Help with debts please

[baja_ady]

Hello all, been a member of this forum for a while but never really posted before.

 

Currently going through the process of claiming bank charges from the Abbey. They are trying every trick in the book! Still not got all statements sent to me, they have three days left before i go to court to get them!

 

Anyway, i am seriously in debt with one loan and four credit cards totalling approx £20,000 as well as mortgage etc. My monthly salary is basically just covering the loan and mortgage and the minimum payments on the credit cards. I've taken a second job to cover other things like petrol, food etc but am really starting to lose control on it all as the outgoings exceed the income each month. I only see one option, to get a secured loan to cover the cards.

 

So need advice on another route, or if none then which loan company is best for a secured loan.

 

Must just say that this is a great site and has been a great help so far.

 

Cheers all, Adrian.

[Guest louis wu]

http://www.consumeractiongroup.co.uk/forum/general-debt/20758-creditors-dcas-letter-templates.html.

 

Have a look through these (only some are relevent)

 

You may find that by writing to all your creditors, explaining your issues you can get them to agree lesser payments, thereby reducing your monthly outgoings. At the end of the day, so long as you are sensible with these companies in making sensible payment options, they should accept these and freeze any interest (see above thread for templates)

 

Are you still paying charges to your bank. If so, open a new account, a basic account, many banks offer them, will give you a debit card and a direct debit facility. It may be worth your while having no automated activity on your account (DD's SO's etc) and make all payments manually, you have more control of your money that way, and no chance of going O/D.

 

If you want to give more specific info I will have a look through them and offer suggestions, you can PM if you like. I have been there, and although no expert, will help where/if possible.

 

Hope this helps a bit.

 

regards Louis

[baja_ady]

Hi, cheers for the reply. Have cancelled all dd's etc on the abbey account, and have also opened new account with A and L. Switching wages over to the new account, so Abbey cannot get hold of them!

 

Basically Abbey froze my account when i applied for the statements because my addresses were different. As a result all dd's were returned un paid for that month, which abbey decided to charge me £220 in costs!! They lost my change of address form at the branch and i incurred more charges! Finally resolved it all after 8 phone calls and an appology from the branch! But abbey only refunded part of the charges. So i'm all out to get them for every penny! But doesn't help me short term. Gonna have a look at those templates and info now.

 

One of my credit cards MBNA have refered me to Loans.co.uk for a consolidation loan secured on the house. Is this a route to take?

[Guest louis wu]

Some of these loan companies offer loans that last for years, and then slap on huge penalties if you pay them off early. The interest you will pay is astronomical. Also Loan.co.uk, is attatched somehow to Abbey, and MBNA are Abbeys credit card people. So don't think they are trying to help you. You really need to be aware of all your options before even considering a secured loan with this type of company.

 

I would honestly try writing to everyone you owe money to using the first few letters on the previous link. You will be suprised at what levels of payment some of these companies will accept, some will even write off large amounts of your debt.

 

The Citizens Advice Bearue can and will help, and it is well worth talking to them.

 

I obviously don't have all the knowledge, but try some of the suggestions made and see where it goes. It wont harm your position, or cost you anything more than some time and a stamp.

 

Keep your chin up and keep in touch

[baja_ady]

Cool, cheers for that. Will write off to them all and see what happens. Secured loans are the last resort, just need to know all options before getting involved with this course of action.

[clutchingatstraws]

baja ady

 

Hi

 

Im new to the site but have nine years experience in paying off a spiraling debt.

 

My advice is

 

1) contact Citizens Advice Bureau for debt management advice, part of which is to request your creditors to stop charging interest and set out a reasonable budget that enables you to exist. Don't be over generous on the money left for credit debts section.

 

2) When setting up payments to your creditors only do this using standing orders.

 

3) Under no circumstances accept any consolidation loans particularly if it would be attached to your property, The old advice is that when you are in a hole stop digging!

 

4) Start claiming all unreasonable charges back from anywhere you can using the advice and letters on this site.

 

I am in the last year of paying of my debts and hope to get something knocked off by claiming back unfair charges. As I don't know your full circumstances I can only give a view but consider giving up the second job.

You are entitled to a reasonable life and the circumstances you are in are almost certainly due to the banks being only too ready to lend money inappropriately..

 

get back to me if this is helpful

 

If I say the wrong thing tell me

 

Best of luck

 

Cas

[MARTIN3030]

Ade welcome to the forum,have moved your posts here.

Seems that you have a few issues but I am certain our members will give you lots of help.

For reclaims of penalty charges proceed in the usual way and if there are dcas involved then get those CCAs done.

Above all else take things a step at a time.

Each area will need approaching differently.

Of course in extreme sits you may need expert advice and debt management help from outsiders but sometimes this can actually add to the problems.

Basically what I am saying is there is a lot that you can do yourself with the tools and know how you will find that theres is a lot of this here...and people who have been there and some who still are - helping eachother.

[Jeff2000]

Hello baja ady,

 

 

Have yo contacted CCCS at all?

 

I've not used them myself, but I have heard good things about them from quite a few people on this site!

 

 

CCCS -

 

 

 

Telephone: 0800 138 1111

 

Hope this helps!

 

 

Good luck, Jeff.

[baja_ady]

Cheers guys, will try the cccs site tomorrow.

[powelll]

Also try National Debtline on 0808 808 4000 ( freephone ) they give free confidential impartial advice

[Jeff2000]

Yes, National Debtline get good comments as well!!!

 

Worthwhile contacting these organisations, even if it's just to find out their opinions of your situation!

 

 

Regards, Jeff.