Getting Started with my debts

[aa412]

Hi All,

 

I have various debts that are being handled by agencies.

 

I have a limited company that I stupidly set up a bank account for with Natwest.

I say stupidly because they held my personal account too.

 

I had an instance of fraud on my company website and had to refund a customer £160.

This came at a precarious time in terms of cash flow.

 

As a result the account was thrown into debt.

 

Natwest decided to close both my personal and my business accounts at the same time because of it.

 

I also owe worldpay who were my gateway service providers for my website.

 

I have a personal debt with Very due to defaulting on the buy now pay later scheme as I found myself unemployed.

 

As it stands I have had many letters from many CCA's.

 

It appears that the debt is being moved around a lot.

Natwest and Worldpay are both being held by Moorcroft.

Very is with NDR.

 

I did get a call this morning from someone saying they are "Allied International" and then asking me to supply details for data protection.

 

As I had no idea who they were I refused to give them any information.

 

The woman said she couldn't tell me anything without my information.

 

In the end she hung up.

I understand now that they are AIC.

I'm not sure which debt they now hold.

 

I would really like advice on how to get started with sorting this whole mess out.

 

Thanks in advance for your help.

[dx100uk]

hi AA

 

welcome aboard.

 

firstly

 

it might well be an idea to get your CRA file

 

see below noddle is free

 

that will tell you what sebts you have and who owns them.

 

just remember that you are under NO legal obl to discuss your debts on the phone

 

and

 

99% of the time - a DCA is toothless and can do NOWT bar threaten.

 

they are NOT bailiffs and have no such legal powers.

 

dx

[aa412]

Hi DX thanks for your reply.

I'm going to have to wait for that at the moment.

The natwest account was my only account so I don't have a card to ID with yet.

I've put in an application to open another account so hopefully I can do that in the next week.

(I was working abroad for a year and so used an account there instead).

 

Would you suggest that I just wait till I can get my CRA file?

These debts have been hanging over me since 2011 and I am due to start a new job in December so I want to make a fresh start.

 

Is there anything I can be doing in the meantime?

What should I look out for when I get my CRA file?

How long can I leave the CA's hanging before they take things further?

 

Sorry for all the questions, all this is like another language to me!

Thanks

[dx100uk]

you need to make sure ALL your debts show on your CRA file

 

and whom owns the debt now.

 

it wont hurt to list your debts now though

 

might be candidates for reclaiming too.

 

dx

[aa412]

Hi I have the full information now.

 

I have a 756.32 debt with Shop Direct (Very) held by capQuest. A lot of it will be charges.

 

I have 2045.22 with Natwest held by AIC

 

I have 164.31 with Worldpay held by Moorcroft.

 

What would you reccomend I do to start? I had agreements to pay 5 off each month with the previous holder of the Natwest debt. Apart from that there isn't anything else I'm doing. I just want to feel like I'm making some headway into resolving this.

 

Thanks in advance for all the help.

[BRIGADIER2JCS]

Did you do as dx100uk suggested and get credit reports ? If so what shows and what is the status of each debt?

[aa412]

Hi yes i did. It shows that the debts are all in default and owned by the people that I mentioned.

[BRIGADIER2JCS]

Ok when were the debts defaulted recently or sometime ago.?

[aa412]

The Very one has a default date of 21/02/12. NatWest 31/10/2011.

[BRIGADIER2JCS]

Did you receive default notices ?

[aa412]

I got letters from Very's Arrears Collection Department telling me the account is in Arrears.

Then I got a letter from them in December 2011 titled "notice of default sums under the consumer credit act 1974".

This stated that they had charged me 24.00.

 

From Natwest I have a letter dayed 06/07/2011 giving me 28 days notice to pay before they give information about my indebtedness to CRA's.

On the next pahe it says notice served under sections 76(1) and 98(1) of the consumer credit act 1974.

 

Are these the default notices?

 

Thanks so much for all your help I literally have no clue as what to do!

[BRIGADIER2JCS]

Yes and the very account has an unreasonble charge of £24 on it, but that's for later.

CCA request to very to see if they have the agreement. £1 statutory fee payable they have 12 + 2 days to comply, use the template from the CAG library.

Send it to the Compliance Manager at Capquest.

 

What type of account is the NatWest one.

[aa412]

Ok thanks. I'll send that off tomorrow. The Natwest account was a graduate account.

 

I'll have to look for the default notice from Worldpay but I think they sent one. That is under the name of my limited company though. Is the process the same in terms of the CCA request?

 

Hi Brigadier

 

I've sent off my CCA request to CapQuest. I'll let you know what they say. What do you recommend for Natwest and WorldPay?

 

Thanks again.

[BRIGADIER2JCS]

CCA requests to Moorcroft for those, best to send them in seperate envelopes

[aa412]

Hi All

 

I'm resurrecting my old thread because this is still ongoing. Fortunately I am now in a position to pay everything off.

 

According to the letters I owe Capquest £756 and I owe Natwest £2,044. I've not heard from Natwest for a long time but a DCA contacted me last week about the Capquest charges. They are on my credit file as in default.

 

Whats the best course of action to take to minimise the long term effects on my credit file or is it too late?

 

Thanks

[BRIGADIER2JCS]

Can you answer dx 100s questions in his last post please?

 

Are you planning to make offers in full and final payment on these debts.

 

If so any offer letter must be carefully worded and made on the understanding YOUR conditions are to be met before any payment is made.

 

It is likely (although you can try to make this a condition of the offer) that the entries will be completely removed from the files so the entry will be marked "settled" "partially settled " or satisfied. Settled is the best option, the entry however will remain for 6 years from the default date.

[aa412]

Thanks for the fast reply. I never requested my SAR but I will do tonight. Should I do so for both debts? I have all my statements for the Capquest debt so I can go through it and look for charges myself.

 

ETA: I would be willing to make a full and final settlement on both accounts (minus any charges).

[BRIGADIER2JCS]

SAR is a good move, yes I would do both debts if possible.

[dx100uk]

Are you saying at this stage no matter what I do,

until i get to the end of the 6 years I'm stuffed in terms of the damage done to my credit rating

and the view any lenders will give me in the future?

 

until the defaults reach 6yrs

and the whole account goes

 

you are stuffed yes,

 

wont matter if you pay it

full or part by F&F

you are stuffed.

 

All references to a defaulted debt must be removed from your credit files after 6 years

has passed from date of default, whether paid off or not.

.

the WHOLE ACCOUNT WILL VANISH, never to return.

.

however, this does not mean the debt itself is not still owed

consider a CCA request.

.

This is so that someone who continues paying something

- even after 6 years from default

- should not be at a disadvantage to someone who pays nothing after default

and ends up with a clean file after 6 years.

[aa412]

Thanks. I have started a new thread as you suggested.

 

if I'm understanding correctly if I have the money now I may as well pay it off

 

that after the 6 years its done and dusted and they won't be contacting me anymore.

 

I'll have to pay it off at some stage so if I can afford to do it now I should,

but negotiate the lowest possible price.

Would that be a fair assessment?

[SabreSheep]

If you pay it off now yes they wil lleave you alone. But the damage is done to your credit file anyway.

 

INSTEAD

 

Put the money aside and reserve it for IF they take court action.

 

After 6 years as long as you do not acknowledge or pay anything it gets wiped and they cannot enforce in court. (5 in scotland)

[aa412]

I suppose I'm thinking that it's better to pay a reduced fee now than have to pay the full thing later on.

 

Although the ideal is paying zero at the end of the 6 years.

 

is there no truth to what I've read that other potential lenders like to see that I have taken responsibility for my debt?

[MadScouser]

But surely Natwest should be seperating the business and personal accounts, as 2 different entities owe them money, unless you signed a PG for the business account(I havent seen mention of one)?

[aa412]

Yes I did sign a personal guarantee. I have the option to wind down the business in which case they say they can't pursue the debt.

 

 

As it is the bulk of the debt is from the personal account anyway.

[MadScouser]

Fair enough, I thought it best to check, as you had said the business was an Ltd.

 

 

I thought perhaps Natwest had lumped the business debt against your personal current account.