Reached the Point Where I Cannot Go on Shoring things up......

[scoobysnaxx]

Deat all,

 

My husband had a heart attack this time last year; prior to this he suffered redundancy.

 

One year on he has now left our home …probably due to all the stress of the debts we have accrued.

 

My husband has buried his head in the sand.

We are not in arrears of any kind, yet the interest will simply never make the debt go away.

 

My husband is concerned that any payment deal with any Credit Card company will affect his credit rating, with an impact on the business he is trying to get going. Going bankrupt is not an option for him.

 

We have about 7+ credit cards and a large over draught; (totalling approx £60 k I really need to manage this and would appreciate any help.

 

I would certainly like to take charge as Nellied seems to be doing in the following thread.

 

http://www.consumeractiongroup.co.uk/forum/debt-management-debt-self/266005-looking-urgent-guidance-before.html

[scoobysnaxx]

Hi Nellied,

I am in a very similar position as you.

(Please see thread just started http://www.consumeractiongroup.co.uk/forum/debt-management-debt-self/268095-do-i-tackle-debt.html )

 

I do not understand what some of the abbreviation are you use…what is a CCA ?

Many thanks!

 

 

 

 

[rebel11]

Set up a folder, list all the debts saperately, start sending the CCA Requests. See what penalty charges have been paid, see if you or your husband have been mis-sold PPI.

 

The first thing to do is send a CCA Request to each of the creditors for each account. You will need to enclose a postal order of £1 for each request. Your doing this to establish if the CCA is enforceable. If it's not you can put the account in dispute. They have 14 days to reply.

Secondly you can reclaim all penalty charges with interest, if you have been mis-sold PPI you can reclaim that with interest. You can obtain statements for at least the last 6 years, you just need to send a SAR request to each company with £10. All templates and spreadsheets can be found on this site. Any questions just ask.

CCA = Consumer Credit Agreement

SAR = Subject Access Request

Edited July 18, 2010 by rebel11

[loobyloo85]

Hiya, can I ask how much you owe individually, and joint? Do you have any monies/disposable income left at the end of the month, taking into account normal income and expenditure (excluding your creditor payments)? This will then let me think about any possible options available to help you. x

[locutus]

CCA is a customer credit agreement,

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

 

that is the template Letter requesting a copy of your agreement - It should be sent with a £1 postal order and sent recorded/guaranteed delivery - It should be sent to whoever OWNS the debt, the timescale for providing this is 12+2 WORKING DAYS. If it is not sent within this timescale they are in default of your request. Without a valid customer credit agreement, they cannot legaly enforce the debt.

[rebel11]

Care of locutus:-

 

CCA is a customer credit agreement,

http://www.consumerforums.com/resour...request-letter

 

that is the template Letter requesting a copy of your agreement - It should be sent with a £1 postal order and sent recorded/guaranteed delivery - It should be sent to whoever OWNS the debt, the timescale for providing this is 12+2 WORKING DAYS. If it is not sent within this timescale they are in default of your request. Without a valid customer credit agreement, they cannot legaly enforce the debt.

[scoobysnaxx]

What shall I do?

 

Just wondering if anyne has any thoughts on my hubbys debt? His are more than mine...and I was wondering if I wrote to the credit card companies explaining the situation regarding hubby....would they take any notice? (due to confidentiality)

Mu husband is NOT speaking to me phone/text nothing..

 

I think that if I could get the debt on track he would feel a massive load of his shoulders. We cam meet the minimum payments but the interest is killing us.

Edited July 16, 2010 by scoobysnaxx

[scoobysnaxx]

locutus

Thanks for explaining that! phew!

 

What happens if they do not come up with my cca? I opened my account a looooooooooooooooooooooog time ago....! lol

[silverfox1961]

locutus

Thanks for explaining that! phew!

 

What happens if they do not come up with my cca? I opened my account a looooooooooooooooooooooog time ago....! lol

 

If a creditor fails to produce an agreement OR produces one which has the presribed terms missing then the account can be placed into dispute and you can stop paying (if you wish)

 

The drawbacks- If they produce an agreement that is missing the terms, they will say they have complied and will continue chasing

 

Even without an agreement, it's likely they will still flog the debt to one of the oh-so-friendly (NOT) DCA's

[rebel11]

They won't discuss his accounts with you.

 

Just wondering if anyne has any thoughts on my hubbys debt? His are more than mine...and I was wondering if I wrote to the credit card companies explaining the situation regarding hubby....would they take any notice? (due to confidentiality)

Mu husband is NOT speaking to me phone/text nothing..

 

I think that if I could get the debt on track he would feel a massive load of his shoulders. We cam meet the minimum payments but the interest is killing us.

[scoobysnaxx]

Thanks rebel,

 

Well his debt certainly will not go away as each month he is paying collosal interest (at a guess i would say approx £1000 per mth) and getting no where.

[rebel11]

Set up a folder, list all the debts saperately, start sending the CCA Requests. See what penalty charges have been paid, see if you or your husband have been mis-sold PPI.

 

The first thing to do is send a CCA Request to each of the creditors for each account. You will need to enclose a postal order of £1 for each request. Your doing this to establish if the CCA is enforceable. If it's not you can put the account in dispute. They have 14 days to reply.

Secondly you can reclaim all penalty charges with interest, if you have been mis-sold PPI you can reclaim that with interest. You can obtain statements for at least the last 6 years, you just need to send a Subject access request request to each company with £10. All templates and spreadsheets can be found on this site. Any questions just ask.

[nellied]

Hi scoobysnaxx, I was just reviewing messages and spotted my ID! It's all been with the help of the good people on this site that I've got through the last few weeks. I sat down with all the information to hand, got a file for each creditor, completed an I&E that gave them full visibility of the facts (I currently have a deficit so have made offers of token payment only) and went from them. Some letters are back and are positive, the first (from Nationwide) didn't want to know so I've tried again and I'm awaiting the rest. I'll likely be posting some more questions in the next few days for guidance on these as I've already had one default notice (from AM EX) and have just gone 1 month in arrears with them (that threw me quite a bit yesterday but having read some other threads, it's standard practice in case they want to litigate). Taking it on myself has been hugely empowering albeit a little frightening as its unfamiliar territory. If you keeping asking for help here though, you will get it rest assured you're not alone. Keep your chin up!

[scoobysnaxx]

Thanks for the encouragement Nellied!

Sorry that I took so long to reply (my life is changing in ways I'd never imagined and this has been very hard to deal with:-(....won't bore you with the details!)

 

Concerning claiming back costs:

Last week I received a call from a company highlighting to me that any credit card (opened prior to 2007) that has had the credit limit increased without a signed signature of both parties...is unenforceable. All sort of amounts can be claimed back with interest. !!!

 

Now, I do have a cc where this may well of happened (opened since 1978 actually)

Do I do this myself - as I cannot really get my head around this???

Or do I hand it over to this company to claim everything back?

 

The balance outstanding on this account is something like 10K

All advice welcome...Thank you!

[victoria_siempre]

Hi

 

Don't use any company that will charge you - and all that claim to be able to do this will.

 

CCA everyone yourself as per previous posts, then post results up here for advice.

 

 

Best wishes

 

vic

[scoobysnaxx]

I don't fully grasp why a CCA is necessary? From what I've read they still come after you. I really just want the interest frozen.

Do you think asking for the CCA would antagonise the situation .

I think it most likely that they will not find my agreement at it would of been around 1978 (gasp! am I old or what!!)

I am getting seriously worried about all of this...really don't know what to do, the amounts are quite large £25 + each

[Old Cogger]

O.K. 1978? well CCA was there ever one? at the beginning of Credit Cards there were no CCA as Access was used then, i.e. if you use the card that at the time deemed an agreement, although that may be prior to 1978 cannot remember exactly? But no CCA means debt unenforceable although still there, others I am sure will be along to advise further.

[scoobysnaxx]

Thanks for your reply Mike!

I intend to deal with all the cc this week.

Just wondering if I should let the cc's get into a 'missed/late payment' situation....or ....should I ensure that payments are kept up to date?

 

I intend to send the letter which explains that we are unable to maintain the req'd payt and will be sending them a 'financial statement along with a list of other creditors' .

 

Should I keep them all up to date if possible? One credit card company told me over the phone that I would not come onto their 'radar' unless I defaulted on my payments!??

 

I am also worried about the fact that quite a few of our credit cards are with the bank of our 'current account'. ASll our 'traffic' goes through this account...eeek

 

[Old Cogger]

If your Bank is the same, would suggest you get a parachute account for use instead as if there is a problem the Bank WILL raid your currect account, and make sure your income/outgoings go through yiur new account? other will probably advise the same??

[laalinz]

just subbing

[scoobysnaxx]

just subbing

 

:???:

[Good Finder]

What is a parachute account? How does it work/help?

[victoria_siempre]

Hi GF

 

it's just a bank account with a different bank. Have your income paid into this and your bank can't steal your money. you must do this.

 

Open an account with any institution (unconnected to your current bank) with whom you have an existing account.

 

If this doesn't work 9because of credit checks etc0 then open a basic bank account with Nationwide or yorkshire bank.

 

Google 'basic bank accounts'

 

best wishes

 

vic

[sillygirl1]

A parachute account is a new bank account (Halifax, Metro Bank and the Co-op all do good basic bank accounts with online facilities), you get your main income source paid into this account and let NO ONE have the details of this account, it is a safeguard against the companies who will 'empty your account as you owe us money'... sadly the banks support the idea that 'you owe the company and gave your details therefore they can take YOUR money when they want...."

 

I run a THREE bank account system, one my salary goes into, one I pay the household bills from and one I only put money into when I want to pay an online bill or use eBay... that way NOBODY gets their hands on my income except me.

[Mr Worried]

Hi SG

 

You busy again?

 

I do the same as SG and it works a treat, I had thousands removed from my acct over a 2 yr period, and the banks said that they were allowed to . then I found GAG, RESULT

 

Mr W