CCA Route or Bankruptcy?

[gordonb]

Hi Folks,

some great threads and info here.

OK, here's my situation.

In a negative disposable income situation, no house or assets to protect.

Going down the bankruptcy route, telephone appointment with Insolvency Pratictioner on Monday to fill out forms.

 

The I got a cold call from cancelyourdebt.co.uk about the cca route, which I had never heard of.

I now see that I can go the CCA route myself without companies like cancelyourdebt.

 

All my debt is over cc pre April 2007.

Any opinions as to whether the BR or CCA is the better route to go?

 

Thanks, and I'll say again, great forum, great discovery!

Cheers,

Gordon

[maroondevo52]

Hello and Welcome, Gordon.

 

Can't see there being any harm in going down the CCA route first, see what turns up.

 

Even if some of them do manage to come up with a CCA, have you thought of claiming back any charges on the accounts.

 

Your right about doing it yourself, with help from CAG members, I'm sure you'll be kept right. Best thing to do is start a new thread for each of your debts in the appropriate Forums, there's always someone to help you out.

 

If you need any help, just shout.

 

Regards.

 

Scott.

[gordonb]

Thanks Scott,

My concern is that from reading the other threads, the cca is a pretty long drawn out process with the ccs fighting all the way.

 

It could be that I spend the next 6 months with that over my head, when I could get the bankruptcy filed pretty swiftly, and have 6 months of it being discharged.

 

That way the debts will be written off for sure, whereas the cca route seems a bit doubtful - spent a long time reading the threads on this and other forums, and see a suprisingly *few* amounts of 'yes it worked, debt written off'

 

I guess what I'm waffling to say is that the BR seems a definite result, but even with a postive outcome the cca route will still see the debts in place, even if unenforceable.

 

Cheers,

Gordon

[maroondevo52]

Hi, Gordon.

 

I take your point

 

Not sure if you've seen this Forum, maybe worth your while having a look at some of the threads.

 

Formal Solutions: Bankruptcy, Administration Orders and IVAs - The Consumer Forums

 

Regards.

 

Scott.

[diddydicky]

Thanks Scott,

My concern is that from reading the other threads, the cca is a pretty long drawn out process with the ccs fighting all the way.

 

It could be that I spend the next 6 months with that over my head, when I could get the bankruptcy filed pretty swiftly, and have 6 months of it being discharged.

 

That way the debts will be written off for sure, whereas the cca route seems a bit doubtful - spent a long time reading the threads on this and other forums, and see a suprisingly *few* amounts of 'yes it worked, debt written off'

 

I guess what I'm waffling to say is that the BR seems a definite result, but even with a postive outcome the cca route will still see the debts in place, even if unenforceable.

 

Cheers,

Gordon

 

first of all- don't beieve all that is said about B ruptcy being easy- it will affect you for a lot longer than you think and should be a last resort

 

HOWEVER

 

in your situation (you are a "man of straw") you would in my opinion be ill advised to go this route

 

Send of the cca requests, wait a couple of weeks most if not all my be defective some may be good

 

If the creditor does not comply and send you an enforceable or properly executed agreement 9or one that is no easily legible- which is still a failure to comply) then write the second in default letter- which means that they can do NOTHING

 

attached to this letter (and you can send this letter on its own to any creditor sending you a sound agreement) send another letter marked "without prejudice" and tell them that you are taking advice from a serious self help group and will contest any court action taken against you but even if you were to lose such an action - because you have no assets to protect and no spare income over essential expenditure- you will offer only a token payment of 1 pound per month on the debt.,

 

It will cost a creditor at least 1600 quid to make you bankrupt- they are a business and have to satisfy their shareholders that they are not throwing good money after bad TRUST ME not one of them wil go for bankruptcy proceedings

 

so, why make yourself bankkrupt when you can simply stop paying them all throw all their letters in yoyur bin unanswered and change your phone number!!

[diddydicky]

in fact on further reflection there really is no need to send it without prejdice

 

if it is produced in court and you have referred to yourself as a man of straw the judge will rightly demand to know what the hell the creditor is doing bringing you to court for a judgement instead of a SD

[gordonb]

if it is produced in court and you have referred to yourself as a man of straw the judge will rightly demand to know what the hell the creditor is doing bringing you to court for a judgement instead of a SD

 

Thanks DD,

A couple of jargon questions -

what is a 'man of straw'?

what is an SD?

 

I am hoping to get my self employment back up and running, and hope to be making a living from that. However I guess that's been part of my problem, as previosu self employment did not turn out as well as hoped!

 

Another thing, I am soon to move to lodge with a friend - this reduces my outgoings massively, by maybe £350 a month , which means I can then take v.low paid jobs, giving me a positive diposable income.

That would change the scenario abotu 'man of straw?'

 

Thanks,

Gordon

[loobyloo85]

Hi

 

I think that trying to come to an agreement with your creditors yourself by going down the CCA route, prior to going into a more formal option such as bankruptcy, is a good idea. If this doesnt work out after 6 months - a year, you can then always resort back to bankruptcy.

 

Thanks

[gordonb]

Hi LL85,

Thanks.

I'm still unsure you say in 6 months to a year I could go for bankruptcy, and that does have logic, but going for bankruptcy now and I could be dischargd in a year or less.

 

I will speak to the Insolvency Pract. tomorrow, she what she has to say.

 

The BR does see everything I have frozen, and any earnings have to be declared and maybe given back, whereas I guess going the CCA route I can carry on trying to build my self employment back up while I go along.

 

Hmm, decisions!

Had a training day at work (supermarket checkouts) and had a migraine - v.embarrassing and almost certainly stressed induced.

 

Thanks for the helpful advice and opinions so far!

G

[gordonb]

Hi Folks,

I'll start by saying I'm sorry if I sound like a numpty with what I have to say.

I'll carry on by saying that from what Ive seen so far on this forum there is no need to apologise for being ignorant if situations!

Nevertheless it helps to get it off my chest!

 

I am now suffering huge stress levels.

Still suffering effects of yesterdays migraine at my new job.

Have telephone appt. with insolvency pract. later to fill out BR forms, but even looking at them is sending stress waves right through me.

 

As the 'cca or BankRupt' discussion, all my debts are over 8 ccards, BOS and HSBC 2 cards each, the others are EGG, MBNA, CAP1 Barclaycard.

 

They are all pre 2007 - is there a quick sort of guideline to say which would likely be unenforcable? or does it just depend on their ability to produce proper cca?

To be honest, the HSBC and MBNA are the biggest balances, I could cope with the other debt, but getting rid of the HSBC or MBNA would see me ok I think.

 

Cheers,

Gordon

[diddydicky]

Hi Folks,

I'll start by saying I'm sorry if I sound like a numpty with what I have to say.

I'll carry on by saying that from what Ive seen so far on this forum there is no need to apologise for being ignorant if situations!

Nevertheless it helps to get it off my chest!

 

I am now suffering huge stress levels.

Still suffering effects of yesterdays migraine at my new job.

Have telephone appt. with insolvency pract. later to fill out BR forms, but even looking at them is sending stress waves right through me.

 

As the 'cca or BankRupt' discussion, all my debts are over 8 ccards, BOS and HSBC 2 cards each, the others are EGG, MBNA, CAP1 Barclaycard.

 

They are all pre 2007 - is there a quick sort of guideline to say which would likely be unenforcable? or does it just depend on their ability to produce proper cca?

To be honest, the HSBC and MBNA are the biggest balances, I could cope with the other debt, but getting rid of the HSBC or MBNA would see me ok I think.

 

Cheers,

Gordon

 

OK Man of straw a polite term for someone who does not have a pot to P*ss in

 

SD statutory demand served by someone prior to taking bankruptcy proceedings

 

 

OK why not get started instead of wasting time stressing

 

number one

 

write a short letter to EVERY one of your creditors telling them you are taking advice on your financial position and would they please not pster you for 30 days whilst you are in the process of sorting out your finances, whereafter you wil contact them again

 

2/ send of one pound and a s78 CCA request (letter in templates section) to all your creditors (in a seperate envelope) each recorded delivery

 

sit back and have a cup of tea for a couple of weeks and come back on the forum as and when you have responses

 

you will need a scanner to post them up and you can start a new thread for each one

 

we will take it from there

[gordonb]

Thanks DD,

 

I am not a total man of straw just yet, and in 5 weeks I move to lodge with a friend, total rent/bills £60 week.

This means that with my job which will increase in hours by then, I will have just about positive disposable income.

 

Next question - should I stop making any payments right now?

Currently I am making £20 week on an informal arrangement, but since this hasnt stopped late or deafault payments, it doesnt make a dent.

 

Some of the cards with balances around the 2000 I can cope with, and may at the moment keep those as it allows the breathing space of some credit for absolute essential use (I appreciate that using credit has been the prob in the first place!)

 

BOS have passed my account RMA and MBNA passed to mercers, should I send cca requests to the original CC?

 

Thanks,

Gordon

[diddydicky]

Thanks DD,

 

I am not a total man of straw just yet, and in 5 weeks I move to lodge with a friend, total rent/bills £60 week.

This means that with my job which will increase in hours by then, I will have just about positive disposable income.

 

Next question - should I stop making any payments right now?

Currently I am making £20 week on an informal arrangement, but since this hasnt stopped late or deafault payments, it doesnt make a dent.

 

Some of the cards with balances around the 2000 I can cope with, and may at the moment keep those as it allows the breathing space of some credit for absolute essential use (I appreciate that using credit has been the prob in the first place!)

 

BOS have passed my account RMA and MBNA passed to mercers, should I send cca requests to the original CC?

 

Thanks,

Gordon

 

personally i would continue with the payments for another couple of weeks whilst you wait for their response to your S78 requests

 

once you get back dodgy agreements/no agreements and they are in default THEN you can stop the payments

[gordonb]

Spoke to the Insolvency Pract today, she said I could come back and still use their service in a few months, so then got another call from the company that offered me the cca deal in the first place.

They said there are no backend costs, and that although I could do it all myself, their service did all the legal stuff.

 

Hmm, interesting, as reading a lot of threads here shows the stress of doing it yourself - I'm tempted to have someone do it for me.

 

Thoughts?

Gordon

[diddydicky]

Spoke to the Insolvency Pract today, she said I could come back and still use their service in a few months, so then got another call from the company that offered me the cca deal in the first place.

They said there are no backend costs, and that although I could do it all myself, their service did all the legal stuff.

 

Hmm, interesting, as reading a lot of threads here shows the stress of doing it yourself - I'm tempted to have someone do it for me.

 

Thoughts?

Gordon

 

i suggest you they tell folk on here who the organisation is-some migvht have knowledge of them

 

be very wary many of these companies have small print

[gordonb]

i suggest you they tell folk on here who the organisation is-some migvht have knowledge of them

 

be very wary many of these companies have small print

 

The company is called cancelyourdebt

Thanks,

Gordon

[gordonb]

whoops sorry the company is called cancel your loan.

[diddydicky]

whoops sorry the company is called cancel your loan.

 

as i see it- the charge is 295 up front to "Audit" your loan

 

(this means ask for a true copy and check it)

 

 

if they find that there is no fault with it then tha'ts your 295 spent!

 

yet you can do this yourself for one pound plus post it on here and have the advice of 1000's of experienced caggers who have been thre, done that, got the T shirt!!

[gordonb]

I pressed the bloke on the phone about back end charges and what they do exactly.

 

He implied that the fee is the only thing you pay, and includes all the solicitor fees right up to getting the debt wiped in 12 weeks.

 

That does not tie in with their t&c on their own site, which says the fee is for the audit of the cca, they then refer you to a solicitor who issues their own terms.

It also says you have to give them your bank access, and cannot have any contact yourself with any cc company concerned.

It also says the written t&c will over ride anything that may have been said previously!

 

I also found on a different forum complants about them taking unauthorised money, and the boss saying the 12 week claim is a 'miscommunication' they would not make again.

 

It's a steer well clear job I think!

Gordon

[diddydicky]

I pressed the bloke on the phone about back end charges and what they do exactly.

 

He implied that the fee is the only thing you pay, and includes all the solicitor fees right up to getting the debt wiped in 12 weeks.

 

That does not tie in with their t&c on their own site, which says the fee is for the audit of the cca, they then refer you to a solicitor who issues their own terms.

It also says you have to give them your bank access, and cannot have any contact yourself with any cc company concerned.

It also says the written t&c will over ride anything that may have been said previously!

 

I also found on a different forum complants about them taking unauthorised money, and the boss saying the 12 week claim is a 'miscommunication' they would not make again.

 

It's a steer well clear job I think!

Gordon

 

a solicitor charges anything from 110-150 per hour

 

he would want a couple of hours to go through the documents

 

he can do this out of 295 before he even does any work??

 

trust me this is a [problem] - a simple charge for doing no more than sending off for a s78 and then telling you the bad news