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Hi to everyone. This is my first post on this great forum, I’d like to thank anyone who takes the time to reply and or offer advice on my debt problems.

 

Ok so, my debts are all owed to credit cards IE all unsecured or so called low priority debt. I’ve paid the minimum monthly fee on the cards, and no doubt cost myself a fortune in interest. However I’m now in a situation where I have no income and my bank account is now in the red. I have been paying a minimum fee of £1.00 to the credit card companies, but now they’re starting to threaten “recovery actions” I’ve also had many hundreds of ‘phone calls which I ignore. For some reason they’ve suddenly all stopped (the calm before the storm?)

 

Now, I don’t dispute that I owe money. That’s not an argument. But as I’m in a position where I have no cash to pay the debts I owe, I’m not on benefits. I’m literally living day to day by selling off all my assets. I’ve applied for many jobs and even attended a few interviews, without success. The question is where do I go from here?

 

One person I’ve spoken to suggested forcing the credit card companies to make me Bankrupt. I’ve no idea how this works or how to set about it, as I always thought that to be declared bankrupt involved a fee of at least £700.00 (which I just don’t have)

 

I’d welcome any advice or suggestions.

 

Sorry for such a long opening post.

 

Very Best Wishes.

 

PCMF

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Welcome to the site.

A couple of questions;

 

1.How many different cards are we talking ?

 

2.What is the current overall total outstanding ?

 

3.Have you sent any comms in writing ? They are required to refrain from calling you if you make it clear that you will only deal in writing and are not ignoring them.

 

4.Has there been any charges levied on any of the cards which could very well be reclaimable (late payment fees/overlimits etc)

 

edit

Can you confirm whether all these are with original creditors and whether they are open or closed accounts ?


Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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Thank You for tasking the time to reply Martin 3030. In answer to your questions.

 

1) 3 different credit cards.

 

2) Approx 35K

 

3) No comms in writing OTHER than a breif covering letter with each £1 PO sent monthly stating account number ect.

 

4) Yes there are charges on the accounts. Late/no payment over credit limit ect

 

All accounts are open at present.

 

Very Best Wishes.

 

PCMF62

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Ok,clear on that then.

Your card issuers/providers are obliged to take into account your ability to repay,and under various guidelines,cannot ask you to pay more than you can afford.

They can obviously escalate their collection procedures,but this has to be proportionate,and since you have no money to pay,is not likely to benefit them too much.

Firstly I think that you need to be putting something in writing to them outlining the position,it will help if you send with this an income and expenditure sheet to show that you currently are unable to maintain the repayments as agreed previously,but that you are not seeking to wilfully evade them.

You should state that you are aware of their responsibilities to you in consideration of financial hardship.

 

Secondly,I think that you should be looking to recover all the charges with interest which has been paid by you.

This will mean getting copies of statements which will allow you to total these up.

With interest it may well be that it is a substantial amount.

I suggest that you start threads in the Card issuers that are relevant for help and guidance in proceeding.

You will find them in the bank forums in the main menu under other institutions.

Perhaps you can say here who the 3 card providers are and what dates the agreements began.


Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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Once again Martin3030 thank you for your reply and for the useful info contained within.

The three card providers are.

 

HSBC

 

EGG

 

Halifax

 

all of the above credit card accounts were opened between 1989 and 1994-5 in the days when you were bombarded with credit card application forms!! So the signed agreements would date from that period. I'm not too sure if this helps in some way.

 

Oddly I had a letter arrive within the last few minutes (our post seems to arrive later each day) From Capital Credit Agencies (Egg/Barclays) which seems to up the anti.

 

The letter states that they (Capital Credit Agencies) have been appointed by Egg to contact me in relation to my outstanding arrears. The letter then goes on to warn of impending legal action by "others" unless I phone an 0845 number, which I refuse to do!

 

Would I be right in thinking that I ned to write to CCA and informing them of my problems? They should already know, but I'll wager that they don't. Is there a suitable template letter on this forum I could use? Sorry to be a pest I have intermittant internet access at the moment due to a BT line fault.

 

Very Best Wishes.

 

PCMF62

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Thanks for that debtbutt but the link seems to be a Credit Card Agreement request? :???: I think that this could be my fault as I shortened Capital Credit Agencies name down to CCA Silly me!

 

The template I'm looking for is for a letter explaining that due to current circumstances I am unable to pay more than £X per month. I'm not trying to evade payment, but as explained above until my circumstances improve I can only afford to pay so much. At the moment my internet is playing up (BT are doing their best to fix the problem as I type.) This site seems to be keeping me logged in at the moment.

 

 

Very Best Wishes.

 

PCMF62

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

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Hi pcmf, If you are intending to write

asking for a repayment plan on each

card I find it best not to use templates,

all the creditors, debt collection agencies

have seen every template in existence

a personal approach explaining your

circumstances and what you are proposing

to pay is very often given more attention

and consideration..

For your own purposes do an income, expenditure

statement, all priorities first + an amount for emergencies,

then other no priority debts so you can be sure that you

are not putting yourself in hardship, and always remember

that they cannot make you pay more than you can afford,

and you are in charge of your finances NOT them.

 

Brig.


Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

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It is no secret that Capital is a collection arm of Barclays,so you can be sure that they do have access to all they need.

Capital appears on Barclays Consumer Credit licence,and the address I would use to communicate to them is ;

1, Churchill Place, LONDON, E14 5HP.

They are required to deal with you fairly and sympathetically,observing banking and OFT codes.

Ask them to forward you a copy of their complaints procedure.

Make it clear that you only wish to deal in writing too.

If they insist you communicate via the POBox in Derby address,you may like to remind them that their E14 5HP is the one listed on their CC Licence for correspondence.

They will have no answer to that.


Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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