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Hi,
I am fairly new to the site however have done a bit of research and am hoping somebody can give me a little further advice prior to my next move.
To explain my situation, I currently have 4 x credit cards with a total balance of approximately £28k (courtesy of a dear ex-girlfriend who promised to repay what she spent!)
Unfortunately prior to repaying the money we went our seperate ways and, as the cards were in my name, I have been left with the debt.
I have always maintained my payments and have never missed one - indeed my credit record is very good, with the exception of this high level of credit card debt.
I have really struggled to maintain payments and am not able to enjoy any kind of social life as so much of my monthly income is spent of maintaining my card payments.
It depresses me when I think of the amount I owe and the interest I am charged each month by these companies.
I have got to the stage where I feel like buying a one-way ticket aborad and never returning to escape the burden - but that would be running away from my problems which I do not want to do.
I have written to all 4 creditors to request the original true-copy of the CCA to verify enforcability. 2 have returned what look like good CCA's however 1 has returned a clearly non-compliant CCA and the 4th simply replied saying they cannot locate the CCA, although did proceed to remind me that 'the debt is still enforcable etc etc'.
I have recently had a conversation with my mother who has agreed to loan me approximately £20k in order to clear the debt (or as much of it as possible).
Now that is the situation, in a nutshell, my question is surrounding offering a Full and Final settlement.
1. For the companies that HAVE produced what appear to be valid CCA's, am I able to make them an offer if I clearly detail the reasons for my offer. (i.e. I am really now struggling to maintain minimum payments and sooner or later I will definately start to miss payments through no choice of my own. Surely accepting a dedcent F&F would be in their best interest now rather than debt collection referrals later.)
If I do offer a F&F, what sort of level would you recommend offering given the fact that up to now I have NOT missed any payments and that they DO HAVE a valid CCA?
2. For those companies that DO NOT have a CCA can I offer a F&F and what should I say to them regarding my sitatuion? What level/percentage as a F&F should I offer and should I mention the lack of CCA as a bargaining tool to convince them to accept the offer?
Any advice, assitance and experience of such areas would be greatly appreciated.
At the end of all of this - I just want to get my life back which I have not had for so long due to the burden of debt on my shoulders.
Many thanks in advance for any help and assistance.
Len
I am fairly new to the site however have done a bit of research and am hoping somebody can give me a little further advice prior to my next move.
To explain my situation, I currently have 4 x credit cards with a total balance of approximately £28k (courtesy of a dear ex-girlfriend who promised to repay what she spent!)
Unfortunately prior to repaying the money we went our seperate ways and, as the cards were in my name, I have been left with the debt.
I have always maintained my payments and have never missed one - indeed my credit record is very good, with the exception of this high level of credit card debt.
I have really struggled to maintain payments and am not able to enjoy any kind of social life as so much of my monthly income is spent of maintaining my card payments.
It depresses me when I think of the amount I owe and the interest I am charged each month by these companies.
I have got to the stage where I feel like buying a one-way ticket aborad and never returning to escape the burden - but that would be running away from my problems which I do not want to do.
I have written to all 4 creditors to request the original true-copy of the CCA to verify enforcability. 2 have returned what look like good CCA's however 1 has returned a clearly non-compliant CCA and the 4th simply replied saying they cannot locate the CCA, although did proceed to remind me that 'the debt is still enforcable etc etc'.
I have recently had a conversation with my mother who has agreed to loan me approximately £20k in order to clear the debt (or as much of it as possible).
Now that is the situation, in a nutshell, my question is surrounding offering a Full and Final settlement.
1. For the companies that HAVE produced what appear to be valid CCA's, am I able to make them an offer if I clearly detail the reasons for my offer. (i.e. I am really now struggling to maintain minimum payments and sooner or later I will definately start to miss payments through no choice of my own. Surely accepting a dedcent F&F would be in their best interest now rather than debt collection referrals later.)
If I do offer a F&F, what sort of level would you recommend offering given the fact that up to now I have NOT missed any payments and that they DO HAVE a valid CCA?
2. For those companies that DO NOT have a CCA can I offer a F&F and what should I say to them regarding my sitatuion? What level/percentage as a F&F should I offer and should I mention the lack of CCA as a bargaining tool to convince them to accept the offer?
Any advice, assitance and experience of such areas would be greatly appreciated.
At the end of all of this - I just want to get my life back which I have not had for so long due to the burden of debt on my shoulders.
Many thanks in advance for any help and assistance.
Len
gh
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