in a muddle please help

[unhappyfella]

Hello to everyone.

 

I have been reading this forum for a couple of days now and my heads spinning with all the info you guy's provide. I hope you might be able to help me.

 

I am in debt because of a divorce (all debts in my name)

 

I owe approx £20.5k to 4 creditors

 

Started defaulting last August 09

 

I then lost my job so I decided to up sticks and go and live in turkey for a while, ive made 1 £1 token payment to all my creditors in January that is it.

I have just come back and need to face the music and get my life back on track and need your advice on the following

 

I have a house in England jointly owned with my ex partner with approx £15k

equity which would be divided equally when I get my order for sale through

 

I have a house in Turkey which is worth £25k which will be divided up equally when I get the order for sale through.

 

Just got myself a new job start 1st April 2010

 

I have spoken to payplan with regards to a dmp and they have taken me on board paying £350 per month. I have not signed and send back this paperwork yet.

 

My question is this do I start the dmp and when the money comes through do a full and final offer letter to my creditors or do I start making token payments again and wait for the money on the property's (approx 3 months wait) then do full and final.

 

What should I do for the best as im really confused:confused:

 

Thanks for your time

 

unhappyfella

[maroondevo52]

Hello and Welcome,

 

A breakdown of the debts would make it easier for people to advise.

 

Regards.

 

Scott.

[unhappyfella]

Hi Sorry

 

here goes I am so ashamed of this situation but here goes

 

£13,000 Personal loan natwest

£2,600 Overdraft Natwest

£1,500 Credit Card Natwest

£968.00 Cahoot Credit Card

£1,600 mbna

£1,300 Argos

 

thanks once again

[maroondevo52]

Hi,

 

Don't be ashamed, no one's here to judge you, a great number of members on this site have been in the same situation, some a whole lot worse, but with help from people on this site, you should be able to come to some sort of acceptable situation to help you through this.

 

How old are the debts ?

[Mydogsawestie]

I'd wait till you have Payplan on board & you've been with them for a short while first. It may then be better showing you have payplan on your side who have assessed all your I & E out already.

 

Should you not want to offer the F & F letters yourself ie lets say at 35-50% payplan can do that on your behalf too (although think they may work the payments out differently on there F & Finals, you'd have to ask!!) Good luck

[unhappyfella]

Hello and thank you for the response.

 

do you think it is to early to offer full and final settlement after only 6 months of defaulting ?

 

should I wait a little longer ?

 

So what you have said from the thread ubove if I am understanding it correctly is start my payplan and then offer the full and final.

 

All my creditors currently think that im in turkey as ive only been back a week will this have any implications or make any difference ?

 

sorry to ask so many questions

 

thank you

 

unhappyfella

[Mydogsawestie]

I'm not best to advise either way when to do it I'm afraid, having Payplan on board myself I found this has been better at getting interest stopped on our debts & they sorted a monthly payment we could afford too.

 

From time to time we do get letters sent to us from creditors offering settlement offers but thats coz we have been with Payplan for many years so can't imagine the creditors would succumb after just 6mths for you. Our settlement figures offered are never what we would be able to do anyway. As yet we are not in a position to offer anything anyway, although understand you can negotiate better esp if they may not have a leg to stand on with the CCA paperwork in place etc.

 

As Maroondevo52 said, how old are the debts & have you thought to apply to see what paperwork they hold on you? Also have you ever had any Default notices.

[unhappyfella]

Hi the accounts have been defaulting since august 09 with just 1no £1 token payment in January at present I have had no defaults that im aware of as all my mail goes to turkey at present. However im staying at my friends now for a couple of weeks before I find a place of my own and i tried to open a basic bank account with co-op with got refered. im also now afraid i will have my creditors chasing me at my friends which i really dont want to happen so any advice on this also would be great.

 

Once I am in my own place I will start my payplan and hopefully the creditors will catch up with me there.

 

I will proberly be able to raise around £13,000 now which my friend would lend me now do you think they would accept this ? without me starting any plan at all?.

 

Also I will ask all my creditors to send me the cca even though i am not really sure what this does or does not do.

 

On top of this problem I have the added pressure of having a foreign wife she is from russia, in order for me to be able to apply for a spouse visa for her I need to show that I have enough disposable income each month of around £400 which is a requirement of our goverment I don't know how this will fit in also.

 

My life is just one big mess and i feel so down any help would be great.

 

 

Kind Regards

 

Unhappyfella

[maroondevo52]

Hi,

 

Sorry, I had to go off-line last night after answering your posts

 

Regarding asking for a cca, A debt becomes unenforceable under the CCA if a creditor does not supply a true copy of the signed credit agreement within 12 working days of it being requested.

 

The debt remains unenforceable for as long as the creditor fails to produce the signed credit agreement – this means if they produce the agreement some months down the line, they are quite within their rights to enforce it.

 

 

If after requesting a true copy of a signed credit agreement the creditor fails to produce it, the debtor may now however be in a good position to make a full and final offer to clear the debt.

 

Here's the CCA request template................. ....

 

http://www.consumerforums.com/resources/templates-library/86-debt-collectors/581-cca-request-letter

 

You can send a CCA request to the following........

 

Personal loan natwest

Credit Card Natwest

Cahoot Credit Card

mbna

Argos

 

Are there any charges on the credit cards and store card which could be re-claimed if they happen to come up with enforceable agreements.

 

Regarding the overdraft, not sure there's a lot you can do about that.

 

Could you tell me how old all the debts are ?

 

Regards.

 

Scott.

[unhappyfella]

Hi to everybody

 

the debts are approx 1 year old does that make it worse ?

 

With regards to my foreign wife am i allowed to send her money and bank the £400 a month i need to say i can support her for her visa application as she is a dependant as she does not work in russia.

 

the creditors ask to see your wage slips and bank statements as I am looking to pay them £350 month then I could pay my debts in 3-4 months once my houses have been sold.

 

I just really need to save the money for her visa application and pay my creditors at the same time and i don't think this is possible has anyone experienced any thing like this before.

 

 

Kind Regards

 

unhappyfella

[unhappyfella]

sorry that should read do the creditors ask to see your wage slips and banks statements ?????????

 

and do payplan ask also as they have not asked for mine ???????

[Mydogsawestie]

Its likely then if the debts are only 1yr old the paperwork you did to get the credit could be in order then. Understandably creditors will want to know your I & E should you falter as they want proof not take your word for it. Doing it with Payplan means its all being done from one point, then the creditors liaise with them for I & E afterwards so you dont have to.

 

My suggestion would be to pay your credit cards off 1st esp if you are being hammered monthly for interest & late payment charges. Your personal loan if fixed payments are made across the term of the loan will have already incorporated the interest charge from the outset, so it prob wont matter if you pay it any earlier than scheduled, however you could ask them by phone how much an earlier settlement could be offered at (wont do any harm).

 

With regards to your foreign wife, not an area I know anything about. If you have an income each month that pays your bills etc then afterwards have a further disposable income of the £400 stipulated,does that not sort it then for the visa application?

 

It may be better after all you not entering a DMP with Payplan as I'm not sure how they would treat that disposable income, they may see it that it could be used to contribute to your debts instead????

[unhappyfella]

thank you for you reply

 

I would like to start the dmp with payplan which they have agreed to payplan have asked me for nothing in terms of wage slips and bank statements are you saying once they speak to the creditors they will ask me to send them in ???.

 

I have the £400 per month after I have paid my living costs and payplan for dmp

does this mean I cannot save this money.

 

or should i just contact all creditors myself and split the £350 per month between them on my own or will this not put me in any better position

 

thanks again for your time

[Mydogsawestie]

You are quite right in that Payplan dont ask for proof of this & proof of that which is good in the scheme of things esp when your trying to sort your financial matters out so can be at your lowest anyway.

 

If its already been assessed with your£400 still surplus (or used within there calculation methods to not show that as truly surplus on the creditors paperwork) then thats a good thing for you then when your do your Visa App.

 

If you dont want to just pay the debts off altogether then do the DMP and chip away at the debts that way instead, you do get less hassle if your with Payplan than dealing with the creditors yourself.

 

From experience tho, MBNA are not always co-operative of DMP's but that will be dependant on what payments are being offered of course!

[unhappyfella]

thanks for all you replies mydogsawestie

 

you have been really helpful.

 

its not that my £400 leftover has been calculated into my living costs.

But when I applied to payplan i was with working for one company and two weeks later i got headhunted to another with £400 per month extra income.

 

I am fully aware that i am supposed to declare this and i will however i just want to get my wife across first will which will take 3 months which by this time i will have enough income from the sale of my houses to pay the debt in full.

 

I know what i am asking is wrong but do you think I will be ok

[Mydogsawestie]

If you've already had your telephone interview on your I & E done & paperwork submitted then leave it based on that. They will have already costed that orig surplus out amongst your creditors more than likely anyway.

 

In a years time when you have your review meeting to see what circumstances have changed you can update it again then, who knows you may have settled your debts by them with F & F's anyway (which could be still a possibility).

 

Its a case of doing what you need to do in the meantime and that for you I guess also incorporates sorting matters for your wife to be with you by showing this £400 surplus to help in any success towards the visa application - good luck.

[unhappyfella]

Thank you once again mydogsawestie.

 

So just to confirm once my plan has been agreed paperwork sent back etc neither payplan or creditors will ask for wage slips and bank statements.

 

Just do not want to do the wrong thing and best for both parties ie paying my creditors and getting my wife here

 

if the above is true i shall sign and post my copy of income and expenditure back to payplan along with the standing order mandate to my bank

 

kind regards

 

unhappyfella

[Mydogsawestie]

Thank you once again mydogsawestie.

 

So just to confirm once my plan has been agreed paperwork sent back etc neither payplan or creditors will ask for wage slips and bank statements.

 

Just do not want to do the wrong thing and best for both parties ie paying my creditors and getting my wife here

 

if the above is true i shall sign and post my copy of income and expenditure back to payplan along with the standing order mandate to my bank

 

kind regards

 

unhappyfella

 

Creditors if you were doing it without Payplan would want to see everything. I can only give advice on what has been in my experience with Payplan however with anything in life there can never be any guarantees.

 

As mentioned earlier with Payplan I'm not sure how they would treat that disposable income, they may see it that it could be used to contribute to your debts instead????

You need to do what you have to for your own reasons & for your wife to be here with you. I think you may be over-thinking things as it is only going to be for a short period of time anyway as when your money comes through you said you are looking to settle your debts anyway.

[loobyloo85]

Hi there, I have just read through the posts above.

If you go with Payplan now and make a monthly payment until your property sales have been completed, this will help lower your debts in the meantime. It may also keep your creditors sweet.

Payplan DMP do not ask for proof of anything - they only need a signed authority from you in order to act on your behalf. You do not have to provide proof of your income.

When your property sales are complete, you can then contact Payplan, explain what monies you have available, and they will then write to all creditors to find out what they would be wiling to accept, and then offer this lump sum on your behalf. If they choose to accept this, your debts will then be cleared. x