Help please guys

[chrisjayde82]

I am looking for some advice please.

 

I have massive credit card and loans bills, 56k in total

 

These have build up since I was 17 , and I now 28. I have always juggled the cards about, balance transfers etc and have had a good engineering job - where I have always, since I left school had plently of overtime and have been able to pay them. Most months I have always paid over the min payment until recently when overtime has stopped and my wages have halfed .

 

I have been reading through the forums past few nights and really need to try and sort something out now as even min payments are getting very hard.

 

This is what I have

 

egg - £14k - min payment £353

mint -£3700k - min payment £24

mbna £9400k - min payment £161

paypal £3000- min payment£92

virgin £7900-min payment £287

ge money loan £18k set payment £287

 

 

 

What I have done tonight, is used some templates I found on here..... one starting

 

 

 

" iam hoping you can help me. Regrettably I am unable to maintain my current monthly payments due to unforeseeable personal circumstances

 

 

 

Please can you freeze interest on my account and accept a token payment each month.

 

I do want to pay back my debt however require some assistance in doing so.

 

Please find enclosed a breakdown of my financial situation including my income expenditure and debts outstanding to current creditors. Also included is a pro-rata split of my available income amongst all my creditors. The following is the amount I can afford to pay each month.

 

Pro rata monthly payment £50

 

I would be very grateful if you would confirm your willingness to freeze interest and charges on the account. Also please confirm your acceptance of the repayment proposal along with details of the company I should make payments to, if this is different to the original lender.

 

If my financial circumstances improve, then I will of course inform you and increase my repayments accordingly. I look forward to hearing from you."

I have also requested cca in the same letter.

Is this the right thing to do? I have asked for a token payment for each for £50.

what will happen?

Thanks Chris

[andydd]

I am looking for some advice please.

 

I have massive credit card and loans bills, 56k in total

 

These have build up since I was 17 , and I now 28. I have always juggled the cards about, balance transfers etc and have had a good engineering job - where I have always, since I left school had plently of overtime and have been able to pay them. Most months I have always paid over the min payment until recently when overtime has stopped and my wages have halfed .

 

I have been reading through the forums past few nights and really need to try and sort something out now as even min payments are getting very hard.

 

This is what I have

 

egg - £14k - min payment £353

mint -£3700k - min payment £24

mbna £9400k - min payment £161

paypal £3000- min payment£92

virgin £7900-min payment £287

ge money loan £18k set payment £287

 

 

 

What I have done tonight, is used some templates I found on here..... one starting

 

 

 

" iam hoping you can help me. Regrettably I am unable to maintain my current monthly payments due to unforeseeable personal circumstances

 

 

 

Please can you freeze interest on my account and accept a token payment each month.

 

I do want to pay back my debt however require some assistance in doing so.

 

Please find enclosed a breakdown of my financial situation including my income expenditure and debts outstanding to current creditors. Also included is a pro-rata split of my available income amongst all my creditors. The following is the amount I can afford to pay each month.

 

Pro rata monthly payment £50

 

I would be very grateful if you would confirm your willingness to freeze interest and charges on the account. Also please confirm your acceptance of the repayment proposal along with details of the company I should make payments to, if this is different to the original lender.

 

If my financial circumstances improve, then I will of course inform you and increase my repayments accordingly. I look forward to hearing from you."

 

 

 

I have also requested cca in the same letter.

 

 

 

 

 

Is this the right thing to do? I have asked for a token payment for each for £50.

 

 

what will happen?

 

 

Thanks Chris

 

Sending the above on its own wont achieve anything, its best if you approach them via a debt help company I contacted my cards after i had contacted Payplan, you'll find they will suddenly be a lot more helpfull...you'll need to fill in some sort of income & expenditure form first.

 

The card companies went from being unhelpful to freezing my interest my charges and accepting a minum amount each month.

 

Andy

[chrisjayde82]

Sending the above on its own wont achieve anything, its best if you approach them via a debt help company I contacted my cards after i had contacted Payplan, you'll find they will suddenly be a lot more helpfull...you'll need to fill in some sort of income & expenditure form first.

 

The card companies went from being unhelpful to freezing my interest my charges and accepting a minum amount each month.

 

Andy

 

 

Hi Andy,

 

Yes the income&expenditure is also included in the letter, I did contact sterling green but after seeing some comments on here about I wasn't to sure

[chrisjayde82]

Is it better to send cca requests on there own first?

 

thanks

[credicardslave]

About three months ago I set up a DMP throught the Consumer Credit Counselling Service (www.cccs.co.uk). The credit card companies contribute toward the running of this charity and are therefore far more compliant when the request comes from them.

 

I asked my bank First Direct for some understanding, which they refused point blank. I explained that I thought this was a contravention of the Banking Code, but they were not interested. As soon as I mentioned that I had contacted the CCCS they couldn't have been more helpfull.

 

People on here say that you can do it yourself but I think it is a good start to go through an organisation first. Your creditors are more likely to accept the terms on a low start basis. If you feel you want to, you can then negotiate yourself and set up arrangements yourself.

 

The DMP is working for me, as I am not really insolvent, like you I guess. Do a remedy online and see what it comes up with??

[kurvaface]

I think you should look at the option of CCA ing them. You may have acounts here that are unenforcable. As you have had some of them for a long time some of the agreements may not even exist so you may be in a position to wipe some away.

[angmarie]

Hi

 

I'm inclined to agree with kurvaface, send £1.00 to each of them requesting your original signed agreement and wait to see what you get back. May be you will have a lucky break, if any of the agreements are unenforceable the debt is written off.

 

 

Good luck

 

 

Ang

[andydd]

Hi

 

I'm inclined to agree with kurvaface, send £1.00 to each of them requesting your original signed agreement and wait to see what you get back. May be you will have a lucky break, if any of the agreements are unenforceable the debt is written off.

 

 

Good luck

 

 

Ang

 

Yep..I agree..Ive used the dual approach of CCAing them, most appear to be unenforceable AND also agreeing a plan via Payplan, for some reason the card companies will not accept any agreement just from you it has to be via one of the debt help companies, its easy enough..Payplan just emailed me some forms and i went from there.

 

Ive been made redundant and Im now only paying 2 of them £1 a month and another £7, as Im certain the CCA's are unenforceable if any of them get stroppy Ill send of a 'in dispute' letter and wont pay them anything.

 

Andy

[chrisjayde82]

Right, I have sent them all a cca request - unsigned, recored with a pound postal order .

 

will keep you updated how I get on

 

thanks chris

[chrisjayde82]

Got the first cca letter back today, from paypal .

 

The agreement seems ok ,(not that I am expert) But it is not signed by me? Just my name is printed?

 

any advice peeps?

 

Chris

[kurvaface]

There are quite a few "self-made" experts on CAG with regard to CCAs. It would be well worth your while to post up a copy minus your personal details of course.

[chrisjayde82]

[chrisjayde82]

Hope you can see the above ok, as I said - it was only printed, which I have cut out

 

where do I stand with this one?

[kurvaface]

I am sure someone will be along shortly to scrutinise this document. It is clear.

[chrisjayde82]

anyone?

[kurvaface]

Bump

[stroke a badger]

Is that all they sent you.

 

In my opinion it is not enforceable as there is No credit limit or signature.

 

IS MY AGREEMENT ENFORCEABLE( Via section 127(3) CCA1974)

PRESCRIBED TERMS FOR THE PURPOSES OF SECTIONS 61(1)(0) AND 127(3) OF THE

CONSUMER CREDIT ACT 1974 Taken from sced.6(1983/1553) regulations

(If you just want to find out, skip the bits in between the stars it’s just some extra information)

 

**What do we mean by unenforceable?

In the Consumer Credit Act section 127 there is a provision for making an agreement unenforceable if it does not contain certain pieces of information.

Subsections 1,2,3,4 state which pieces of information these are, and everything mentioned there must be included within the body of the agreement, if one is missing the agreement is unenforceable.

 

How does unenforceable differ from enforceable with a court order only?

When an agreement is unenforceable it means that the court or the judge cannot make a ruling on it. The court cannot make it enforceable.

When an agreement is enforceable only by ruling of the court it means that the agreement can be stopped by the debtor but the court has the power to re-instate it and allow the credit to continue to enforce.**

 

The Pescribed Terms are these

 

A Amount of credit

A term stating the amount of credit

 

B Repayments

A term stating how the debtor is to discharge his obligations under the agreement to make the repayments, which may be expressed by reference to a combination of any of the following-

(a) Number of repayments;

(b) Amount of repayments;

© Frequency and timing of repayments;

(d) Dates of repayments;

(e) The manner in which any of the above may be determined; or in any other way, and any power of the creditor to vary what is payable.

 

C Rate of interest

A term stating the rate of interest to be applied to the credit issued under the agreement

D Credit limit

This may be a term or the manner in which it will be determined or that there is no credit limit.

--------------------------

 

Which of these applies to you depends on the type of agreement you have?

 

For a Running Account (credit card) agreement

 

BC and D Apply

 

 

For a Restricted Use Debtor Creditor Supplier

• Where the dealer is the supplier and the creditor is the one providing the finance.
  
• The money can only be used for the purpose it is given.
  
• There is no interest on the purchase (the cash price is the same as the total price)
  
• And there is no advance payment
  

A is applicable

 

For a fixed Sum Credit Agreement

A conventional credit agreement with none of the above restrictions

 

A and B apply

 

For a Hire Agreement

 

B is Applicable

 

This paper only covers section 127(3) of the Act agreements can also be unenforceable by contravention of sections 1 and4 this will be the subject of the next paper.

Please note that these Prescribed terms where not changed in any way by the 2004/1482 Ammendments although the form in which they appear on the agreement was. Subsection127(3) was repealed on the 6th of April 2007 so that unenforceability due to 127(3) will only apply to agreemens executed before that date.

[cerberusalert]

It doesn't need to show a specific credit limit, the term 'we will set your credit limit' is acceptable. If it included your signature it would be seen as enforceable.

[stroke a badger]

Yes I am aware of that but did initially did not see that on the document. I'm sorry for making such a schoolboy error!

[chrisjayde82]

That was the third page, the other two was just terms.... that page I think should of been signed but wasn't

[IdaInFife]

chris,

 

did you apply for this card online and on 31/12/2007?

 

Ida x

[chrisjayde82]

Yes

[IdaInFife]

bad news on this one.

 

It would be enroceable as doesn't need a sginature as was online agreement and because of date it was taken ( agreements post 2007 are not automatically unenforceable if some prescribed terms are unenforceable:

Update on Consumer Credit Act

 

link nicked from Cerb

 

ida x

[IdaInFife]

some advoce for offers of payment: you do not need to go thru a dmp you can do this yourself or use cccs or cab etc.

 

if you are making an offer of payment then try and include the first payment with it and just stick to your payment proposal

 

ida x

[chrisjayde82]

Right, I only got back two of the five agreements ?

 

Anyway, this last few weeks I have been speaking to payplan and they have been very helpful . They are now putting it to my creditors that I can afford to pay £165 per month,

 

They told me to stop making payment and pay each one £5 or £10 as a token payment,

However, this last week or so I have been recieving letters from the creditors asking me to pay the min payments _ but they are now double on each one.

 

I am expecting a call from payplan tomorrow so they can run through the do's and don'ts with the creditors.

 

any advice from here?

 

thanks