Debt Help What to do for best (advice please)

[lilmiss75]

Hello All,

 

Can you help me please, I currently owe around £12-14K not sure of exact figure.

 

I pay Wescott £40 a month for a Nationwide Overdraft of £2000

I also pay them £60 a month for a Sainsburys CC of £2900

 

Get phone calls of Wescott wanting me to increase my payments and trying to do settlement figures all time.

 

I also owe Barclaycard £3300 which 1st credit have put am paying nothing to them at moment.

 

I pay MBNA £40 a month where I owe £4000 (they cause me no problems

 

I wondered if it would be worth me doing CCA's on them or just continue as I am paying them? Am thinking about doing it with 1st Credit as get about 3 calls a week of them

 

I also have a loan with blackhorse which I pay £158 a month on but have not defaulted on at all.

 

I am finding it a real struggle to pay this all out due to job change and wondered what peoples advice would be, best way to go about this want to be debt free as soon as possible (dont we all)

 

Many thanks

 

[IdaInFife]

or carry on as you are doing and sed the cca's off and see what they come back with

 

ida x

[PGH7447]

Hi Lilmiss75,

 

Just read your post and wanted to try and help. I'm a debt advisor based in the north east. I dont work for a callcentre or anything like that and sure i can give you some direction.

 

Ok so here are your options:

 

1. Debt relief order - you need to have total debt of less than 15K and assets worth less than £300 without the black horse balance you are up to £12,200 so if its less than £3,000 and you dont own a car or house or anything then it might be an option for you. A debt relief order is like a mini bankruptcy but you dont have to go to court. Really easy to do the CAB are probably the best people to do this for you and it only costs about £30 i think to do it. or send all credit card creditors a cca, costs you £1 and they have 12+2 days to respond

2. Debt Management Plan - This is almost what you have done for yourself. As you will know there is no guarantee that your creditors leave you alone, most of them will keep hassling you for payments. In my experience the more you pay the more chance there is of them leaving you alone, however if you dont have you cant give it to them. Beware of some debt management companies who will take your first two or three months payments and keep them for them and then take most of yoru monthly contribution. - dont pay anybody either CCCA or payplan - or CCA everyone as above

 

3. IVA - you are paying £298 a month to your creditos without paying anything to barclays. You could probably pay less than this towards an IVA and you would be debt free in five years. In an IVA your creditors are not allowed to contact you so all the hassle will stop. They cant phone you or write to you, they cant send bailiffs or anything. You must make sure you make every payment though or they can make you bankrupt. It shouldnt cost you anything to set up an IVA although some companies out there will charge you a set up fee, if they do walk away immediatley. IVA's are best for people who cant look at bankruptcy because of their job or they have a house with equity, so if your a tenant then i would ususally recommend bankruptcy over IVA. You need a qualified Insolvency Practitioner to set up an IVA. dont

 

4. Bankruptcy - Scary word i know, but for some people its the best thing. You could potentially be liable for payments for up to 3 years but the Official Reciever will only take a portion of your surplus as opposed all of it. Your creditors are no longer allowed to contact you, so all of that hassle stops and strictly speaking in answer to your question of whats the quickest way to get rid of your debt this would be it! - and you loose any assets

 

I hope this makes it a bit clearer, final bit of advice , stay away from dodgy internet call centre companies. Try and speak to someone face to face, you will probably have to wait a while to see the citizens advice. try www.serenity-solutions.co.uk. - have you registered with the forum site admin to be able to advertise your website

 

Take care and let me know how you get on.

 

debbie

 

of Do it yourself, now that is Serenity

[PGH7447]

Hello All,

 

Can you help me please, I currently owe around £12-14K not sure of exact figure.

 

I pay Wescott £40 a month for a Nationwide Overdraft of £2000 - does this have any charges you can claim back?

I also pay them £60 a month for a Sainsburys CC of £2900 - have you requested the agreement by way of a cca request

 

Get phone calls of Wescott wanting me to increase my payments and trying to do settlement figures all time. ignore them get everything in writing from now on

 

I also owe Barclaycard £3300 which 1st credit have put am paying nothing to them at moment. cca them

 

I pay MBNA £40 a month where I owe £4000 (they cause me no problems - if you are happy with this then leave other wise cca them

I wondered if it would be worth me doing CCA's on them or just continue as I am paying them? Am thinking about doing it with 1st Credit as get about 3 calls a week of them - send the phone harrassment letter to these cretins, and in the meantime just say in writing and put the phone down

 

I also have a loan with blackhorse which I pay £158 a month on but have not defaulted on at all. - cca, any PPI on the loan

 

I am finding it a real struggle to pay this all out due to job change and wondered what peoples advice would be, best way to go about this want to be debt free as soon as possible (dont we all)

 

Many thanks

 

 

there ya go who needs a fancy website:D with a fancy name

[PGH7447]

Harassment by telephone

 

Account Number: XXXXXXX

I am writing in relation to the quantity and frequency of telephone calls that I have received from your company, which I deem to be personally harassing.

I have verbally requested that these stop, but I am still receiving calls. (Delete if necessary)

I now require all further correspondence from your company to be made in writing only.

I am of the view that your continued harassment of me by telephone puts you in breach of Section 40 of the Administration of Justice Act 1970, and the Protection from Harassment Act 1997.

If you continue to harass me by telephone, you will also be in breach of the Communications Act (2003) s.127 and I will report you to OFCOM, Trading Standards and The Office of Fair Trading, meaning that you will be liable to a substantial fine.

Be advised that any further telephone calls from your company will be recorded. (**Even if you don‘t yet have recording equipment!!**)

[debbiedebt1979]

in excatly what area is your expertise? all assets are not necessarily seized in bankruptcy. The insolvency act makes provision for necessay items that the bankrupt needs to undertake his/ her trade or vocation as well as items of furniture and other fixtures and fittings in the home. If the property is in negative equity this does not form an asset for the purposes of the bankruptcy. Under the Insolvency rules 1986 the official reciever or trustee in bankruptcy may 'sell' the negative equity to a friend or partner of the bankrupt. etc. etc. so you may be able to keep your assets in a bankruptcy!

 

Also IVA is a real alternative tio bankruptcy and if they are paying more thean would possibly be required in an IVA then why would your advice be dont?

 

The advice you have given is all very well but it is a drawn out process and during this process can add to peoples stress and worries.

[PGH7447]

BUT IT IS FREE unlike your website, and have you contacted the MODs to advertise on here

 

and the advice I give is based on real life experiences ie been there done that got the the T Shirt

 

O and IT's FREE

[debbiedebt1979]

As is my advice - being an ex bankrupt myself then i would know. I am not advertising my website, you may read other posts where i have recommended CAB etc etc, I just know this company gives completely free advice, your problem with that would be??

[PGH7447]

in excatly what area is your expertise? all assets are not necessarily seized in bankruptcy. The insolvency act makes provision for necessay items that the bankrupt needs to undertake his/ her trade or vocation as well as items of furniture and other fixtures and fittings in the home. That is correct but what you have failed to mention is that there is a better than average chance of loosing your home If the property is in negative equity this does not form an asset for the purposes of the bankruptcy. Under the Insolvency rules 1986 the official reciever or trustee in bankruptcy may 'sell' the negative equity to a friend or partner of the bankrupt. etc. etc. so you may be able to keep your assets in a bankruptcy! -

 

Also IVA is a real alternative tio bankruptcy and if they are paying more thean would possibly be required in an IVA then why would your advice be dont? -except after 5 years the debt is still there, forgot this bit did we

 

The advice you have given is all very well but it is a drawn out process and during this process can add to peoples stress and worries.

 

so can being made bankrupt which is what you are advocating

 

at least our way you have a fighting chance of either paying off at a reduced sum or actually finding out that half the "agreements" are invalid all for £1

[PGH7447]

As is my advice - being an ex bankrupt myself then i would know. I am not advertising my website, you may read other posts where i have recommended CAB etc etc, I just know this company gives completely free advice, your problem with that would be??

 

 

from that website

 

Following a full financial review we will then advise you which, if any, of our services would best suit your requirements.

At this stage we will always tell you of the pro's and con's of any solutions we may be able to offer you, as well as full disclosure of all costs.

Edited August 13, 2009 by PGH7447

[42man]

You can also call the national debtline which is completely free or the insolvency helpline.....

 

National Debtline – Free, Confidential Debt Advice – Call 0808 808 4000 - free, confidential and impartial...

[42man]

Licence Number:0628792

Licence Status:Current

 

Current Applicant / Licensee:

 

Business NameCompany Registration NumberSerenity Solutions

 

Categories:

 

Credit brokerage Debt collecting Provision of debt-adjusting on a commercial basis Provision of debt-counselling on a commercial basis

 

Right To Canvass Off Trade Premises:No

 

 

Issued Date: 25-Jun-2009

Date Maintenance Payment Due: 24-Jun-2014

 

 

Legal Formation:

 

Partnership

 

Current Individuals that run the organisation:

 

NamePositionALAN SHEEKEY

 

Historic Individuals that run the organisation:

 

NamePositionDEBRA MARIE CATTERICK

 

Nature of Business:

 

Other

 

Current Address(es):

 

Address TypeAddressCorrespondence23, THE GREEN, BILLINGHAM, CLEVELAND, TS23 1ESPrincipal Place Of Business23, THE GREEN, BILLINGHAM, CLEVELAND, TS23 1ES

[42man]

Do any of the accounts have any excessive charges on them at all ? And yes i'd say the first thing to do would be to get off a request for the agreements...keep us posted...

[debbiedebt1979]

A normal IVA term lasts for 5 years with the debtor being asked to remortgage in month 54, up to a maximum of 85% LTV and with the increase in mortgage payments not representing an increse of more than 50% of the IVA payment. However if the debtor cannot remortgage then creditors usually ask for another 12 payments taking the total term to 6 years. With the exception of those putting Northern Rock together mortgages into an IVA, where it is normally a minimum of 6 years up to a amaximum of 7 years (again if the debtor cannot remortgage).

 

In either case, the final payment be it 6 years later of the remortgage then this is considered full and final settlement and the creditors are unable to come back to the client any more.

 

Is this what you thought i had neglected to say? I am not sur what your problem is? I am trying to help by giving advice that i know to be true because i am a debt advice worker and have been for four years now. I work closley with an insolvency barrister and generally know my stuff!

I dont do this to make money from misery just been in this situation myself and know how distressing and lonely it can feel when creditors are hassling you and you have nothing to give them and no way out.

[PGH7447]

no problem with offering advice but when you first started and put a link to a debt managment agency that CHARGES then I have a problem, most people come on here cause they dont know which way to turn and offering a "free" service that actually has hidden costs is in my opinion as bad as the DCA's we are trying to help people beat.

 

and I may not be a clued up as you claim to be but I know enough to point people in the right direction, to HELP themselves