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Hello,

 

I have turned to this forum as I am now close to despair with my debts.

 

I have been self employed for 11 years but lost my contract in the middle of last year. I had attempted keep my payments on credit cards and AMEX charge card on time but started to struggle after 4 months of using savings and fell behind with a number of debtors. When I approached them for help after years of on time payments they didn't want to know!!

 

I have now returned to full time employment but the accrued debt is too large for me to catch up on based on my new salary (which is still wrong as im on an emergency tax code!)

 

I have verbally agreed a 6 month payment plan with Barclaycard (3 cards - Barclaycard original / EGG / Morgan Stanley) and also with HBOS. The major issue I have is with MBNA, RBS and AMEX. MBNA will not accept anything and call me 3-4 times a day every other day and my AMEX bill has been passed onto NEWMANS. I have borrowed money to pay off the NEWMANS part due to their threatening behaviour but sitll owe £1650 which is due for "short settlement" within the next few days. I just cannot find this money so dont know what to do to stop them.

 

I have been reading your forum all day but would really appreciate some clear direction on what to do next? Write to them all and ask for CCA? Write for a debt reduction?

 

Please please help me combat these harrasing agencies.

 

Thanks, Subs

 

PS: I have a list of all the debts / who to / how much and access to my Credit File online

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Hi Welcome to CAG, you will get more advice quickly

if you start a new thread for each debt as you will if you

look through the forums there are specific sub forums

for your creditors.

But one quick question have you checked your credit

reference files?

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

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Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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Hi Brig and thanks for your prompt reply.

 

Can you please elaborate on your question re credit ref files? I check these regulalry and see that late payments are notified and that my AMEX card is now glowing lots of RED!

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Hi Brig and thanks for your prompt reply.

 

Can you please elaborate on your question re credit ref files? I check these regulalry and see that late payments are notified and that my AMEX card is now glowing lots of RED!

You inquired re SB the date of last payment and default date shown on your files

will assist on determining this.

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

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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As far as i am aware non are showing in default just yet but lots are now showing as late payments. I want to continue to make the payments but simply cant afford them all now as my salary has reduced by over 50%. My AMEX shows as 5 late payments. How can I stop this from getting worse / default or by agreeing to a payment arrangement is that pretty much thier anyway?

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As far as i am aware non are showing in default just yet but lots are now showing as late payments. I want to continue to make the payments but simply cant afford them all now as my salary has reduced by over 50%. My AMEX shows as 5 late payments. How can I stop this from getting worse / default or by agreeing to a payment arrangement is that pretty much thier anyway?

 

In all honesty and just dealing with the amex card on this thread you probably cant...

 

They are well known for being inflexible and selling bad debtors on at the drop of a hat :-(

 

With so many debts and a reduction in your wage of so much I personally would concentrate on ensuring all priority debts are paid first, sort out a budget and then work out what YOU CAN AFFORD to pay these people, not what THEY DEMAND.

 

S.

Are You as Anonymous on CAG as You Think You Are? *Link*

 

The CAG is a free help site,should you be offered help that requires payment,please report it to site team.

 

Deal with your debts:

STEP ONE - Dont Panic! | STEP TWO - Priority & Non Priority Debts | STEP THREE - Personal Budget Sheet | STEP FOUR - A SAFE bank Account | STEP FIVE - Dealing with Priority Debts | STEP SIX - Non-priority Debts | STEP SEVEN - Non-Priority Debt-Repayment Opt1 | STEP EIGHT - Non-Priority Debt-Repayment Opt2 | STEP NINE - Perils of Consolidation | STEP TEN - RE-Evaluate Frequently

 

***** SERIOUSLY IN DEBT, DONT KNOW WHAT TO DO, TRY NationalDebtLine's MoneySteps *****

 

 

IMPORTANT: Please take my advice in the spirit it is given and on the basis that I am expressing my opinion, These opinions are not endorsed by CAG in anyway and are offered informally without prejudice or warranty of any kind. These opinions are solely based upon the knowledge I've gained from this fantastic site and life in general. I have NO legal training.

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Thanks S - So would you suggest I attempt to write to NEWMANS first thing tomorrow with a view to offering a small amount? (it was originally £3500 but having paid off about £1750 over last 3 months) After what period does the debt "officially" default? If i avoid a default but the credit file states many late payments how long does that stay on file for?

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Thanks S - So would you suggest I attempt to write to NEWMANS first thing tomorrow with a view to offering a small amount? (it was originally £3500 but having paid off about £1750 over last 3 months) After what period does the debt "officially" default? If i avoid a default but the credit file states many late payments how long does that stay on file for?

 

Chances are if you offer less than the required repayments they will default you anyway! normally 3 lower or missed repayments triggers the default. Seriously I would try not to focus so much on the default aspect and more on being able to sort out a budget and work out how much you can AFFORD to pay each creditor.

 

The link in my signature may assist.

 

S.

Are You as Anonymous on CAG as You Think You Are? *Link*

 

The CAG is a free help site,should you be offered help that requires payment,please report it to site team.

 

Deal with your debts:

STEP ONE - Dont Panic! | STEP TWO - Priority & Non Priority Debts | STEP THREE - Personal Budget Sheet | STEP FOUR - A SAFE bank Account | STEP FIVE - Dealing with Priority Debts | STEP SIX - Non-priority Debts | STEP SEVEN - Non-Priority Debt-Repayment Opt1 | STEP EIGHT - Non-Priority Debt-Repayment Opt2 | STEP NINE - Perils of Consolidation | STEP TEN - RE-Evaluate Frequently

 

***** SERIOUSLY IN DEBT, DONT KNOW WHAT TO DO, TRY NationalDebtLine's MoneySteps *****

 

 

IMPORTANT: Please take my advice in the spirit it is given and on the basis that I am expressing my opinion, These opinions are not endorsed by CAG in anyway and are offered informally without prejudice or warranty of any kind. These opinions are solely based upon the knowledge I've gained from this fantastic site and life in general. I have NO legal training.

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Braders46

 

You say you have an Amex charge card, which one is it? Did they ever offer you the option of a FlexSelect account with it?

 

Alan

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Hi Alan,

 

The Amex card was Amex Platinum.

 

I am totally confused with the process now as have been reading many contradictory posts on the site.

 

I am in the process of doing the following:

 

1. Send letters to creditors asking for "hold on my account" - this will go to those where only 1 payment late

2. Send letters to creditors asking for copy of CCA - this will go to the likes of MBNA / AMEX / NEWMANS DCA

3. Send letters asking for agreement to a payment arrangement including my I&E

 

Is this the correct procedure I shoudl follow or should I go straight to a payment offer?

 

I fully intend to pay off these debts just want to ensure im capable based on current income.

 

Any advice appreciated

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Braders

 

Was it always a Platinum card, or did it start off as Gold, and they asked if you wanted to upgrade?

 

I had a Platinum Card, and they asked if I would like to add FlexSelect to the card. I said yes - not really knowing what it was. It was some months later that I found that FlexSelect is actually a credit card option within a charge card, and as such is governed by CCA1974. All purchases over £150 - at that time - went to the FlexSelect.

 

Did they ever offer you this option, and if so, did you take it up? If you did take it up, then it becomes a little more difficult for Amex.

 

Did Amex/Newmans add extra "collection" charges to your account?

 

If you have a straight charge card then asking for a copy of your agreement will get you nowhere, because charge cards do not come under CCA1974 protection. They will send a copy of your application - make sure that the card number tallies with yours - and tell you that that together with your statements is enough.

 

Having said that, request copies of CCA from those MBNA & RBS. Send it off to Amex as well, it will delay matters for you while you decide what to do.

 

Alan

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First step as already advised is to do an income and expenditure spreadsheet. You would include mortgage/rent/secured loans and any arrears on utilities on the expenditure list but NOT consumer credit or loans. Consumer credit is NOT priority debt and gets paid on a pro rata basis from income left after all your legitimate living costs have been taken care of.

 

Now the AMEX's and MBNA's and all the other rag tag and bobtail of the world will holler and yowl and make blood curdling threats trying to make you beleive that they have priority - all very much par for the course I'm afraid.

 

Your credit rating is now shot to bits and there is nothing you can do about it - all the worrying in the world will not change that.

 

Once you have determined the amount of spare cash you have each month then you allocate it to your creditors on a % basis.

 

Your creditors are entitled to see an income and expenditure sheet but they are all treated evenly. So at this point you could send them a covering letter, your i&e and tell them how much you will be paying them each month. If there is nothing in the pot then it is usual to make £1 token payments.

 

You could call one of the debt charities

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

 

http://www.payplan.com/

 

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

 

all have good information on handling debts as well as letter templates and other resources. Bottom line is deal with the debts collectively don't try and rob Peter to pay Paul and remember you are in charge not your creditors, you get to tell them what they'll be getting each month. As long as you are sensible about your expenditure - no more vintage port or hand rolled cigars - they'll have to put up and shut up.

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Your creditors are entitled to see an income and expenditure sheet.

 

Is this true?

 

I was of the understanding that an I & E is not compulsory directly to the DCA etc but must be conformed with if directed by the courts; I stand to be corrected.

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No they cannot demand I&E ask yes demand no!!!!

Work nit out for your personal use the TELL them what

you are going to pay.

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

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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Your I&E is for you. You don't have to send it even when they say you do. Just be resolute. Reiterate its all you can afford. Make sure you pay by Standing Order and not card or direct debit. Make sure none of you debts are associated with your bank; if so set up a basic bank account (cp-op is good) and get your salary paid into this. Make this your top priority. Anyone that rings (and they will hound you in the short term) tell them 'in writing only' - do not engage in any telephone conversation. Better still unplug your phone for a while or leave it on ansaphone. Write the offer to pay letter to everyone exlpaining your change in circumstances and make sure you pay against this offer. Separately you can write and ask for agreements etc. Apologies if when I post this someone ahs already said it - I was called away from my computer!

:lol:

Successfully claimed back mis-sold PPI (Barclays Bank) 2009-10 (£8500)

Ran a paid-for DMP. Deeply respect those who self-manage a DMP; it is possible to do with the help of fellow CAGGERS

Offered F&F to all my creditors. All closed out including a particularly intransigent and stubborn one - who eventually saw sense after 10 months of nonsense!

Does not condone debt avoidance but violently disagrees with the antics of debt collectors and their behavior towards the ones trying to pay. I am a great believer in what goes around, comes around. Keep up the good fight!

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Oh. and don't panic. They will be really nasty. Just remind yourself you are trying to deal with your debt and you can only pay what you can - even if its only £1 a month.

:lol:

Successfully claimed back mis-sold PPI (Barclays Bank) 2009-10 (£8500)

Ran a paid-for DMP. Deeply respect those who self-manage a DMP; it is possible to do with the help of fellow CAGGERS

Offered F&F to all my creditors. All closed out including a particularly intransigent and stubborn one - who eventually saw sense after 10 months of nonsense!

Does not condone debt avoidance but violently disagrees with the antics of debt collectors and their behavior towards the ones trying to pay. I am a great believer in what goes around, comes around. Keep up the good fight!

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