Debt advice required

[Ruddockus]

Dear Forum Fans,

 

I have CCA'd 2 old debts I have from old Credit cards, 1 to Cabot Financial, the other to Buchanan Clark + Wells. I followed all the templates on here, sent blank postal orders. This was last week and they have not even had them for 4 days, I have received the following replies:

 

Cabot:

 

Dear xxxx

 

Your request for information under the consumer credit act 1974

 

Thank you for your request for information under the consumer credit act 1974. Cabot financial currently does not have this information on file. However, we have requested the relevant information under section 77 and /or 78 of the consumer credit act 1974 from the original lender.

 

Please be advised, we do not accept the statutory fee required under section 77 and/or 78 of the consumer credit act 1974 and we have returned the fee for £1 that you have snet.

 

What happens Next?

 

We anticipate that we will be able to provide this information within 12 days. In the event we are unlikely to obtain this information within those time limits, we will write to you again.

 

Contacting Cabot

 

If you have any queries about your account, please call one of our customer advisors on 08450260463.

 

Yours sincerely

 

Customer assurance team

 

Buchanan Clark and Wells:

 

Dear xxxxxx

 

Cabot financial Europe Limited 328811 £xxxxx

 

i write with regard to your recent communication concerning the above account.

 

I would advise that we do not hold a copy credit agreements at this office, as we are not the creditor. Under the cirumstances your postal order for £1 number 40320849, is returned herewith.

 

However, I would advise you that your account has been placed on hold and we have requested our client to send these documents to you direct.

 

Please do not hesitate to contact us on 08445714030 should you require any further assistance.

 

Your sincerely

 

David Smith.

 

Please do not be confused, the first letter is for a Barclaycard direct to Cabot Financial that is 6 years old and the BCW is a really old Barclaycard that got passed to Cabot and then onto BCW, if that makes any sense at all?

 

Do I just wait for the 12+2 and then cancel my DD's as the account is in dispute (this will be on the 17/09/09)

 

Are they just stalling, does it effect my request that they have not banked the £1 postal orders?

 

Some help from the forum experts would be great.

 

Feelingfoolish are you out there?!!? What would your expert opinion be?

 

Thanks as ever Forum Fan!

[PGH7447]

Just standard letter responses from these 2, keep to the timescales, some dca's keep the £1 some send it back, it does not alter the fact that you have made a lawful request that they have to honour

[dcakiller]

I would just wait out untill the 17/09/09 and then stop payments, if no cca is forthcoming

[Stephan56]

I had the same issue with Cabot re the £1. When I wrote to ask they WHY they do not accept the £1 they wrote back to say "Cabot as a company do not feel the need to charge an administration fee" - whatever that means.

 

Also, be careful with having a DD. If you must pay, it should be by Standing Order.

[Ruddockus]

Thanks,

 

So I guess that means the ball is in their court, if they do not answer I can stop paying until they do produce one (unlikely)?!??

 

Regards

[sam614]

http://www.consumerforums.com/resources/templates-library/86-debt-collectors/571-failiure-to-provide-a-copy-of-the-agreement-within-the-prescribed-timescale

 

send them that as soon as 12+2 is up:D

 

and stop paying,

 

SAM

[Ruddockus]

Hi There,

 

Ive got myself in a bit of a financial mess in the last few years trying to keep a business running that was not making enough money.

 

I have approx £43K of unsecured personal debt and cant afford the monthly repayments.

 

I have a house with £140K equity but cant remortgage as dont have enough accounts to show the Halifax.

 

I want to know the best way out of this,

is it best for me to use Step change or similar to get a debt management plan in place or is it best for me to deal with lenders myself.

 

I know my credit rating will go out the window but i dont care about that,

I just want ot be rid of the stress,

selling the house is not an option either as I have 3 kids wife etc and they all like it where we are.

 

Please help as im at my witts end with all this,

the debts are all up to date as of todays date

but I cant afford the next months payments as its christmas and expectation is ever high.

 

Thanks in advance.

[Bazooka Boo]

First things first IMO Ruddockus is to complete your OWN I&E form for yourself.

 

Can you please list ALL of the debts you have, with rough figures, and who the OC is, also when you took these accounts/agreements out.

 

DMP's are OK, but they won't ensure the legal enforceability of them and will simply pay each of them blindly.

 

IMO I would do this yourself, there is no need to be selling your house either, put that right out your head!

 

Is your OH aware of the state of affairs?

 

I left full time employment in 2007 with nearly 64k of unsecured debt, it was stressful at the time, but once you get your head round it, AND take charge, it gets easier.

[Ruddockus]

Hi There,

 

My wife knows everything:

 

Barclaycard £10600 less than 10years old not in arrears

MBNA £7800 less than 10 years old not in arrears

Sainsburys card £7600 less than 10 years old not in arrears

Capital One card £2800 less than 10 years old

Nationwide card £5500 less than 10 years old

Nationwide overdraft £3500 account 20 years old

Secure trust bank £393 TV loan

Hitatchi £2900 loan on car (not secured on car)

Accord mortgages (£2000 underpayment on previous mortgage)

 

I can post my income and expenditure if you think it will help?

[Bazooka Boo]

I can post my income and expenditure if you think it will help?

 

No no, that's your own personal business.

Just do one so that you can see how much you can realistically, and comfortably afford to pay each month.

 

Have you written to them and advised you're circumstances have changed?

That would be my first advice, and see if they will allow you to take a payment 'holiday' to see you over Christmas?

 

Some letter templates you should read and could send?

https://www.consumeractiongroup.co.uk/forum/showthread.php?387353-Request-Payment-Holiday-**Correct-as-at-October-2013**

 

https://www.consumeractiongroup.co.uk/forum/showthread.php?387436-Letter-for-consideration-regarding-Hardship-or-Financial-Difficulty

 

Keep a diary of events, whenever you send them anything in the post ALWAYS obtain 'proof of posting' as a minimum (it's free from the PO counter)

 

If they ring, then simply tell them you don't discuss anything financial over the phone, and to put it in writing.

 

Stay OFF the phone.

[Ruddockus]

Hi There,

 

Thanks for that. I have not even given them an idea that I have any problems as yet. Shall I send them all the letter and just not pay until After Christmas?

 

Thanks again you have been a great help.

 

Regards

[dx100uk]

see what they say

or poss a token payment

as per the letter in the debt collection section of our template library

 

I will pay £XX for xxMTS if you freeze all charges and interest.

 

dx

[London1971]

Other possiblities?

 

As others have said selling your house shouldn't even enter your head but,

 

There are mortgage companies who would consider you in term of remortgaging, it might be worth finding a good adverse broker. I'm assuming you have SA302's that you can declare? Sure the interest rates might be higher, but in the scheme of things £100 per month extra on your mortgage could be manageable for you? You could always remortgage back to a mainstream lender after a few years.

 

Or, and this is a hard pill to swallow after owning your own business,

 

Enter full time employment, after 6 months , once you have past your probationary period you might be in a better position to remortgage with the Halifax,

[Ruddockus]

Hi There,

 

We are only putting our second set of accounts in now so its unlikely that they would allow me to remortgage. I just need to get the payments down to around £300 a month, I dont care how long it takes to pay them off i just need some breathing space. What is the best way to do it, divide the money on a pro rata basis? and then send them the letters offering them the cash?

 

Ive been diagnosed with depression and anxiety as a a result of all this, do i mention this to the lenders?

 

Thanks all for the help is has made me feel much better.

[Bazooka Boo]

Ive been diagnosed with depression and anxiety as a a result of all this, do i mention this to the lenders?

 

Absolutely not, it's none of their business.

 

Have a read of the links to those letters I posted, and send one of those.

 

DON'T disclose what you 'would like' to pay them, simply tell them what you will be paying them, and if that's £1 a month, then so be it, depending of course on if they stop all interest and charges.

[Ruddockus]

Ok, I did look at them yesterday. Ill send one to each lender recorded delivery right!

 

Thanks again for your help.

[dx100uk]

don't waste money

use free proof of posting at the PO counter

that's all you need

[Ruddockus]

Hi All,

 

I sent the letters a week ago and received only 1 reply. Im not in arrears yet but will be in the next few days. Nationwide have tried calling me but I have just ignored them is that the right thing to do? Thanks again for all the help.

[dx100uk]

correct you are under no legal obligation to discuss your debts on the phone or at your door

[Bazooka Boo]

Nationwide have tried calling me but I have just ignored them is that the right thing to do?.

 

If they ring again, simply answer it, and TELL them, you ''will only discuss it in writing thank you''. Regardless of what it is they wish to convey, they can commit it to writing.

[Ruddockus]

Hi All,

 

Got a letter from MBNA saying they will freeze everything etc and I can pay £42 per month (balance is £7600) they will default me but thats it. What do I do just pay it or send a letter saying I agree to pay and send them the money?

 

Thanks as usual!!

[dx100uk]

Pay but only if you agree to the figure

[Ruddockus]

Hi dx100UK,

 

Thanks for the really quick response. Was wondering if im better off waiting to get agreements in place with everyone to make sure their all happy and it is put to bed before I start paying in case someone just says no!?

 

Regards

[dx100uk]

But won't you lose offers already made if you wait?

 

Person I think £42 is too high

[Ruddockus]

HI Dx,

 

I can afford £42 and it keeps them off my back as welll! So ill pay them and go from there.

 

Thanks for your excellent advice.