Jump to content


Advice on credit card debt please


style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 4023 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

Hi

 

In a nutshell, due to husband's mental health, the credit crunch, and me being too soft, I've ended up in debt of probibly £25,000+.

 

I managed the payments for years, and have recently paid of a secured loan, and our mortgage. Unfortunately, at the beginning of this year my business took a downturn (I'm self employed)

 

In January, I took the decision to stop 2 credit card payments (both in my name), and did a serious review of my budget. Now business is picking up again, but I cannot afford to pay these cards. Everything else IS being paid.

 

I did not contact the relevant card issuers, and have, in effect stuck my head in the sand for years now. The amount owed on these cards is probably in the region of £16,000, and I have denied my own existence when they call me (statements go to another address.).

 

Can you give me a bit of advice as to what to do now? Should I write to them with a credit sheet and a postal order, as I have seen advised on forums? Do I have to cut payments to everyone else, or can keep paying the full amount to them, and just work something out with these 2 cards.

 

I need to get this sorted out now before I end up completely cracking up (hanging on by a thread here). I should be starting to cut back on the amount of work I do, and getting a bit of enjoyment out of life. Not working 7 days a week just to cover bills.

 

Please advise.

Link to post
Share on other sites

Hi, Sorry you were almost missed and welcome to CAG.

 

Have you thought about a dmp? there are two free dmp providers CCCS and Payplan. They can help you negotiate with creditors and while there is no guarantee of getting interest frozen, you stand a better chance with them than doing it yourself.

 

If you feel you want to give it a go yourself, here is a list of letters you could use:

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?20758-Creditors-and-DCAs-Letter-Templates-Budget-Planner&p=162353&viewfull=1#post162353

 

If any of your creditors start getting nasty with you, send them a CCA to see if the agreement is actually enforceable. Letter 8 here:

 

http://www.consumerforums.com/resources/templates-library/86-debt-collectors.html

 

These are for loans an credit cards NOT for overdrafts(usually) or bank charges

If you are asked to deal with any matter via private message, PLEASE report it.

Everything I say is opinion only. If you are unsure on any comment made, you should see a qualified solicitor

Please help CAG. Order this ebook. Now available on Amazon. Please click HERE

Link to post
Share on other sites

Hi

 

Many thanks for your reply. Have I posted this in the wrong bit?

 

If I have, apologies. Was a bit wound up when I posted this morning.

 

Have now opened thread in proper forum -'Dealing with Debt in Scotland'.

Can moderator merge threads or something?

Edited by Bumbler111
Thread in wrong forum
Link to post
Share on other sites

Advice on credit card debt please

 

 

I put the message below in the wrong forum, but someone was kind enough to reply anyway. Many thanks for that (sorry for forgetting your username).
:oops:

 

I've reprinted it here in the hope of getting the maximum amount of help and advice possible. I've checked out the site and am impressed with the quality of the replies so far.

 

 

'In a nutshell, due to husband's mental health, the credit crunch, and me being too soft, I've ended up in debt of probibly £25,000+.

 

I managed the payments for years, and have recently paid of a secured loan, and our mortgage. Unfortunately, at the beginning of this year my business took a downturn (I'm self employed)

 

In January, I took the decision to stop 2 credit card payments (both in my name), and did a serious review of my budget. Now business is picking up again, but I cannot afford to pay these cards. Everything else IS being paid.

 

I did not contact the relevant card issuers, and have, in effect stuck my head in the sand for years now. The amount owed on these cards is probably in the region of £16,000, and I have denied my own existence when they call me (statements go to another address.).

 

Can you give me a bit of advice as to what to do now? Should I write to them with a credit sheet and a postal order, as I have seen advised on forums? Do I have to cut payments to everyone else, or can keep paying the full amount to them, and just work something out with these 2 cards.

 

I need to get this sorted out now before I end up completely cracking up (hanging on by a thread here). I should be starting to cut back on the amount of work I do, and getting a bit of enjoyment out of life. Not working 7 days a week just to cover bills.

 

Please advise.'

 

 

 

Link to post
Share on other sites

Hi

 

Many thanks for reply. Does a DAS have to go through a third party, or can it be done as a diy. Should I send a 'hold action' letter now, and get myself booked into one of the official debt advisor people asap?

Link to post
Share on other sites

It cannot be done by DIY. A full list of Approved Money Advisers (MA) can be found at WWW.MoneyScotland. The good thing about the scheme is that you are protected in law and all charges and interest is frozen from the date of approval. It also protects property and equity so long as you stick to the agreement and comply with the MA.

Link to post
Share on other sites

when was YOUR last financial in/out on these cards.

 

dx

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

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

It cannot be done by DIY. A full list of Approved Money Advisers (MA) can be found at WWW.MoneyScotland. The good thing about the scheme is that you are protected in law and all charges and interest is frozen from the date of approval. It also protects property and equity so long as you stick to the agreement and comply with the MA.

 

Hi Crocdoc

Link to Money Scotland doesn't work.

Link to post
Share on other sites

I Think it's because of the Capital letters in the link.

 

Try this: http://www.moneyscotland.com/das/MoneyScotland/Homepage

 

 

enamae

Please note: I have no qualifications in this area and any advice offered is given in good faith.

 

 

http://www.financial-ombudsman.org.uk/publications/Ombudsman-news/40/40_setoff.htm

Link to post
Share on other sites

when was YOUR last financial in/out on these cards.

 

dx

 

I last used these cards 4(?) years ago, and was making regular payments up until the end of January, beginning of February this year.

Link to post
Share on other sites

TBH i'd CCA them first then

 

dx

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

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

hold letter...???

 

get those cca's off ..

 

also don't forget unlawful charges & mis-sold PPI.

 

as a rule of thumb, 30-40% of most cards are 'their' charges which can be reclaimed.

 

dx

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

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

  • 3 weeks later...

Two threads merged.

 
 

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

If you can, please donate to this site.

Help keep it up and active, helping people like you.

If you no longer require help, please do what you can to help others

RIP: Rooster-UK - MARTIN3030 - cerberusalert

Link to post
Share on other sites

 Share

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...