data that an organisation holds on you.

 

Armed with this information you can then decide what route to take. Of course it can become more convoluted than that and nearly always does but the guys on here will help all that they can. If you have any questions just ask.

Edited by tendogs

I do very little but I do it very, very well :cool:

 

If I've helped give my scales a click

:smile:

 

I have no legal experience and all advice given is based on the knowledge I've gained from this site.

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What the majority of people who are members of this forum do is clarify their position by making a request for a copy of their credit agreement under the rules of the Consumer Credit Act (CCA) this cost a pound, or they make a Data Subject Access Request (Subject Access Request) this cost a ten pounds but for that you are suppose to get all the data that an organisation holds on you.

 

sorry to butt in, but how do i go about requesting a copy of the CCA, is there a letter template i can use, and who does the payment go to?

thanks

 

my apologies again... i have just found the template.

Edited by weeblewobble

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