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Im in a Credit Card mess! Please Help


Lee953648
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Hi everyone :) New Member here and hope i can get lots of help cause i think im gonna need it.

 

OK quick run down of my problem... im in debt to few credit card companys and my bank account.

 

I owe to MBNA,

Barclay card

Santander credit and

my Santander account

and it amounts to £20k!!!

 

Just starting to get letters requesting payment but i cant afford them any longer.

 

I have a morgage which im on top of owing £80,000

 

its these credit cards i fear the most.

 

First question is this i guess,

 

can these credit card people take my home??

and i guess my second question is

 

what can i do to sort this mess out?

 

the intrest has crippled me and now ive stook my head in the sand

and now its coming to bite me in the back side.

 

Thanks all i hope i can get help from you

 

regards Lee

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have you consulted the likes of national debtline,

citizens advice bureau etc.

they may be able to help also.

 

firstly, take stock of your situation.

 

do an Income and Expend form,

 

see where you are with available funds.

if you are in financial difficulties (as seems the case),

then would need to try and get interest stopped etc with some kind of arrangements,

but with trying to avoid defaults if poss (unless defaults are of no concern).

 

or could do the usual cca requests,

then take things from there?

more details needed.

atm, from what you post,

it is a long way from your home being at risk.

IMO

:-):rant:

 

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Thx for the first reply of my joining this forum :)

 

I havent been intouch with any one atm.

 

Google was my first port of call and it sent me here.

 

What exactly is a default?

Is that a missed payment?

As ive missed a coulple of cc payments this month so far

(Christmas has really hammerd my wages)

 

what kind of details shall I expand on?

 

What exactly has to happen for me to loose my home?

 

One thing that is ok for me is a low interest on my mortgage

so im om with that but I did try to ask my mortgage provider for further lending to pay off debts but they refused.

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Hi Lee, and welcome to CAG! :-)

 

If you miss payments they will usually put a default on your credit reference files which other future lenders can see so best to avoid them if you can.

 

It's always a good idea to talk to National Debtline and one of the guys contributes to this forum. I can ask him over to your thread if you like.

 

Do you think you can get back on track within a reasonable period of time? If so, you could ask the card companies to accept reduced payments and freeze the interest. Sometimes they are more willing to speak to National Debtline or Stepchange so if they are unhelpful you could ask one of those organizations to speak to them on your behalf.

 

You are a long way from losing your home. :-)

 

DD

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can I suggest yu get your credit file

 

and match that with the debts you know about

 

and then comeback here.

 

your house is a long way off ever getting taken IF at all.

 

there are people here with 4x your civil debts still happy

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Hi Lee,

 

 

Having been in a very similar position myself owing £35k back in 2008/2009 I can offer my personal experience.

 

First thing is not to try and avoid the issue as it wont go away and will only get worse if left.

 

Firstly I would find out exactly what you owe and to whom.

Secondly do a income/expand form to find out exactly what you have available once all your essential outgoings are covered.

Once you know what you have left each month you can calculate a pro rata payment for each creditor.

 

If your feeling confident and want to do this yourself I would contact all the creditors and see if they will accept your reduce payment offer

and ask them to freeze the interest (they did on all mine so only paying off actual debt).

 

Some are easier to deal with than other but don't buckle under their pressure to pay more than you have available.

Do NOT pay any company a fee to manage your finances as there a loads of non fee paying companies available CCCS etc.

 

Some of my account have defaulted but TBH I am not looking for any additional credit so it doesn't really matter to me until they are removed after 6 years.

Having the defaults has actually meant that I was unable to get credit which in a way meant I had just adjust my spending habits and only buy what I can pay for in cash.

It has been a tough few years but I can see the end in sight now.

I am a lot better at managing my money without credit cards etc after this experience

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  • 2 months later...

Hi again everyone... After pulling my head out the sand, recieving many letters and phone calls I called the debt helpline. I should receive an info pack very soon.

 

I wanted to list my debts so you guys can see what mess I'm in.

 

I'm debts are.....

Santander over draft £1100

Santander over draft 2 £600

Santander overdraft 3 ££500

Santander credit card £1754.80

Santander credit card 2 £667.41

MBNA credit card £6000

BARCLAYCARD £11000

Halifax credit card £450

 

Aprox £21,662!!!! Aaggghh!! Scary debt

 

I earn 18500 per year and have a mortgage and bills to but the above debts are all in default I think. I've opened up a new bank account in case debts start getting paid behind my back.

 

Apparently I have approx £60 pounds a month spare to pay off debts... With interest racking up I'm never gonna pay them off am I? I'm in a right mess and starting to loose sleep and not eating well. It's all my fault but don't know how it's got so bad :(

 

I have no miss sold ppi etc.

 

If I do one of these dca's what exactly happens and why do I do such a thing? What the hell am I gonna do?

 

Thanks lee

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Hi Lee,

 

Don't panic. Many of us have, or had, debts of more than £21,662, but it's bloomin' scary when you actually add them all up.

 

I think you'll need to start separate threads for each debt as what is relevant for one debt won't necessarily be the same for another, and different CAG members know about different banks/card companies so can give the best advice.

 

You can do one for the Santander overdrafts, and another for their credit cards. Then do one each for MBNA, Barclaycard and Halifax. Make sure you put the name of the creditor in the thread title.

 

I am not familiar enough with Santander to help there, or with MBNA or Halifax, but I may be able to help with Barclaycard. When did you open the account? Was it always a Barclaycard, or was it another card which was taken over by Barclaycard?

 

DD

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Thanks for the reply DD,

 

I will separate the different ones as you say, any thing to make life easier ATM.

 

My Barclay card was opened about 2 or 3 years ago but can't be totally sure and it's always been Barclay card. I did an interest rate swap thing, through the advice of martins money tips.

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lee

hang in there, theres always a way to make things easier.

have you checked out the nat debtline website and cag site/blogs re dealing with debt/debt options?

briefly, re your cred cards when roughly were they taken out?

you mention all in default, is there any chance of a statute bar on any of these? ie generally if no payments within last 6 years

have any been sold on to a dca?

IMO

:-):rant:

 

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I'm guessing all cards range from 2 to 8 years old but all used recently in the last yr or so. I fell into considerable debt just before Christmas 2013 and well as you can imagine there chasing me like pack animals. I'm getting 10 to 15 calls to my mobile a day and 10 to 15 letters per week now.

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ok

as dd suggests then if you're going to challenge things? maybe do a thread for each cred card, and one for the o/d's (all personal?). but, do mention overall debt in each. hopefully get all those calls/letters stopped whilst sorting things out.

IMO

:-):rant:

 

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who's this DMP with you are thinking of?

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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I'm not with a debt management company... I spoke to national debt line who are trying to help. Just waiting on there info pack. I asked a wrong question earlier... I asked what id a dca. The question was.. what is a cca request and how could it help me?

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A request made under sections 77/78 of the Consumer Credit Act 1974(as amended).

Sent to the DCA to see if it can produce a compliant copy of the original agreement and the Ts & Cs.

 

 

There is a £1.00 statutory fee to pay, (use cheque or postal order clearly marked " for statutory fee only") the DCA has 12+2 Working Days to comply.

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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Hi Lee,

 

If the Barclaycard was taken out only a couple of years ago it may be compliant but you do need to check so send the CCA request and see what they send back.

 

If you go to the CAG library you will find a 'harassment' letter you can send them. I was in the same position as you a few years back and they were all hounding me, but you can stop the harassment.

 

If they threaten to send someone round to your house there is a also the 'doorstep' letter I can give you to send to them.

 

DD

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