Debt and Loan Help Pleazzzzzzee.......

[CleverClogs (RIP)]

Re: Debt and Loan Help Pleazzzzzzee.......

CC - careful the banks will not roll over if you quote this

Really?

They'd be damn silly if they didn't, as Regulation 61 (link) makes the bank liable:

61. Subject to regulations 59 and 60, where an executed payment transaction was not authorised in accordance with regulation 55, the payment service provider must immediately—

(a)refund the amount of the unauthorised payment transaction to the payer; and

(b)where applicable, restore the debited payment account to the state it would have been in had the unauthorised payment transaction not taken place.

[CleverClogs (RIP)]

Re: Debt and Loan Help Pleazzzzzzee.......

Silly question I know but how badly will this effect my wifes credit rating? She has a very good credit rating but we do share a bank account! ANy advice on this?

She'll probably want to divorce you once her ability to buy shoes becomes affected.

[furryboo]

Re: Debt and Loan Help Pleazzzzzzee.......

Clever cloggs can you explain this rule in simple terms please? I have cancelled my card now anyway! What I want to know is do I write to the payday people, the bank! Just heard from a friend that she knew someone who didn't pay the loan and the Payday firm took money out of there wages and nearly had them arrrested!!!

Really worried now!

furryboo

[furryboo]

Re: Debt and Loan Help Pleazzzzzzee.......

So I take it the shoe comment means that her credit rating will be effected!!! Cleve Cloggs! The diliema is this, If I pay all these loans off on time my credit rating goes up I presume? If a relative who has offrerend to get me a loan (has a bad credit history but will be debt free within months) can get a loan to pay all these off, I will be fine. Come on someone recommend a laon firm that can give a loan ever with 15 - 19APR!!! Will really help!

Thanks

furryboo

[CleverClogs (RIP)]

Re: Debt and Loan Help Pleazzzzzzee.......

So I take it the shoe comment means that her credit rating will be effected!!!

Not necessarily, but your joint credit card(s) will be.

[CleverClogs (RIP)]

Re: Debt and Loan Help Pleazzzzzzee.......

Clever cloggs can you explain this rule in simple terms please? I have cancelled my card now anyway! What I want to know is do I write to the payday people, the bank! Just heard from a friend that she knew someone who didn't pay the loan and the Payday firm took money out of there wages and nearly had them arrrested!!!

If they get you arrested, it's all the better as you'd be able to claim significant damages from them.

Unless a creditor has obtained a CCJ and enforced it by means of a Third Party Debt Order, there is simply no lawful way they could take the money directly from someone's wages.

If the continued payment agreement has not been revoked, the loan sharks could and would grab all they were allowed to do.

[furryboo]

Re: Debt and Loan Help Pleazzzzzzee.......

Ok,
I have been thinking long and hard about all your advice! What I think I am going to do is write to the four companies and tell them that I cannot pay the total back to them but I can pay them £25 a month until further notice and that I would like to freeze all interest on the accounts! If they won't do this I will threaten to get my solictor involved! What do you think? I would feel I was paying them back but also feel less nervous about threatening letters coming through the door etc...

Thanks

furryboo

[Never-In-Doubt]

Re: Debt and Loan Help Pleazzzzzzee.......

Ok write in and offer £25pm but omit the solicitor bit as you have no substance to make such threats....

That would seem the best option for you and ease your worries.

[furryboo]

Re: Debt and Loan Help Pleazzzzzzee.......

I will keep you guys up dated. You have all been very understanding and I thank you for that! I will use a sob story as to why I cannot pay and go from there.

Thanks all of you.

Stay cool

furryboo

[CleverClogs (RIP)]

Re: Debt and Loan Help Pleazzzzzzee.......

Ok write in and offer £25pm but omit the solicitor bit as you have no substance to make such threats....

That would seem the best option for you and ease your worries.

But - and this should be obvious - do not set up a direct debit or card payment for that amount.

[furryboo]

Re: Debt and Loan Help Pleazzzzzzee.......

OK, how would I then pay this then?

Thanks

furryboo

[furryboo]

Re: Debt and Loan Help Pleazzzzzzee.......

This is what I am planning on sending. It is partly true to be fair: -

Dear Sirs,

Ref:

I write with reference to the outstanding balance on this account. Unfortunately due to a personal mental health family issue I cannot afford to repay the balance outstanding.

I do not want any correspondence sent to any address you hold on file or any phone calls at the moment. Given the nature of things I can afford to pay £25 a month and would like instruction on how to set this arrangement up. I would also ask that all interest be frozen until further noticed. When things get settled emotional and finacially I'll be in touch with new details.

In the meantime you can contact me using the following email address which I'll pick up as and when I log-in.

Email address:

Yours faithfully,

[CleverClogs (RIP)]

Re: Debt and Loan Help Pleazzzzzzee.......

OK, how would I then pay this then?

Whereas their preferred method of payment could be described as nasal, I'd suggest that you pay by cash paid over the counter at a bank or by a standing order paid into their bank account.

With a direct debit or card payment, they can and will grab all they can even if that leaves you with bugger all for food and other bills.

Personally, though, I'd remind them of Arkell v Pressdram (link)

[PlanB]

Re: Debt and Loan Help Pleazzzzzzee.......

She'll probably want to divorce you once her ability to buy shoes becomes affected.

There is only one basic ground for divorce which is 'the irretrievable breakdown of the marriage due to unreasonable behaviour where your spouse has behaved in such a way that you cannot be expected to live with them'. I would say that preventing a wife's ability to buy shoes should definitely have legal merit

[cymruambyth]

Re: Debt and Loan Help Pleazzzzzzee.......

There is only one basic ground for divorce which is 'the irretrievable breakdown of the marriage due to unreasonable behaviour where your spouse has behaved in such a way that you cannot be expected to live with them'. I would say that preventing a wife's ability to buy shoes should definitely have legal merit

Could not agree more