Some old debts when times were bad, still being paid

[max1963]

Hi read the forums and posts but can't really find help with my specific debts.

Long story short-

I have four credit card debts dating from 1999-2005

I was self employed from 1996 and used credit cards to fund/buy for my business.

1999 son became ill, work suffered and he unfortunately died in 2001.

Debts took over, ignored letters, debts passed on to Debt collection agencies, started a payment plan with Debt Management company, moved house.

Couldn't keep up with payments and eventually, 2008, made arrangements with all companies to pay £10.00 each per month. (£40 total)

lewis group

£1882.85

cabot

£3,318.66

link financial

£2010.86

cl

£2002.85

I have kept to the £10/month payments for nearly 4 years now as life has settled down. I know when the first wave of letters from original lenders came through there were some terrible charges imposed for late payments/letters sent out/going over credit limit.

Frequently, the glory days, my credit limit was raised when i got near it and i'm sure every card had ppi.

There is still over £9000 outstanding. Some of that i do genuinely owe, some of it a stupid amount of charges that were added on as i started to default on payments. I am a full time care giver with no chance that my income will increase and even £40/month is a big chunk out of my income.

Is there anything I can do to reduce payments/debt or query total amounts?

[impecunious]

Personally, if £40/month seems like a huge chunk out of your income, reduce it to a figure you can comfortably afford -- £1/month to each of your creditors if needs be. Don't do without just to pay back credit card companies. It's YOU who decides how much you can reasonably sustain not THEM!

 

Secondly, send a SAR to each of the credit card companies - that will cost you £10 to each creditor. (If you reduce your monthly payment - you'll have the £40 you need to pay for the SARs. IMHO better to use the money for your benefit than for theirs!) They then have 40 days to provide you with the information you requested. You'll find examples of SAR letters in template letters file.

 

All of these debts are credit debts, ie. non priority debts - although your creditors wouldn't agree with that definition. So don't worry. If you have any doubts, fill out an I&E budget form for your own personal use. There are several good ones, one on here and one on National Debtlline website.

 

Once your SAR information comes back, get back to CAG and you'll get all the support and advice you need to make a claim for mis-sold PPI. There are LOTS of reasons for mis-sold PPI - so there really shouldn't be any problem.

 

Being a full-time carer is hard enough - so be kind to yourself - and put you first NOT the credit card companies.

 

 

Good Luck!

 

 

Impecunious!

[huggy41]

nice post Impecunious and very helpful.

 

i just noticed your post count aswell 333 halfway to hell i see.

 

Max your in good hands here as above treat yourself for a change. sometimes it hard because you then feel guilty but don't,

[max1963]

Many thanks Impecunious, will send an SAR this week, and thank you huggy41.

[impecunious]

You're welcome Max. The majority of us found CAG because WE needed advice/support - we stay to help others! It's self-perpetuating really :O) Experience and knowledge goes a long way to finding a new and more positive approach to handling debt. I don't worry about it anymore, it's just an entry on a ledger but I do manage it more carefully and don't lose any sleep anymore.

 

Good luck!

 

 

 

Impecunious!

[max1963]

I must say i have been a member for a while and the advice i have found here has helped me get to the stage where i am, which for most people would be a manageable £40/month. I have used templated letters to stop 'phone calls and threat of home visits. Its only as life has calmed down and settled i got to thinking about ppi and all those hefty charges that were added when i was down the most. Thanks again. I shall jump into some threads in future and give a bit back.

 

You're welcome Max. The majority of us found CAG because WE needed advice/support - we stay to help others! It's self-perpetuating really :O) Experience and knowledge goes a long way to finding a new and more positive approach to handling debt. I don't worry about it anymore, it's just an entry on a ledger but I do manage it more carefully and don't lose any sleep anymore.

 

Good luck!

 

 

 

Impecunious!

[intend]

Well said impecunious - I'm OK but helping out son-in-law with help of CAG. Now in control but keep reading, learning and becoming empowered. Offer adice when I can.

 

Think key for new posters is - "You can in control so take control". Plenty of excellent advice and yours problems are unlikely to be unique. Poster do stick around to offer adcvice to others.

 

Intend