handling debts-am I doing correctly?

[Warwick65]

Hi

I will leave you in Di’s very capable hands but to answer a couple of points.

It is true a debt purchaser may have less chance of getting the cca request for many reasons but sending a cca request is not a one time thing. You can send one now, you can send another later and it is the most recent request that is considered. So if they can produce one now but not later , they can not enforce. Also if they can’t produce one now but somehow find it later you might wonder why?

I can not comment about the effect you are overseas has but something to consider is, are you ever planning on coming back.

[iko]

Thank you Warwick65,

Thanks for information on CCA ,which I didn't know. I will have a think.

Oh, sorry if it looked confusing, but I am in UK currently.
We may leave sometimes in future, that's also what I am concerned about
when it comes to selling the house point, and what should be considered
if you have a house with equity, when handling debt (to default etc.)
house value 160k, remaining mortgage 31k.

[Warwick65]

It was my fault about being overseas. I think I had been celebrating my sister’s birthday ( over zoom) just a little too much

[Joanna Connolly Solicitors]

when it comes to selling the house point, and what should be considered
if you have a house with equity, when handling debt (to default etc.)
house value 160k, remaining mortgage 31k.

Your house shouldn't be at risk if an account is Defaulted, although it would damage your credit file which could have a negative impact if you plan to remortgage within six years (which is when the Default and the account is removed from your CRA file).

If you get a CCJ then the Judgment Creditor (the Claimant) can make an Application for a Charging Order, but is the property in your sole name or joint names (you refer to "we") because if it's in joint names than the charge at Land Registry would be a Restriction which is not automatically payable at the point of sale.

Di

[iko]

The house is in joint names-I was thinking about maybe switching product.

[The Tech Clerk]

The house is in joint names-I was thinking about maybe switching product.

Read the writers comment:-


because if it's in joint names than the charge at Land Registry would be a Restriction which is not automatically payable at the point of sale.

[iko]

Thank you, I think I understand now about the property.
probably not something I should worry too much about right now.

Managed to access to my credit report so some little update

barclaycard from 2003,(1 missed payment)
barclays loan from 2016,(1 missed payment)
Barclay bank account from 1999(no missed payment yet)

Could anyone be tolerant enough to comment on
my previous question to clarify?Thank you.

I am still left feeling a little unsure about not communicating/paying at all,
as I wonder if it won't be seen as...not engaging, which encourage them
to take further action?(I wonder if you understand what I'm trying to say..
I'm not sure if I fully understand how it works, especially legally.)
I have been reading a lot from many websites past months,
I must say I'm a bit confused.


I guess I don't bother with ratesetter from 2018?
How about Barclays overdraft? The account is old, but overdraft is only from last month.

Barclaycard accepted my 1 pound token offer-would it be a problem if I don't start this payment?

[Joanna Connolly Solicitors]

Could anyone be tolerant enough to comment on
my previous question to clarify?

Yes

You are sensibly tip toeing through your personal situation.

You are asking all the right questions so you can make an informed decision on what you should do next.

So do you mean you would like further clarification about the potential to switch products (ie remortgage) at this moment in time?

Di

[iko]

Thank you Di,

I was wondering if I should think of switching to different mortgage product
before my account shows default, but in any case, I won't be paying toward these debt for now,
so maybe I will worry about mortgage later...I feel I have too many to think about,
I wish to feel a little more comfortable about the situation.
I do have the feeling I am tip-toeing, but was unsure if I'm doing it sensibly.

I meant the "previous question" as quoted bit,as following;


"I am still left feeling a little unsure about not communicating/paying at all,
as I wonder if it won't be seen as...not engaging, which encourage them
to take further action?(I wonder if you understand what I'm trying to say..
I'm not sure if I fully understand how it works, especially legally.)
I have been reading a lot from many websites past months,
I must say I'm a bit confused.

(regarding requesting cca)
I guess I don't bother with ratesetter from 2018?
How about Barclays overdraft? The account is old, but overdraft is only from last month.

Barclaycard accepted my 1 pound token offer-would it be a problem if I don't start this payment?"

Thanks!

[The Tech Clerk]

Many lenders especially certain banks regardless if you are engaging with them or not will/have taken further action (HSBC) for one in the past.

[iko]

Thanks, The Tech Clerk.

Mmm..
I think I will go for token payment soon...
After reading more of everyone's diaries perhaps,
I seem to be learning very slowly, bit by bit...

[iko]

Hi all, it has been a while,the situation has not changed greatly but
I have some question here-

I am asked to provide income and expnditure form to Ratesetter, as
they need it to consider my token payment.(extended breathing space ended)
There I'm required to give all the names of creditors.
I have 5 debts in my name,which I'm have not been paying or £1/m token payment.
Also there is 1 debt in my wife's name,without any missed payment (about £130/month)

I am wondering-would it be an issue for them to accept £1 only,
while there is a creditor receiving £130?
(As I mentioned in previous post, this is the sole card we want to keep active.)
Although it's not in my name, the budget sheet is joint.
Any thoughts?

Thank you in advance!

iko

[The Tech Clerk]

PlanB

[Warwick65]

Quite simple really. They will argue it is only fair each creditor gets money pro rata . Soo if you owner ratesetter 1000 and someone else 100000 they would say pay us £1 and them £10. You are under no obligation to provide the details but you might find it had to convince them if you don’t . If it was £1 for everyone they might be happy but who knows.

[The Tech Clerk]

A lot of people will regardless just pay £1 and ignore any arguments with originator's know I did get what I say end of. No further action was taken. Income and debt none of their business be honest a CRA would show your detail debtors etc