Is it worth it?

[fiscalfool]

My Diary can be found here: ---> FiscalFool's UE Diary - and General Journal!

Hi, new poster

Been a long time reader and occasional poster over at MSE, until SunnyLooLoo sent me a link for here !

My finances are in a mess! I'm currently in a DMP with PayPlan, but when I've moved in a months time I am planning on an IVA or BR ... after seeking some advice of course.

Now, my creditors are:

Barclaycard - Had for years @ £3k
Barclaycard Premier - Had since 2009 @ £12k
Egg Credit Card - Had for quite some time @ £12k
Cahoot - flexible loan @ £15k (since the buggers wont freeze the interest!)

Outside of this, I have a Personal Finance Car loan with Santander with £15k remaining, had a redemption figure of £13k recently, but really the car has just been valued at £6.5k. The car costs a fortune to run, and I'm sorely tempted to try and ditch it, and get something far cheaper/economical.

I think I've been issued defaults for the first three now, and the Barclaycard Premier has been sold to a Debt Collection company, who are happy with my DMP payments.

My main residence is due to be sold shortly as it was joint ownership with my ex. I have another property that is negative equity and costs me to have a tenant living there.

Soooo ... in it's current form, I'm considering IVA or BR.

BUT ... if I can get rid of the Egg Card AND/OR Cahoot loan due to UE, then that would make a significant difference.

Now ... I don't recall having any PPI for any of these cards. Plus I know Santander are meticulous for keeping Signatures on record.

So ... should I bother trying? After proving UE, how easy is it to get the debt annulled?

TIA

[Never-In-Doubt]

Re: Is it worth it?

Hi & Welcome,

Debt does not get annulled in cases of UE - it just means they cannot enforce it in court!

Try having a read over here for info: ---> UPDATED - A Full Guide to Unenforceability

[Never-In-Doubt]

Re: Is it worth it?

Have you requested the CCA's of the accounts in question?

It may be an idea to list the info necessary - see this: ---> http://forums.all-about-debt.co.uk/s...22&postcount=2

[LooLoo]

Re: Is it worth it?

Hi Fiscal and welcome.

I see Nid has been on already - you are in seriously good hands with him.

I found it really helpful to have a read of other peoples UE diary's to help you come to a decision.

Wishing you the best of luck with whatever you decide to do.

SLL

[fiscalfool]

Re: Is it worth it?

Hi Niddy,

Thanks for the replies. No, I haven't commenced anything with regards to UE yet. I had contemplated it about a year ago, but not done anything.

I think it was being unsure that:
1) Would they be unenforceable?
2) If so, how easy was it to prove?
3) What arguments and procedure would follow?
4) Was it a simple affair?!


So ... if they are not annulled, but are not enforceable in court. What happens to them? How do you stop paying for them without being chased? Can you remove them from credit record?

Just had a read through of your Guide, which is excellent ... but I can't see what to do once I prove it is unenforceable.

[fiscalfool]

Re: Is it worth it?

Hi Fiscal and welcome.

I see Nid has been on already - you are in seriously good hands with him.

I found it really helpful to have a read of other peoples UE diary's to help you come to a decision.

Wishing you the best of luck with whatever you decide to do.

SLL

Thanks for the welcome.

Well for my mind, if I'm thinking of canning the DMP and taking a more serious option, then there is no point paying for debt that I shouldn't! Yes ok, some people see it as escaping debt through loopholes ... but I'm now at a stage where I need to do something about it.

Thus UE might mean I can actually make a meaningful dent on my debt via a DMP instead of a more harmful IVA or BR.

Niddy ... I'm all ears ... your help is most appreciated sir!

[Never-In-Doubt]

Re: Is it worth it?

Hi Niddy,

Thanks for the replies. No, I haven't commenced anything with regards to UE yet. I had contemplated it about a year ago, but not done anything.

I think it was being unsure that:
1) Would they be unenforceable?
2) If so, how easy was it to prove?
3) What arguments and procedure would follow?
4) Was it a simple affair?!

So ... if they are not annulled, but are not enforceable in court. What happens to them? How do you stop paying for them without being chased? Can you remove them from credit record?

Just had a read through of your Guide, which is excellent ... but I can't see what to do once I prove it is unenforceable.

It sits in limbo - that is what unenforceable means - ie they cannot enforce it! They still chase you and make silly threats but all you do is ignore them, cos you KNOW they cannot take it further.

After 6yrs from date of default the entry is gone from your credit file. Nothing you can do for the 6yrs mind, however you'll not be paying money back will you so it doesn't matter too much about your credit files - surely you learn from this and don't want credit again...?

Unenforceability is what is the last straw before BR/IVA - ie nothing to lose. Its not a get out of debt quick scheme..... the does still exists and the dca's still chase you, but the thing is - that is all they can do!

[LooLoo]

Re: Is it worth it?

Thanks for the welcome.

Well for my mind, if I'm thinking of canning the DMP and taking a more serious option, then there is no point paying for debt that I shouldn't! Yes ok, some people see it as escaping debt through loopholes ... but I'm now at a stage where I need to do something about it.

Thus UE might mean I can actually make a meaningful dent on my debt via a DMP instead of a more harmful IVA or BR.

Niddy ... I'm all ears ... your help is most appreciated sir!

The thing is I was "happy" paying my DMP and I would have continued but certain creditors started playing silly beggers............

I had been on the cusp of BR for a long while and did lots and lots of research as at one point I thought it was my only option.

As you can see from the UE diaries UE is def not the easy option and you will see you will not get judged here at all whatever decision you make - we are all in or have been in similar situations and the one good thing here is you will find a great support network which makes a huge difference, o yeah and we have Niddy!!

[fiscalfool]

Re: Is it worth it?

It sits in limbo - that is what unenforceable means - ie they cannot enforce it! They still chase you and make silly threats but all you do is ignore them, cos you KNOW they cannot take it further.

After 6yrs from date of default the entry is gone from your credit file. Nothing you can do for the 6yrs mind, however you'll not be paying money back will you so it doesn't matter too much about your credit files - surely you learn from this and don't want credit again...?

Unenforceability is what is the last straw before BR/IVA - ie nothing to lose. Its not a get out of debt quick scheme..... the does still exists and the dca's still chase you, but the thing is - that is all they can do!

Ah right ... so once I prove it is unenforceable they can chase for 6 years, meanwhile I don't pay a thing, and after which I apply to get it removed from my credit record.

So ... after the 6 years, do they stop calling?

A friend did UE, and went to his solicitor. Was this to get the UE rubber stamped?

I'm struggling with the procedure ... sorry! Do they have to acknowledge that it's not enforceable? Else they could take me to court to say "Yes, it's enforceable" and I'd say "No it's not". Then the court could side with them.

Confused!

Credit ... no thanks. I'd rather save for anything I want now. Even sceptical about buying a house again! If I do, it will be on my own, that's for sure!

[Never-In-Doubt]

Re: Is it worth it?

Ah right ... so once I prove it is unenforceable they can chase for 6 years, meanwhile I don't pay a thing, and after which I apply to get it removed from my credit record.

You ignore it and then after 6yrs is it automatically erased.... you do nothing, other than forget about it - BUT you miss the point, you cannot "prove" anything - the lenders always say it is enforceable and even make agreements to use (ie recons), therefore you need to read some of the diaries to learn more about the process. You go round in circles for a year, then it goes quiet for a bit then you get some more chasers etc etc

So ... after the 6 years, do they stop calling?

We have templates to warn them about calling, but they ignore them lol. They stop calling after a year of no contact so if you are moving, get a mail redirect and then don't tell them you've moved and they will obviously leave you alone!

A friend did UE, and went to his solicitor. Was this to get the UE rubber stamped?

No, your friend was a pleb - sorry, but solicitors are useless in cases of UE as you never go to court - unless you want the judge to throw the Carey case at you (ie you lose before you walk in).... Read my announcement earlier today, in the main category - this is a judgment that we - the consumer - won! Few and far between at the moment though. However it may set presendent....

I'm struggling with the procedure ... sorry! Do they have to acknowledge that it's not enforceable? Else they could take me to court to say "Yes, it's enforceable" and I'd say "No it's not". Then the court could side with them.

see above comments - you need to read, and read more - its all here, sorry you're asking questions that are answered everywhere in the diaries section - please visit this and read some random ones.....

Confused!

you don't need to be, i'm around and sort most the UE stuff for you....

Credit ... no thanks. I'd rather save for anything I want now. Even sceptical about buying a house again! If I do, it will be on my own, that's for sure!

Good man

[fiscalfool]

Re: Is it worth it?

Ok thank you ... sorry to ask numpty questions!

I'll have a read, and then get back to you. Certainly up for this challenge!

[Gerry]

Re: Is it worth it?

Ok thank you ... sorry to ask numpty questions!

I'll have a read, and then get back to you. Certainly up for this challenge!

Hi ff

Nobody will notice there's plenty of numpties on here (myself included)..

gerry x

[Never-In-Doubt]

Re: Is it worth it?

Ok thank you ... sorry to ask numpty questions!

I'll have a read, and then get back to you. Certainly up for this challenge!

Hiya

Its not daft questions, its more we like people to go and read - that way they know 100% if it is right for them, cos some diaries will scare you - others will fill you with anger and some will make you happy....

We also have a legal section, that covers court cases so you can also see what and who takes you to court - and from the diaries you'll see who make threats, and what they don't do about them

This smiley was made for DCA's

[fiscalfool]

Re: Is it worth it?

hahah ...

I've just read Pixie's Diary, and SunnyLooLoo's diary. Any other suitable ones?

I can see that once it's been deemed unenforceable, that for a while it's calls and letters from various 3rd parties using scare tactics. But rebutted with various letters.

I'm up for the challenge, I'll start a diary shortly.

[LooLoo]

Re: Is it worth it?

Don't worry Fiscal I was a total irritant asking loads and loads of questions... and ahem still do!!

To be honest all of the diaries tell a different story, so just pick a few a random and I normally try and keep up with the ones with most recent posts.

Def a good idea to start your own diary.

Also don't forget that amidst all this there are also some other fun/chat threads so don't think it is all doom and gloom and also some intersting articles in the blog part of the site.