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Been really stupid and am scared now


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Hi Guys,

 

I have been reading the forums for a long while now and hoping to find some kind of miraculous answer to my problems, you guys are amazing with the help and support you offer others.

 

I have a few problems of my own and was hoping you could advise me too.

 

I have been a gambling addict for 6 months now and have lost alot of mine and my hubbys money online playing slots etc, however i have recently realised my problem and got help for it. i have now been gambling free for 1 month but i am still paying for my stupidity. Myself and my hubby are working full time and between us bring in £2000 a month, but and its a big BUT we have so many debts its becoming ridiculous, i have listed the debts below. I started off thinking we would be able to pay these off however recently it has become more and more obvious that we are struggling to manage even the minimum payments, at this moment in time i have written to all our credit card lenders and advised them of our financial difficulty and offered £40pm, i am still waiting to hear whether they will accept this or not in the meantime i am trying to pay the payday loans off bit by bit. The problem is i can only carry on for so long before i have a breakdown. I feel sick at the thought of the debt we owe and am scared of what will happen if the lenders decline our offer of payments. Please can someone advise me on what i can do should they not accept the offer. Nationwide have already said today that they cannot accept a payment plan since the majority of the credit card debt was due to gambling transactions - is that correct? surely how the debt happened is irrelevant - the fact that we're trying to pay it off is more important?

The debts are as follows:

Santander x2 c/cards - £6000 2 months arrears

Nationwide x1 c/card - £2800 2 months in arrears

Capital One x2 c/cards - £3000 1 month in arrears

Post Office x1 c/card - £1400 3 months in arrears

Aqua x1 c/card - £290 1 month in arrears

Nationwide Loan - £1000 - £57pm

First Trust Loan - £6000 - £246pm 3 months in arrears

Santander Loan - £6000 - £252pm 1 month in arrears

Wonga pdl - £999.68 (original loan £450) due 28/02/11 in full

QuickQuid pdl - £375 (original loan £300) due 28/02/11

Payday UK - £500 (original loan £400) due 28/02/11

24/7 Moneybox pdl £135 (original loan £100) due 28/02/11

Mr Lender pdl - £430 (original loan £350) due 28/02/11

Payday Express pdl - £400 (original loan £300) due 28/02/11

Moneyshop pdl - £750 (original loan £580) due 28/02/11

 

I know i have been completely stupid and idiotic to take out all this debt and at the time it seemed like a great idea but i wish i could change my thought pattern then and not take this on. I have spoken to payplan who suggested a debt management plan but i didnt think that was the right option for me, now im not so sure - what do you think? i cant go bankrupt as i work in financial services and would lose my job - i really dont know what to do anymore. Please help.

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Hi Ice

 

Welcome to CAG

 

The guys will advice as soon as they are available. The guys won't judge, just advise.

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Hi Ice,

 

Well done on admitting you have a gambling problem. I'm assuming you have joined GA?

 

With regards to your debts, have you spoken to CCCS at all? They can do a dmp for you for free. I'm not sure how a dmp would affect your job tho but unfortunately it's a chance you have to take.

"In this situation, you know what you have to do? Just keep swimming, swimming, swimming." Dory - Finding Nemo.:wink:

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Hi and welcome to CAG.

 

I have been where you are (in my youth though) and managed to sort myself out so I'm sure that you can too. Are you in contact with Gamblers Anonymous?

http://www.gamblersanonymous.org.uk/

 

With having to cope with your addiction as well as dealing with the debt problems will be hard so I would advise talking to National Debtline

http://www.nationaldebtline.co.uk/

They do give great advice. They may advise a Debt Management Plan. If they do, they will recommend two DMP companies. These are them

http://www.payplan.com/

http://www.cccs.co.uk/

 

If you really want to go it alone, Here is a link to our letters of negotiation

 

http://www.consumeractiongroup.co.uk/forum/content.php?609-Can-t-find-the-letter-you-want-Look-here

 

Stick with it. The benefits are great

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

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Hi Ice

 

One other thing, although you work in the Financial Services industry, I think your employers will be more understanding then you think. They may well provide you with support. Another port of call would be your Union, they talk big about supporting employees, it would be nice to see them help.

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Hi Guys,

 

Thank you so much for your responses, its nice to know i am not being judged. I have joined an online Gamblers Anonymous and that is what has helped me to stop gambling, i have closed all of my accounts with any gambling sites and am not even tempted anymore.

I have spoken to payplan who suggested a dmp but they also said that some lenders may not accept that and may still pursue court action. I chose to do it on my own and have sent letters off just recently. I am afraid that they wont accept it and i will end up going to court over this. I am trying so hard to pay everything off but can only do so much.

Nationwide insisted that i have to pay off my arrears or they will come to my house to discuss how i will pay and provide me with a default notice. I have agreeed to pay nearly £200 by the end of February, only problem is i cant afford it. What do i do? they refused the payment plan because it was mostly gambling debt.

 

Thank you so much for your responses i will keep updated.

 

Icecream69

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Hi ICE

 

'i am still waiting to hear whether they will accept', lets see what the others say. Have you got any Penalty Charges on your Credit Card Accounts over the last 6 years plus that youb could claim back with Contractual Interest? Have you been Mis-sold PPI on any of your accounts?

 

Also how old are these accounts?

 

Theres quite a lot of info in the signature below.

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Hi,

Thank you for your response, i have listed dates for when i opened the accounts below, i have had charges on the account but i thought they were legit as some were for missed or late payments. No PPI on any of them as i never thought it was worth paying more for it.

Santander x2 c/cards - £6000 2 months arrears BOTH OPENED IN 2010

Nationwide x1 c/card - £2800 2 months in arrears OPENED IN AUG 2010

Capital One x2 c/cards - £3000 1 month in arrears ONE CARD OPENED IN 2002 (THATS THE ONE I HAD CHARGES ON) AND ONE OPENED IN 2010

Post Office x1 c/card - £1400 3 months in arrears OPENED IN 2008

Aqua x1 c/card - £290 1 month in arrears OPENED IN 2010

 

I always wondered if the one opened in 2002 would be worth contesting but never thought there would be much point, what do you think?

 

Icecream69

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Hi Ice

 

I would write to them telling them that you request a refund of all Penalty Charges with Contractual Interest.

There should be Template letters and spreadsheet in the Library. Have interest rates gone up on any of your accounts?

 

Hi,

Thank you for your response, i have listed dates for when i opened the accounts below, i have had charges on the account but i thought they were legit as some were for missed or late payments. No PPI on any of them as i never thought it was worth paying more for it.

Santander x2 c/cards - £6000 2 months arrears BOTH OPENED IN 2010

Nationwide x1 c/card - £2800 2 months in arrears OPENED IN AUG 2010

Capital One x2 c/cards - £3000 1 month in arrears ONE CARD OPENED IN 2002 (THATS THE ONE I HAD CHARGES ON) AND ONE OPENED IN 2010

Post Office x1 c/card - £1400 3 months in arrears OPENED IN 2008

Aqua x1 c/card - £290 1 month in arrears OPENED IN 2010

 

I always wondered if the one opened in 2002 would be worth contesting but never thought there would be much point, what do you think?

 

Icecream69

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i cant go bankrupt as i work in financial services and would lose my job

 

I am trying so hard to pay everything off but can only do so much.

 

At the end of the day, you have to sit down & decide what is best for you, not financially but personally. It seems to me that the pressure of trying to maintain these payments is soul destroying.

 

Look at it from a different angle. If you go bankcrupt & lose this job ( which in the current financial crisis is probably not guaranteed anyway).if you are earning say £1000 p/m (jointly £2k) but your creditors ( with debts of £30K). Without the burdens of these debts, are you strong enough & capable of finding another job.

If you are only working to maintain these payments, whats the point. Infact, you could end up with these debts for years to come.

 

Okay, its your fault, you had a gambling problem. But you have acknowledged this. I would take the view, those creditors that are prepared to help. Good, those like Nationwide, screw them. No, they cannot come to your home. That is complete bull****.

 

Let them issue the default notice. If/when it goes\to court they'll get a CCJ, the court will only make you pay what you can afford.

 

Do you own a property ?

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Hi All,

 

Thank you for your responses, I have used the template to claim back charges from Capital One and will send that off tomorrow, recorded delivery. I live and work in Northern Ireland and the current situation regarding jobs is very bad. I have been looking for other jobs for 2 years now and havent found even one that pays the same as the one im in now, finding another job is like finding a nail in a haystack. Its ironic cause i work as a financial advisor yet i cant manage my own. My job is very secure as although i am working as a financial advisor it is not for a financial company, complicated i know. I have also spoken to our union but they say they cant help with debts. I dont own a property, me and my husband rent and dont have any posessions that are worth anything but the thought of someone coming to my house scares me.

It is soul destroying trying to deal with all of this but i know i have to keep at it. If the creditors accepted my payment offer of £40pm i would slowly but surely be able to start making payments and catch up with the arrears - at the minute that looks impossible but im hoping.

In regards to the interest on the accounts i was sent a notice from Capital One advising that the interest rates were going up from 19.9% to 34.9% but since i couldnt afford to pay the whole sum off i just chose to accept that and do nothing about it.

 

Thank you guys for taking the time to read and respond to my problem, i really do appreciate it.

 

Icecream69

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me and my husband rent and dont have any posessions that are worth anything but the thought of someone coming to my house scares me.

 

Okay. Nobody can enter your home unlesss they actually have a court order allowing them to do so. Any threats that a bailiff will come to your home can be challenged. A DCA will automatically do a land regisytry check to see if you own a property. Actually, being in rented puts you in a strong position to negotiate with your creditors.

 

In regards to the interestlink3.gif on the accounts i was sent a notice from Capital One advising that the interest rates were going up from 19.9% to 34.9% but since i couldnt afford to pay the whole sum off i just chose to accept that and do nothing about it.

 

Send Cap 1 a CCA request, they cannot alter the terms & conditions of your agreement without your consent. If the agreement you signed states an interest rate of 19.9%, they cannot change it .

 

I think the best move at the moment is to get yourself a file. And send each of your creitors a letter, asking for the account to be frozen & offering a repayment plan. Explain that you have no assets, and if they get judgement will probably get less.

 

http://www.consumeractiongroup.co.uk/forum/content.php?609-Can-t-find-the-letter-you-want-Look-here

 

Use the letters.

 

Good Luck & remember, most importantly are your priority payments, rent, food......and a little bit of fun. Don't worry about these debts, simply use the forum to understand your rights as a consumer & learn how to deal with them. For instance, Nationwide cannot come to your home to discuss this.....that was a lie. From now on never ever speak to them on the phone, everything in writing.

 

Debs xXXXX

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Hi Guys,

 

I have been reading the forums for a long while now and hoping to find some kind of miraculous answer to my problems, you guys are amazing with the help and support you offer others.

 

I have a few problems of my own and was hoping you could advise me too.

 

I have been a gambling addict for 6 months now and have lost alot of mine and my hubbys money online playing slots etc, however i have recently realised my problem and got help for it. i have now been gambling free for 1 month but i am still paying for my stupidity. Myself and my hubby are working full time and between us bring in £2000 a month, but and its a big BUT we have so many debts its becoming ridiculous, i have listed the debts below. I started off thinking we would be able to pay these off however recently it has become more and more obvious that we are struggling to manage even the minimum payments, at this moment in time i have written to all our credit card lenders and advised them of our financial difficulty and offered £40pm, i am still waiting to hear whether they will accept this or not in the meantime i am trying to pay the payday loans off bit by bit. The problem is i can only carry on for so long before i have a breakdown. I feel sick at the thought of the debt we owe and am scared of what will happen if the lenders decline our offer of payments. Please can someone advise me on what i can do should they not accept the offer. Nationwide have already said today that they cannot accept a payment plan since the majority of the credit card debt was due to gambling transactions - is that correct? surely how the debt happened is irrelevant - the fact that we're trying to pay it off is more important?

The debts are as follows:

Santander x2 c/cards - £6000 2 months arrears

Nationwide x1 c/card - £2800 2 months in arrears

Capital One x2 c/cards - £3000 1 month in arrears

Post Office x1 c/card - £1400 3 months in arrears

Aqua x1 c/card - £290 1 month in arrears

Nationwide Loan - £1000 - £57pm

First Trust Loan - £6000 - £246pm 3 months in arrears

Santander Loan - £6000 - £252pm 1 month in arrears

Wonga pdl - £999.68 (original loan £450) due 28/02/11 in full

QuickQuid pdl - £375 (original loan £300) due 28/02/11

Payday UK - £500 (original loan £400) due 28/02/11

24/7 Moneybox pdl £135 (original loan £100) due 28/02/11

Mr Lender pdl - £430 (original loan £350) due 28/02/11

Payday Express pdl - £400 (original loan £300) due 28/02/11

Moneyshop pdl - £750 (original loan £580) due 28/02/11

 

I know i have been completely stupid and idiotic to take out all this debt and at the time it seemed like a great idea but i wish i could change my thought pattern then and not take this on. I have spoken to payplan who suggested a debt management plan but i didnt think that was the right option for me, now im not so sure - what do you think? i cant go bankrupt as i work in financial services and would lose my job - i really dont know what to do anymore. Please help.

 

Hi

If these debts are not taken care of, it may end up in you getting a ccj and losing your job which may be worse as you will know its coming but it will drag on for months. Ok yes you may lose your job but the debts will be gone. Things like this I beleve should just be delt with in bankruptcy as you already state you cant afford it and you have a large list of creditors, a single missed payment when you have a plan set up wont look to good. Decide for yourself, Lose the job but also loose the debt. Payplans go on for years and if your situation changes a few years down the line and you cant pay, you will just have to go down the bankruptcy route anyway so why waste time?

˙os op oʇ pǝʞsɐ ssǝlun ǝƃɐssǝɯ ǝʇɐʌıɹd ʎq ǝɯ ʇɔɐʇuoɔ ʇou op ǝsɐǝlԀ ˙pǝɹnɔɔo sǝssol ʎuɐ ɹo ǝɹnlıɐɟ ɟo ʇlnsǝɹ ɐ sɐ ǝlqɐıl plǝɥ ǝq ʇou llɐɥs I ˙llıʍpooƃ ɟo ǝɹnʇsǝƃ ɐ sɐ os ǝuop sı uǝʌıƃ ǝɔıʌpɐ ʎu∀

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Icecream, click on the link in my signature to Sequenci's debt blogs... loads of information that will help you :)

 

IMHO, if you are going to go with one of the Debt Counselling Charities.. then National Debtline is probably the best :)

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As a fellow gambler and member of GA, I would suggest gamblock for your computer too as it would remove all temptation to gamble to recoup your losses. Also, I would strongly advise finding a local meeting if you can.

 

Best wishes xxx

"In this situation, you know what you have to do? Just keep swimming, swimming, swimming." Dory - Finding Nemo.:wink:

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Hi guys,

 

Thanks for your responses, i have now had a letter back from my post office credit card which has also included a default notice stating that i need to pay the arrears owed by the 05/03/11 and if i dont i will be taken to court. They also said that the offer of £40pm is not enough to cover arrears and over limit amount and so they couldnt accept it. Do i have any stance against this? i cant afford to pay that hence the offer of £40pm. Please can someone advise on what i can do next?

 

Thanks,

 

Icecream69

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Hi guys,

 

Thanks for your responses, i have now had a letter back from my post office credit card which has also included a default notice stating that i need to pay the arrears owed by the 05/03/11 and if i dont i will be taken to court. They also said that the offer of £40pm is not enough to cover arrears and over limit amount and so they couldnt accept it. Do i have any stance against this? i cant afford to pay that hence the offer of £40pm. Please can someone advise on what i can do next?

 

Thanks,

 

Icecream69

 

Keep paying £40 per month, there is little you can do. Have you checked with your employer regarding bankruptcies? I heard even with a CCJ you cant work in finance

˙os op oʇ pǝʞsɐ ssǝlun ǝƃɐssǝɯ ǝʇɐʌıɹd ʎq ǝɯ ʇɔɐʇuoɔ ʇou op ǝsɐǝlԀ ˙pǝɹnɔɔo sǝssol ʎuɐ ɹo ǝɹnlıɐɟ ɟo ʇlnsǝɹ ɐ sɐ ǝlqɐıl plǝɥ ǝq ʇou llɐɥs I ˙llıʍpooƃ ɟo ǝɹnʇsǝƃ ɐ sɐ os ǝuop sı uǝʌıƃ ǝɔıʌpɐ ʎu∀

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Hi,

Thanks for you response, i have checked with my employer and a ccj will not affect my job. thank goodness for that. I received a letter from capital one asking me for proof of income and bank statements and also asking to confirm whether i want a long term payment plan (with which they issue a default notice) or a short term plan, i was hoping short term 6 months would give me enough time to try and save to pay off arrears on the account but not sure. Do i have to send the bank statements and payslips or is there a letter i can send that shows i dont need to send them?

I am starting to a get a little worried about the default notice can anyone explain the process and what happens when a default notice is issued, and what happens if you dont pay what they ask you to pay?

I would really appreciate any help.

 

Thanks,

 

Icecream69

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I received a letter from Capital Onelink3.gif asking me for proof of income and bank statements

 

You are under no legal obligation to provide personal data about your income & expenditure to them. Only a court can order you to do this.

 

I am starting to a get a little worried about the default notice can anyone explain

 

A default notice is issued by the Original Creditor when the account goes into default ( you stop making payments), it should give you a clear 14 days to remedy the breach. After that, your agreement is Terminated ( You should recieve a letter), normally at this stage the account is passed to a DCA who will demand the whole amount owed, you recieve a "Notice of Assignment"confirming this. An absolute Assignment, the DCA owns it completely & all payments & negotiations are with them. If it isn't "absolute", its equitable, the Original Creditor still owns it but has simply passed it to a DCA to collect on there behalf. Payments will go to the OC.

The DN is recorded on your credit file.

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A default is issued when you cant or havent been paying them back on time, They send you a notice and you have 30 before you are defaulted. If you have an arrangement and stick to it then you should be ok. If you break an arrangement whilst in default they either sell the debt or hire a company who end up making things worse by writing letters and calling you 24/7/, the next step is getting a ccj etc so they are basically getting the ball rolling. Stick to what you are confident with repayments wise.

˙os op oʇ pǝʞsɐ ssǝlun ǝƃɐssǝɯ ǝʇɐʌıɹd ʎq ǝɯ ʇɔɐʇuoɔ ʇou op ǝsɐǝlԀ ˙pǝɹnɔɔo sǝssol ʎuɐ ɹo ǝɹnlıɐɟ ɟo ʇlnsǝɹ ɐ sɐ ǝlqɐıl plǝɥ ǝq ʇou llɐɥs I ˙llıʍpooƃ ɟo ǝɹnʇsǝƃ ɐ sɐ os ǝuop sı uǝʌıƃ ǝɔıʌpɐ ʎu∀

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Myself and my hubby

 

If you own your home jointly, can I recommend as a matter of urgency before any legal proceedings are instigated, transferring your share of the property to your hubby. Do it through a solicitor & inform the Land Registry. Put it 100% into his name.

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If you own your home jointly, can I recommend as a matter of urgency before any legal proceedings are instigated, transferring your share of the property to your hubby. Do it through a solicitor & inform the Land Registry. Put it 100% into his name.

 

Hi, That is illegal and can be contested. When you sell/transfer now you have to sign a declaration that you are not doing so to avoid debt. It is just a waste of fee as it counts as fraud

˙os op oʇ pǝʞsɐ ssǝlun ǝƃɐssǝɯ ǝʇɐʌıɹd ʎq ǝɯ ʇɔɐʇuoɔ ʇou op ǝsɐǝlԀ ˙pǝɹnɔɔo sǝssol ʎuɐ ɹo ǝɹnlıɐɟ ɟo ʇlnsǝɹ ɐ sɐ ǝlqɐıl plǝɥ ǝq ʇou llɐɥs I ˙llıʍpooƃ ɟo ǝɹnʇsǝƃ ɐ sɐ os ǝuop sı uǝʌıƃ ǝɔıʌpɐ ʎu∀

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Hi All,

 

Thank you for your responses, I am not a homeowner so wouldnt be able to transfer anything into my husbands name, The post office didnt even give the opportunity to set up a repayment plan or even an option of increasing it they just said that the default notice is on its way, is that ok for them to do? all i want to do is get confirmation of the repayment plan being ok and to make payments asap to remedy the situation. I had a letter from Aqua today saying that they couldnt set up a payment plan as there have been transactions on the account recently, the last transaction was a month ago - again im confused - why do these lenders not want to take the money i offer? surely it would be better accept the payment than for me to go bankrupt and they get nothing?

 

Icecream69

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