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Ell_Barry

Trying to resolve current debts but getting knowhere

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Hi all,

 

After a recent drop in earnings of approx £600 a month, we are currently struggling to pay our loans, overdraft and credit cards. We also moved house in August last year and have been told there is no equity in the property, the Halifax have agreed to reduce our mortgage for the next 6 months less interest. We are hoping to get to March 2010 with this agreement as my 2 year old will be 3 then and we reduce his nursery fees with government funding for 3 year olds.

 

The rest of the situation is this :

 

We owe £8,000 to HSBC Credit Card, £210 a month minimum payment.

We owe £7,400 to Capital One Credit Card, £200 a month miniumum payment.

We currently have a £500 overdraft with the HSBC and we're £900 over this limit.

(In additon to this we have a loan to the Bank of Scotland and one to a Car Loan Company for £370 and £180 per month)

 

In March we realised our difficulties and attempted to consolidate the two credit cards and the loan to the Bank of Scotland, with an application for £25,000 refused.

 

Since then we signed up to Experian and Equifax to resolve our credit scoring and this has recently improved from fair to good.

 

Applied again to the HSBC for £25,000 last week and this was referred to their underwriting team, this was then declined as we've been above our overdraft facility for the last 5 months. There is also a reluctance for the HSBC (and probably many other banks) to take on other banks debts to ourselves.

 

I've been in to the branch today and been told I need to speak to the Collection team.

 

My wife has been on the phone to them tonight for 1 hour 30 mins and still not really resolved anything after speaking to four separate people.

 

They have however offered a "MANAGED LOAN" off £9,600 with repayments of £232 per month (Total repayment £11,136) for the overdrafts and credit card debt.

 

I've read a few threads that suggest these are a bad idea?

 

In desperation yesterday, I applied to the Yorkshire Bank (I still bank with them, joint account is with HSBC) for £16,000 to clear the credit cards but I'm not hopeful. I've contacted Bank of Scotland to see if I can re-negotiate the terms of the loan but been told that I would need to apply for a new loan with them. Our credit scoring it again taking a battering with all the new credit searches.

 

Basically, we want a stop bank charges for being over our overdraft limit, we then want this to be officially increased on a reducing basis of £50 a month until its back to £500. We can't seem to agree this with the people on the phone, who obviously can only do what the computer tells them to do. An application for an increased overdraft has been refused. (Another credit search)

 

We want to close the credit cards, stop any further interest and agree a repayment plan to free up at least £75 per credit card i.e. a payment to both cards for £125 each.

 

We think we can manage our income on these terms but are struggling to get anywhere.

 

Any advice will be greatly appreciated.

 

Further to this, these banks etc only seem as though they can help you when you start defaulting. Is it just me or is the system at fault, we're both fairly intelligent, want to agree that we've got debts and willing to repay them on different terms and have been trying to get the bank to acknowledge that we've got no more money no matter how many times they ring us (we'll be sending that harrassment letter).

 

Thanks.

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Hi there guys

 

Sounds like you're up against it at the moment.

 

Don't know if the managed loan would do you any favours as while it would move the HSBC credit card account & the overdraft into one but increase the monthly payment at a time when you are looking to reduce outgoings. Although saving on bank charges because the o/d won't be unauthorised will help.

 

On the issue of bank charges have you put in a claim yet? Particularly useful if you've been getting slapped with unauthorised fees regularly. Depending how old the credit card agreements are there may be some recourse for fee recovery on them too. Check out the libraries they're full of useful ideas.

 

This response will bump this thread so hopefully a more experienced Cagger will pick up on this thread too.

 

There are lots of scenarios that you can explore. Establishing whether your credit agreements are properly executed & enforceable can put you in the driving seat when it comes to making payments at a level you can afford. There's also the bankruptcy / IVA route.

 

Best advice I can give is to read round the forums; don't make any snap judgements & work out an approach that suits you best. You have more options open to you than you realise; it's just some of them may not be to your taste / liking (challenging agreements, default scenarios, arrangement orders etc.)

 

 

All the best


"Evancosmo" is short for the evanescent cosmopolite.

 

THE TRUTH WILL SET YOU FREE :rolleyes:

 

1st Credit: CCA request sent

Cabot: failed to provide CCA - s.10 DPA letter sent

Capquest#1: failed to provide CCA - s.10 DPA letter sent

Capquest#2: failed to provide CCA - s.10 DPA letter sent

Abbey: on going

Equifax: "attributable data" CCJ removed - Aug 09

 

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got any cc charges or ppi you can reclaim?

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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What do you mean by cc charges, credit charges for returned payments and going over our limit?

 

What's PPI?

 

Thanks.

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Payment Protection Insurance

 

charges for missed payments, going over limit, anything they feel like adding


PGH7447

 

 

Getting There Slowly

---------

 

Advice is given freely but is in no way meant to be taken as Gospel:-)

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Hi all,

 

After a recent drop in earnings of approx £600 a month, we are currently struggling to pay our loans, overdraft and credit cards. We also moved house in August last year and have been told there is no equity in the property, the Halifax have agreed to reduce our mortgage for the next 6 months less interest. We are hoping to get to March 2010 with this agreement as my 2 year old will be 3 then and we reduce his nursery fees with government funding for 3 year olds.

 

The rest of the situation is this :

 

We owe £8,000 to HSBC Credit Card, £210 a month minimum payment. either request the agreement to see if its valid, or offer them a reduced amount first and see what they say

 

We owe £7,400 to Capital One Credit Card, £200 a month miniumum payment. as above although i know what crap1 will say

We currently have a £500 overdraft with the HSBC and we're £900 over this limit. are they adding charges, the answer will be yes probably, I would open a parachute account with another bank and get everything paid into this, the start to reclaim any bankcahrges they have applied

 

(In additon to this we have a loan to the Bank of Scotland and one to a Car Loan Company for £370 and £180 per month) request the agreements in the first instance using a CCA request

 

In March we realised our difficulties and attempted to consolidate the two credit cards and the loan to the Bank of Scotland, with an application for £25,000 refused.

 

Since then we signed up to Experian and Equifax to resolve our credit scoring and this has recently improved from fair to good.

 

Applied again to the HSBC for £25,000 last week and this was referred to their underwriting team, this was then declined as we've been above our overdraft facility for the last 5 months. There is also a reluctance for the HSBC (and probably many other banks) to take on other banks debts to ourselves.

 

I've been in to the branch today and been told I need to speak to the Collection team.

 

My wife has been on the phone to them tonight for 1 hour 30 mins and still not really resolved anything after speaking to four separate people. never phone always write this way you get a paper trail

 

They have however offered a "MANAGED LOAN" off £9,600 with repayments of £232 per month (Total repayment £11,136) for the overdrafts and credit card debt. this then lets them tie you in and provides them with a valid agreement, whereas you previous agreements maybe invalid

 

I've read a few threads that suggest these are a bad idea? correct

 

In desperation yesterday, I applied to the Yorkshire Bank (I still bank with them, joint account is with HSBC) for £16,000 to clear the credit cards but I'm not hopeful. I've contacted Bank of Scotland to see if I can re-negotiate the terms of the loan but been told that I would need to apply for a new loan with them. Our credit scoring it again taking a battering with all the new credit searches.

 

Basically, we want a stop bank charges for being over our overdraft limit, we then want this to be officially increased on a reducing basis of £50 a month until its back to £500. We can't seem to agree this with the people on the phone, who obviously can only do what the computer tells them to do. An application for an increased overdraft has been refused. (Another credit search)

 

We want to close the credit cards, stop any further interest and agree a repayment plan to free up at least £75 per credit card i.e. a payment to both cards for £125 each.

 

We think we can manage our income on these terms but are struggling to get anywhere.

 

Any advice will be greatly appreciated.

 

Further to this, these banks etc only seem as though they can help you when you start defaulting. Is it just me or is the system at fault, we're both fairly intelligent, want to agree that we've got debts and willing to repay them on different terms and have been trying to get the bank to acknowledge that we've got no more money no matter how many times they ring us (we'll be sending that harrassment letter).

 

Thanks.

 

If there is anything you dont understand come back and ask


PGH7447

 

 

Getting There Slowly

---------

 

Advice is given freely but is in no way meant to be taken as Gospel:-)

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I've read a few other posts now about requesting a CCA and I'm confused as to the purpose of getting a copy? Apart for potential loopholes?

 

To be honest, I'm not seeking a way out of paying what I owe, I just want to make if more affordable.

 

I've no PPI and we've been charged once or twice for going over out credit card limit.

 

Every transaction now above our current overdraft limit is being charged £25 each.

 

I'm concerned that a few of the routes suggested who get me blacklisted as I would be looking for further finance in the future when the capped rate on our mortgage ends and when its necessary to change our car etc.

 

Thanks.

 

P.S. I'm going to transfer everything from the HSBC to the Yorkshire Bank, that's a good idea.

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I've read a few other posts now about requesting a CCA and I'm confused as to the purpose of getting a copy? Apart for potential loopholes? - a lot of these companies in the past just sent out application forms with many unlawful/misleading terms and conditions in them - most people on here would pay their debts if they had been given reasonable treatment, unfortunatley once a DCA gets involved reasonable treatment goes out the window, so by requesting a cca you are in fact ensuring that they have a valid agreement to force you to pay, this enables you to have some bargaining power, if it is invalid

 

To be honest, I'm not seeking a way out of paying what I owe, I just want to make if more affordable. None of us are, we just want fair treatment

 

I've no PPI and we've been charged once or twice for going over out credit card limit. so claim them back, better they use some of these charges to lower the amount owed than to let them have the money for nothing

 

Every transaction now above our current overdraft limit is being charged £25 each. as above, and change banks

 

I'm concerned that a few of the routes suggested who get me blacklisted as I would be looking for further finance in the future when the capped rate on our mortgage ends and when its necessary to change our car etc.

- My credit rating is so far down its not even on the list, but I still got a mortgage

Thanks.

 

P.S. I'm going to transfer everything from the HSBC to the Yorkshire Bank, that's a good idea.Yes

 

We do not advocate debt avoidance we advocate fair treatment for people in difficulties, how you interpretate the info/guidance given is down to you, some do use it for debt avoidance but most use it to ensure they get a fair deal


PGH7447

 

 

Getting There Slowly

---------

 

Advice is given freely but is in no way meant to be taken as Gospel:-)

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