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Big unsecured debts, bank charges, debt collector correspondence ..... where do I start?


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Hi everyone,

 

I've been scouring over the posts made in these forums for the last couple of days looking for advice on dealing with some fairly hefty personal unsecured debts. The advice has been quite different in different posts and hard to pull together so I'm hoping that I might be able to pull some direct answers in to a single post that might help a few people in a similar position to my own.

 

Just for a bit of background here is my situation:

 

I owe around £50000 to 6 creditors roughly shared equally between 5 of them, and the last one I owe £13000 to. I have been living outside of the UK for the last three years and have not yet informed my creditors I have returned (only been back a week). I am hoping to have my wife of five years and my young daughters join me in the UK in about 6 months. I really want to pay off my debts but some have them have increased substantially in the last four years but only through interest and charges. I only left the country originally to be with my wife and children after my wife was ill during her pregnancy in the UK and returned to her home country. I have received threatening letters from debt collectors from 4 of my creditors. I would prefer to sort out my debts myself without resorting to bankruptcy, IVA's or paid debt management.

 

Here are my thoughts and questions kind of mingled together:

 

1) Presumably the first step is getting a statutory credit report to find out who I owe debts to (it's unclear as to whether my debts have been sold) and sending a CCA request to each of the creditors as well as asking for a current balance? Also, is there anyway of keeping creditors or debt collectors off my back while I sort out this information?

 

2) I am currently unemployed though I'm hoping that situation will change in the next 4-5 months. If I were to send each of my creditors an offer of £5 a month until my situation has improved to repay more of my debt but my creditor refuses the offer what generally happens afterwards? If I ended up in court would the court actually appreciate that I have been trying to sort my debt out and resuming payments after my time out of the country?

 

3) Even though I'm in quite heavy debt is there anyway to get interest and charges from the last three years removed? My RBS overdraft had doubled to almost £5000 in this time.

 

4) Is there any pitfalls that might become me whilst trying to ask for information from creditors or sorting out my debts with them? For instance, I had only been back 5 days when RBS sent three debt collection letters to my correspondence address - something must have triggered it.

 

5) How do I find out who owns my debt now and are the creditors rights or my rights affected by the sale of them?

 

6) Is trying to deal with my own debts and making a reasonable offer to creditors futile these days? They only seem interested in making threats through debt collecting agencies or forcing people int IVA's and bankruptcy.

 

I really appreciate any advice that can be offered. Don't worry about making your answers politically correct or anything but please remember that I am trying to take responsibility for my debts though I do resent the charges applied to my accounts that have in some cases doubled what I owed at the beginning. It does seem that those of us trying to resolve our debt situations get more of a kicking than those of us that don't.

 

Thanks all. Oh, and if and advice is offered and useful to anyone please let me know what happened in your situation.....

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so how long ago would your last financial use of each debt be?

 

might some not be nearing the 6yrs statute barred state?

 

and how old are the cards [when did you take them out?]

 

might be an idea to CCA everyone [barring the bank a/c's]

 

to see WHO can legally demand money from you.

 

pers ...i'd get your CRA file first, before doing anything...

 

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... 

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so how long ago would your last financial use of each debt be?

 

Now there is a good question, and quite honestly I'm not sure. There are at least two credit cards I haven't used since about 5-7 years ago but I have had communications of the obvious sort since then and plenty of charges/interest. I was under the impression though that this was only relevent if I hadn't received any communication from these companies over a six year period?

 

Getting the CRA's as I type......

 

Thank you for the advice.

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right..

 

if YOU have not used them in/out

 

then they could well be statute barred..

 

6 yrs

 

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... 

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