Please help me with my Debt Problems :(

[crm84]

Hi All.

Been using this site for a while now and have so far sorted out my Vodafone problems and my Payday Loans are on the road to recovery as well.

 

Now I just need to sort out the big ones, the Credit Cards and the Loan,

I have been paying them all the minimum payment for YEARS and I am no further forward to be honest.

 

What is the best approach to deal with these? I have never missed a payment on any of them at all, I dont know much about CCA requests etc, but should I simply send them all a CCA request and check if they are all enforceable? I would need to know the timeframes etc. How do i go about asking them to close the account and freeze interest to allow me to actually pay the amount off as a lower amount?, what do I do about the loan? Would a debt management plan be a good idea?

The mortgage is being paid every month as a priority its all the unsercured lending im having problems with.

 

My biggest worry is that my mortgage which is with Bank Of Scotland (same as the CC) and is completely up to date as Im scared that if any of these companies take me to court that they will try for my house and I really dont know what to do, this all happened because my Wife was helping me with the bills but her being paid off means that I have all the bills to pay off my own salary, as well as Utilities/phone etc. I managed before by using the Payday Lenders but this was just making matters worse and Im at the point now where I dont even have £20 left to put food on the table!, my other worry is that my current account is with BOS and Im almost certain when I default on the card that the Current Account will get raided for the money,

One more thing to note is that a CCJ or Bankruptcy could have a negative impact on work as I work in Financial Services.

 

Oh and if it has any relevance im in Scotland

 

HELP!!!!

Ive listed all my commitments below:

 

Credit Cards

-----------------

Company : Bank Of Scotland

(Credit Limit:£6500 // Balance : £6000 // Min Payment:£300 // PPI : No)

 

Company : Virgin (MBNA)

(Credit Limit:£1000 // Balance £985 // Min Payment:£40 // PPI : No)

 

Company : Marks & Spencers Money

(Credit Limit: £1500 // Balance:£1490 // Min Payment:£45 // PPI : No)

 

Company :BarclayCard (Card has been withdrawn)

(Credit Limit:£1390 // Balance :£1440 // Min Payment:£45 // PPI : No)

 

Company :Egg Card (Card has been withdrawn)

(Credit Limit:£2000 // Balance:£1400 // Min Payment:£45 // PPI : Yes (NOW CANCELLED))

 

Company : Debenhams Store Card (Santander Cards Ltd)

(Credit Limit: £250 // Balance :£175 // Min Payment:£7 // PPI : No)

 

Loans

--------

Company : Tesco Personal Finance // Loan Amount: £8500 // Balance Left: £7800 // Monthly : £186

Edited February 21, 2011 by crm84
Added Country

[bluedogx]

Could you move this to the DWD in Scotland board. I've replied twice and they have disappeared and I keep losing your post!

 

If this one comes up I will re post my answer.

[cerberusalert]

Moved to the DWD in Scotland Forum.

[sequenci]

Hi there, welcome to the forums. Do you work within a regulated role?

[crm84]

No not a regualted role I provide IT support for a Bank but we get Credit Checked as part of the role

[bluedogx]

Hi again

 

I havent added it up yet but you should look at the moneyscotland web site. You might be a prime candidate for a DAS - Debt Arrangement Scheme DPP. I have ust realised that I cant post links yet and typing in the URL has stopped my posts from being made.

 

Check it out and let me know what you think. Its not insolvency, more of a DMP with benefits!

[sequenci]

No not a regualted role I provide IT support for a Bank but we get Credit Checked as part of the role

 

Hi there. My blog gives some good information as to the options available for those in England & Wales. I'm going to be writing a Scottish version shortly.

 

The money scotland website is very good, as is the Scottish section of the National Debtline website:

 

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

[bluedogx]

Do you have equity in your house?

Can you really afford the amount you are paying to unsecured creditors at the moment?

 

HBOS can be ok with keeping your account there as long as you are making payments toward debt in a payment plan. If you have an overdraft there, you would be better moving your account and adding the overdraft to the DPP if its too big to pay off at once.

[dx100uk]

also dont forget to get reclaiming!

 

90% of what you list will have unlawful chrges & p'haps mis-sold PPI?

 

dx

[crm84]

Hi all, and thanks for all the advice that you have given me regarding this matter I have an overdraft with the BOS for around £600 that I could in theory lump onto the plan but if there was a way of keeping my BOS account id be even better as I really like their internet banking update times, them as a bank etc,

 

 

THere is zero equity in my house at all as we only recently got it valued and other than the 8k deposit i paid for it, its just the same,

 

Been looking into DAS and added everything up to be £200 a month for everything that seems like the best option for me to be honest, as this cant go on the way it is, looks like i could lump in my pay day lenders that im slowly paying off into that list too so should help matters

 

Is there a way of checking that all my agreements are enforceable or is that something for the england and wales users only?

 

In regards to DAS does any one know of a free company that does this as the money advice site seems to only help you set them up butnot to administer and pay them out? if not free then a cheap one?

 

Really appreciate all the help recieved

[dx100uk]

payplan or cccs or do it your self

 

see sequenci's blog in my sig

 

dx

[crm84]

I thought the advice on those sites just applied to endgoland and wales? had a look at cccs and all it says is what a DAS plan is, but on the money adviuce site it says i need someone who is an approved person for the DAS scheme any ideas?

[bluedogx]

Hi there

 

Cccs/ payplan can't do DAS. I'm an approved adviser in Scotland for DAS.

On the web site you will see a list of DAS advisers and you should find one in your area. If there isn't one at a local CAB or Council then some of the insolvency practitioners also offer the service and it should be free. Do not pay for it!

Once you have found your adviser they set it up and get a payments distributor to pay out the money for you. They get a percentage but you don't pay this - the creditors do.

If you get stuck on the site, pm me and tell me what area you are in and I'll have a look for you.

If there's no equity and a DAS would be very long maybe you should also consider a trust deed. Look at the AIB web site for this but see a money adviser first.

 

Lastly- yes you can check whether agreements are enforceable and your money adviser will help with PPI claims too. As far as I can tell CABs do more in Scotland for clients than they do in England where a lot of it is self help.

[sequenci]

If you get stuck on the site, pm me and tell me what area you are in and I'll have a look for you.

 

Hi there, try and keep advice 'on forum', please be mindful of our site rules.

 

Best wishes,

 

Seq.

[bluedogx]

Sorry.

[sequenci]

Sorry.

 

No worries! There's often other folks on the forum in similar situations, so often good advice can be useful for those too

[bluedogx]

Wasn't thinking! Certainly wouldn't take anything off forum but thought op wouldn't want to disclose location in an open post.

 

Cheers

[crm84]

Hi Bluedog, I PMd you my location as I dont really want to put it on the main forum, would an IVA not affect my ability to work in the financial industry due to it being a form of Bankruptcy or am I wrong?

[sequenci]

Hi Bluedog, I PMd you my location as I dont really want to put it on the main forum, would an IVA not affect my ability to work in the financial industry due to it being a form of Bankruptcy or am I wrong?

 

You cannot have an IVA in Scotland, the nearest equiv is a Trust Deed, and there is likely to be issues with your employment although check with your HR dept prior to making any decisions.

[crm84]

, I dont really want to alert my HR dept to anything unless I really need to, I take it an IVA / Trust Deed is a form of bankrptcy do you reckon i would be best with the DAS?

[sequenci]

, I dont really want to alert my HR dept to anything unless I really need to, I take it an IVA / Trust Deed is a form of bankrptcy do you reckon i would be best with the DAS?

 

IVA/Trust Deeds/Bankrupties are all formal insolvency measures and as such may have greater implications if you work within the financial sector. The thing to consider is that every option which involves paying reduced payments to creditors can have an affect on your credit score - even if you simply chose to self-negotiate.

[bluedogx]

Trust deeds can be ok for some people when bankruptcy isn't. That's why speaking to an adviser is good. Check your employment contract.

You have to get as much info on all options viable for you. And then decide. There's no harm seeing a DAS adviser anyway they will also advise re trust deeds. Mo one will force you into anything.

[sequenci]

Yup, I think in these circs seeing a money adviser is certainly in your best interests.

[bluedogx]

Come back with any questions

[crm84]

I will do, just trying to arrange to speak to a money advisor next week.

 

C