Dealing with lots of debt

[Beauty13]

Hi there

I've just attempted to post in banks,finance,credit forum but it states that it's not accepting any more posts..

.. I hope you can re direct this for me and hopefully help.

 

I have four credit cards (all defaulted against) and one loan (with a ccj) that I am looking to settle .

two of the cards are in my husbands name but I will be negotiating in the same instance.

 

All of the creditors have payment plans in place which I negotiated myself which have been running and paid on time for a minimum of two years

agreed payments are between £20-£40 per month each.

 

I have recently contacted Vanquis and Halifax with proposed settlements and have used template letters from the Internet

requesting full and final settlement to avoid the debt then being sold on.

 

Vanquis has a balance of £1800 of which I have offered £1000..

..they are happy to accept this but only on the basis that the debt will show as being partial settlement on my credit file.

 

 

They have stated that the account will be closed and that the debt will not be sold on ( which I do not believe)

I have had a very basic email accepting the offer (with no mention of the debt not being sold on)

 

 

I really am not in the habit of liasing over the telephone but meerly contacted them to confirm they had received the letter.

I then asked for all dealings to be done in writing.

I am not disputing the debt as my credit file shows all payments to them,

hence the phone call which I hope hasn't jeopardised any future negotiations.

 

The account was opened in 2006 with an initial credit limit of £1200 which rose to £3000

I'm not certain when the default took place but I'm guessing approx 2013

it's fair to say every penny of the outstanding balance is charges and interest only. (Cringe)

 

The Halifax letter I have yet to chase but is of lesser amount being approx £700 of which I have offered £350 taken out in 2012/13

again being made up now of interest/charges this is still accruing interest and only approx £3 per month reducing the balance

 

I am certainly not flush but in a position to clear these hopefully over the next 6-12 months based on each creditor accepting approx 50% of the debt.

 

Your advice on how to push for a full and final settlement would be very much appreciated

as I'm finding it very difficult to get any help elsewhere

and I don't want to jump out of th frying pan as it were by settling on a non favourable basis.

 

Any other loopholes would be very much appreciated you guys appear to really know what you are talking about!!

 

The other outstanding cards which I have not yet contacted are with lloyds approx £1200

held by my husband literally forever 25 years? and is made up totally 100% charges/interest........

 

 

... ppi has however been claimed against this account as it was the only one with it

(we have just had a letter reducing the balance by £800 due to some legal error on their part also)

 

 

this has been outsourced to Robinson way for some time although the refund letter came directly from LLOYDS you never know who you are dealing with!!

 

Barclaycard....held since 2005 balance approx £5000 AGAIN all charges/interest

nightmare negotiating with to stop interest and charges managed by LINK (charge refund request made a couple of years ago by requesting bank statements to no avail)

 

Finally a loan initially taken out with LOMBARD for £12,500 in 2008 then passed on to idem/Arden/idem I can't keep up with this!!!

 

 

CCJ in 2013 sadly again the original loan has been repaid in essence but outsourced due to late payments with an outstanding balance of approx £5000

 

All of the defaults as a result of my mom dying and me losing the plot for a while sadly!! In 2013

-So frustrating as my credit history wasn't bad until then

 

Any advice you can give me would be so gratefully received

- I appreciate you taking the time to read this and appreciate that my circumstances may not appear as desperate as some-

 

my mental health is however suffering a great deal as I am desperate to keep my family home

 

I am the midst of a very complicated lost will scenario three years after my mothers death With a Contentious probate scenario not of my making.

 

My only way out is to raise enough funds to buy out my very wealthy brothers (I am not)

.hence my need to clear outstanding debt as efficiently and effectively as possible.

 

This is my only way forward and any help for the sake of my sanity and my children's home would mean the world to us all.

[dx100uk]

firstly

it might be best to start a sep thred for each 'debt' in the named forum of the original creditor off the top main forum tab on the left.

 

 

as for settling debts...

...if a debt is owned by a DCa..one would consider it wise to CCA request those people.

and ofcourse regardless to the owner ..always SAR the original creditor before agreeing with anyone

£XXX is actually owed after penalty and PPI reclaim if those apply to each debt.

 

 

settling accounts DOES NOT improve your credit rating.

if the debt in question has a defaulted date, that default and the whole account is there for 6yrs..when it will vanish and no longer harm your credit worthiness.

however that doesn't mean the dent might not be owed....

 

 

far more info on each individual debt is need by starting a thread as indicated for each one before we will be able to advise properly...

 

 

it is worthy to also note that if a creditor is only prepared to mark a debt as partial settlement..you might as well burn that money.

PS is worthless.

esp if the debt is already defaulted..it make no diff to your rating.

 

 

dx

[Beauty13]

Thanks dx for that swift response I will take your advice glad I haven't paid anything yet!!!