Help and advice for debt of over £80k+

[Frosty873]

Re: Help and advice for debt of over £80k+

Account opened October 2015- last full payment Jan 17. Missed February, increased payments for six months (from 435 to 495) paid in March 17 but about to miss the first payment next week.... no PPI but I do remember a strange process of paying an additional £50 for someone to rock up in person for hubbys signature to process the payout within a few days? ��

we we are planning to save what we have after priority debts (we've no assets, no mortgage but both working) in the hope it goes to a DCA and we can settle with a f&f at much less!

[Never-In-Doubt]

Re: Help and advice for debt of over £80k+

Account opened October 2015- last full payment Jan 17. Missed February, increased payments for six months (from 435 to 495) paid in March 17 but about to miss the first payment next week.... no PPI but I do remember a strange process of paying an additional £50 for someone to rock up in person for hubbys signature to process the payout within a few days? ��

we we are planning to save what we have after priority debts (we've no assets, no mortgage but both working) in the hope it goes to a DCA and we can settle with a f&f at much less!

Aaah - so this cannot utilise s.127 (3) as it was repealed 04/2007. We'd be 100% reliant on other material factors - such as a bad DN. So I suggest you save as much as you can, and if this gets nasty with legal threats then maybe it might be time to make an offer to settle. We can help with that, to get a better settlement if necessary.

Don't worry too much, you can always mediate before any CCJ is granted so plenty of options and time to find fault.

* If the person was a courier and the lender does not have a licence to canvas off site then that could be an issue - HBOS used to do it and we've beat them a few times on this, however mostly they were accounts opened before 2007. Plus if the £50 fee was added to the loan then it would be an issue - it should be paid separately.

[SXGuy]

Re: Help and advice for debt of over £80k+

Any formal process such as DRO / BR will have an adverse effect for 6 years so your best bet is to miss payments - get defaulted then fight the UE route until such time they get really threatening. If so and if you've saved up instead of paying the debts, you could make a small (20%) offer to settle.

Lots of options available to you. Get the CCA's first as you say then we can better assist

What's the difference in bankruptcy and defaults for time on credit file? I gather the discharge notice sits for 6 years but that would total 7 from date of bankruptcy. If a lender decided to not default for more than 12 months or the debts arent ue wheres the harm?

[Frosty873]

Re: Help and advice for debt of over £80k+

Thanks again Niddy (chatting to you on my other post too ��). I'm 95% certain that £50 was added to the loan as we definitely didn't have an extra £50 to pay upfront... it wasn't a courier as far as I could tell, just your average jo (no logos on personal car that turned up)...

[Never-In-Doubt]

Re: Help and advice for debt of over £80k+

What's the difference in bankruptcy and defaults for time on credit file? I gather the discharge notice sits for 6 years but that would total 7 from date of bankruptcy. If a lender decided to not default for more than 12 months or the debts arent ue wheres the harm?

Well you'd not usually go BR without first being defaulted so like anything, a DN is the most severe entry and after exhaustion then it disappears forever. The BR entry is separate and will be visible for 6 years from date of BR so yea, in essence if you didn't go BR for 3 years after you were defaulted there would be 9 years of entries in total. To be honest when you go BR then your credit file really isn't that relevant - people who go BR don't generally want to get into the same mess again!

In this case, going BR may be the best option but it depends on excess income - so if there is a lot of money left each month then why risk losing it to the BR when you may as well try and agree a settlement yourself for cheaper? Even if you save just a grand - it's still a saving.

[Never-In-Doubt]

Re: Help and advice for debt of over £80k+

Thanks again Niddy (chatting to you on my other post too ��). I'm 95% certain that £50 was added to the loan as we definitely didn't have an extra £50 to pay upfront... it wasn't a courier as far as I could tell, just your average jo (no logos on personal car that turned up)...

They were called couriers, but weren't necessarily UPS lol - it basically means a doorstep visit on behalf of the lender, a courier!

[SXGuy]

Re: Help and advice for debt of over £80k+

Well you'd not usually go BR without first being defaulted so like anything, a DN is the most severe entry and after exhaustion then it disappears forever. The BR entry is separate and will be visible for 6 years from date of BR so yea, in essence if you didn't go BR for 3 years after you were defaulted there would be 9 years of entries in total. To be honest when you go BR then your credit file really isn't that relevant - people who go BR don't generally want to get into the same mess again!

In this case, going BR may be the best option but it depends on excess income - so if there is a lot of money left each month then why risk losing it to the BR when you may as well try and agree a settlement yourself for cheaper? Even if you save just a grand - it's still a saving.

Good point. Excess income would be saved by not going br.

[Frosty873]

Re: Help and advice for debt of over £80k+

Aaah - so this cannot utilise s.127 (3) as it was repealed 04/2007. We'd be 100% reliant on other material factors - such as a bad DN. So I suggest you save as much as you can, and if this gets nasty with legal threats then maybe it might be time to make an offer to settle. We can help with that, to get a better settlement if necessary.

Don't worry too much, you can always mediate before any CCJ is granted so plenty of options and time to find fault.

* If the person was a courier and the lender does not have a licence to canvas off site then that could be an issue - HBOS used to do it and we've beat them a few times on this, however mostly they were accounts opened before 2007. Plus if the £50 fee was added to the loan then it would be an issue - it should be paid separately.

**update** Just spoke to the FCA 'hypothetically' as Tesco do NOT and never have had a license to canvass off trade premises, is this good news? I just checked looking at their website: http://fca-consumer-credit-interim.f...rSearchPageNew

- - - Updated - - -

They were called couriers, but weren't necessarily UPS lol - it basically means a doorstep visit on behalf of the lender, a courier!

See my last post!

[Never-In-Doubt]

Re: Help and advice for debt of over £80k+

**update** Just spoke to the FCA 'hypothetically' as Tesco do NOT and never have had a license to canvass off trade premises, is this good news? I just checked looking at their website: http://fca-consumer-credit-interim.f...rSearchPageNew

- - - Updated - - -



See my last post!

dont waste your time / overly worry. It won't help.

My point is specific if a claim is issued. As said it's not as simple as just checking if they can just canvas off site. In essence we need to prove the courier was their agent - the argument arises because in a bank at the point of signature, if you were uncertain of something you could ask. Then sign. With these couriers, they're not authorised to give financial advice.

Its a legal argument. Nothing to do with CCA. Pointless ringing FCA - I (and my colleagues here) can answer most queries you'll have in a been there, done it kinda way.

Edit - whatever you do, don't tell the lender / DCA about this or the £50 fee! Keep it up your sleeve.

[Frosty873]

Re: Help and advice for debt of over £80k+

dont waste your time / overly worry. It won't help.

My point is specific if a claim is issued. As said it's not as simple as just checking if they can just canvas off site. In essence we need to prove the courier was their agent - the argument arises because in a bank at the point of signature, if you were uncertain of something you could ask. Then sign. With these couriers, they're not authorised to give financial advice.

Its a legal argument. Nothing to do with CCA. Pointless ringing FCA - I (and my colleagues here) can answer most queries you'll have in a been there, done it kinda way.

Edit - whatever you do, don't tell the lender / DCA about this or the £50 fee! Keep it up your sleeve.

Ahh I was getting overly optimistic that the potential breech might have in some way invalidated the credit agreement

FYI - it says on Tesco's website that they charge this £50 on the first loan payment they take out, so they are still doing his. Anyway as we've said before, waiting for that lovely default notice and then we'll request the CCA to buy some time and I'll send over to you once we've got them

[davidm]

hi frosty 873 welcome to our club .i came here with a similar situation ,and have recieved help and advice from all the great people on here .and now im in a better place ,and hope you will be soon .

[Frosty873]

hi frosty 873 welcome to our club .i came here with a similar situation ,and have recieved help and advice from all the great people on here .and now im in a better place ,and hope you will be soon .

Thanks davidm - feeling a little better about it all but waiting for the storm. Hoping to be debt free within the next 18 months by saving up each month and then making offers in the future

[Frosty873]

I realise I've been a little quiet on here as there isn't really much to report back at the minute. Finally received default notices for a few of the credit agreements, so just about to pop CCA requests in the post for the LLoyds credit card, 118 118 loan, Bamboo loan, Lending stream and quickquid payday loans, the new look card and marbles credit card. I've subscribed to the AAD+ but I'm struggling to find the alternative to a CCA request for overdrafts (cant remember what its called) would someone be able to point me in the right direction? I will update all of the separate diary entries very soon. Thanks I advance for the help x

[nightwatch]

think it comes under Bank account request, in the CCA template section there is a 1 & 2 so read them both and see which one applies, any questions come back and ask x

[Never-In-Doubt]

Here -> https://www.all-about-debt.co.uk/for...ca-information

its a sticky in the UE diaries.