Decision Time

[julian]

Re: Decision Time

Managing debt and UE, it is like learning to swim. You have to re-learn to breathe and trust you are supported. The CCA will show you what your options are and the guys here will assist you in achieving what you feel is best. It will only get better.

God luck.

[dontknow]

Re: Decision Time

Hi dontknow,
Welcome to AAD from me too

Sorry to read about your situation and the impact it's had on your health. I hope we can help to make things better for you.

I note that your last payment was in May. Have they now defaulted and terminated the account?
(The sooner the better in terms of interest and charges ceasing, and the sooner it will drop of your credit file)

Elsa x

Hi, I've not received a default notice yet (I don't think) just a statement telling me how much to pay and when. It also says "default sum notice £12.00" on the next page. Account is suspended so I guess it's not terminated yet.

[Undercover Elsa]

Re: Decision Time

Hi,
By suspended do you mean that they've just cancelled the card? Or have they frozen interest and charges?

Sorry about all the questions, I just need to establish exactly what stage you're at.

You've obviously done your homework on the forum about the UE process, so you understand that stopping paying will affect your credit record for 6 years from the date the default is registered with the Credit Reference Agencies? In terms of it eventually becoming Statute Barred (after 6 years or 5 years in Scotland), the clock probably starts in your case the day after the first missed contractual payment, so keep a record of that while it's still fresh in your mind

So, If they haven't defaulted/terminated yet I personally would hold off on the CCA Request until they've done that so as not to delay the default process.
Don't worry if you've sent it already though, we're only talking the difference of a few weeks.

I was where you are over six years ago, my income suddenly dropped and I could only pay priority bills with difficulty. There's no shame in it, it happens but it's bound to make you anxious and stressed. By joining AAD you'll realise as I did that you're not alone in this, we help each other. We all have our story to tell, we understand and we never judge. That's what got me through it, and all but one of my debts are now Statute Barred.

Let us know anything and everything they send you, and (golden rule alert) never speak to them on the phone. Keep everything in writing from now on.

Elsa x

[dontknow]

Re: Decision Time

Hi all,

I used the title "Decision Time" for my post because I've come to a fork in the road. At
the moment it is still my decision as to which path to take but I know it won't stay that way
for long. I would like to ask what you would do if you had the following circumstances to
consider.

You had £15,000+ debt with 1 creditor (credit card) and this was your only debt other
than your mortgage which is up to date

You didn't have any CCJ's or DN's, at all, but had missed 3 payments (is my credit file
already shot)

You were on benefits becuase of illness but are hoping that this will change soon but
are still having consider the consequences if they don't change

Your normal monthly repayment would be approx £350 pm (unaffordable) but you
could offer a smaller amount such as £50 (would a lender accept this offer and if so for
how long)

I think that I might just be kicking the ball down the road and I know both paths are going
to be long. I know it has to be my decision but members here have vast experience in
these matters and their input might untangle my mind a little.

Thanks

[dontknow]

Re: Decision Time

Hi,
By suspended do you mean that they've just cancelled the card? Or have they frozen interest and charges?

Sorry about all the questions, I just need to establish exactly what stage you're at.

You've obviously done your homework on the forum about the UE process, so you understand that stopping paying will affect your credit record for 6 years from the date the default is registered with the Credit Reference Agencies? In terms of it eventually becoming Statute Barred (after 6 years or 5 years in Scotland), the clock probably starts in your case the day after the first missed contractual payment, so keep a record of that while it's still fresh in your mind

So, If they haven't defaulted/terminated yet I personally would hold off on the CCA Request until they've done that so as not to delay the default process.
Don't worry if you've sent it already though, we're only talking the difference of a few weeks.

I was where you are over six years ago, my income suddenly dropped and I could only pay priority bills with difficulty. There's no shame in it, it happens but it's bound to make you anxious and stressed. By joining AAD you'll realise as I did that you're not alone in this, we help each other. We all have our story to tell, we understand and we never judge. That's what got me through it, and all but one of my debts are now Statute Barred.

Let us know anything and everything they send you, and (golden rule alert) never speak to them on the phone. Keep everything in writing from now on.

Elsa x

Hi,
It's just suspended "can't use your car until payments are brought up to date"

[SaltnVinegar]

Re: Decision Time

Hi Dontknow

Welcome to AAD!

Sounds like you've read all the right sections to get you started. Something that you may have missed which you should consider is that making a CCA request is a LEGAL RIGHT that you have as a consumer, regardless of how the creditor responds.

So sending a CCA request is a little like dipping your toe in the water. It will give the creditor an indication that there may be trouble ahead, however they cannot assume that as providing you with this documentation is something they legally have to do regardless of whether they think you are going to stop paying or not.

Depending on how they respond, you can then take the next step.

So get your CCA request sent off and lets hope they have not been very good with their paperwork

[SaltnVinegar]

Re: Decision Time

Hi all,

I used the title "Decision Time" for my post because I've come to a fork in the road. At
the moment it is still my decision as to which path to take but I know it won't stay that way
for long. I would like to ask what you would do if you had the following circumstances to
consider.

You had £15,000+ debt with 1 creditor (credit card) and this was your only debt other
than your mortgage which is up to date

You didn't have any CCJ's or DN's, at all, but had missed 3 payments (is my credit file
already shot)

You were on benefits becuase of illness but are hoping that this will change soon but
are still having consider the consequences if they don't change

Your normal monthly repayment would be approx £350 pm (unaffordable) but you
could offer a smaller amount such as £50 (would a lender accept this offer and if so for
how long)

I think that I might just be kicking the ball down the road and I know both paths are going
to be long. I know it has to be my decision but members here have vast experience in
these matters and their input might untangle my mind a little.

Thanks

See my previous post - sending a CCA request is a legal right that you have as a consumer. You can send the request off, and then make a decision on your questions above based on how your creditor has responded.

As you are a home owner there are additional considerations. How long do you have left on your mortgage? Is there equity on your property?

[dontknow]

Re: Decision Time

Hi'
Interest is still being added so are charges. I'll upload or email my last statement if it will help but at this early stage I will remove my details if ok.

[dontknow]

Re: Decision Time

See my previous post - sending a CCA request is a legal right that you have as a consumer. You can send the request off, and then make a decision on your questions above based on how your creditor has responded.

As you are a home owner there are additional considerations. How long do you have left on your mortgage? Is there equity on your property?

Hi'
Mortgage has not many years to go and yes there is equity. (Am verging on giving too much detail I think)

[dontknow]

Re: Decision Time

Wow, I was just going put up a post and come back later to read the replies. What time do you lot get up? I thought I was the only person that got up before the crack of a sparrows fart!

[SaltnVinegar]

Re: Decision Time

Interest is still being added so are charges. I'll upload or email my last statement if it will help but at this early stage I will remove my details if ok.

I'm assuming you mean this is for the credit card account? If so then this is 'normal' behaviour for these companies. Have you had any correspondence with them, informed them you're in financial difficulty, tried to come to a payment arrangement that sort of thing?

Mortgage has not many years to go and yes there is equity. (Am verging on giving too much detail I think)

No that level of detail is fine (and does nothing to identify you so don't worry about that), but your honesty is important. Everything almost always comes down to risk. If you have your own property, and there is equity in that property, then this is a risk we need to be aware of as it can influence a creditors behaviour, or more importantly, it can influence the decisions you need to make. If you don't give us all the information about your circumstances then it can make things difficult later on so best to get everything out in the open.

We've probably seen everything here, and no-one is going to be judgemental, so don't feel you need to hide things or be embarassed about anything

Wow, I was just going put up a post and come back later to read the replies. What time do you lot get up? I thought I was the only person that got up before the crack of a sparrows fart!

We all keep odd hours! Theres almost always someone about

[MrsD]

Re: Decision Time

it's a straightforward choice, if they go on to accept an arrangement to pay, it will show on your credit record until six years after it is completed, so still has a huge impact, mostly because it goes on for years, decades in some cases.
If you default, it goes six years from the default date and disappears

So essentially how important is your credit record to you, (personally I don't give a fig for ours) How long has your mortgage got? will you want to change it in the future (more difficult with a shot credit file) or are you content to pay it down and not use credit.

Your credit record is what the banks hold you to ransom with, they want you to care greatly, the question always is do you really?
We haven't used credit for over 5 years, our debts are now SB and we don't need credit, we still live a very satisfactory life but one the huge burden of the debt was lifted (ie we stopped paying) we were able to function quite well without credit. (which is why bailing out Greece will never work.............I digress)

It's not a decision anyone else can make for you, it's entirely up to you but needs careful thought and a lot of research so that you are exactly aware of all the implications for you and your family, we'll help you through but it's still ultimately you who will be pursuing ue so you need to be sure.

[Undercover Elsa]

Re: Decision Time

Hi'
Interest is still being added so are charges. I'll upload or email my last statement if it will help but at this early stage I will remove my details if ok.

No that's fine, no need to upload it. The interest/charges would stop as soon as the account is terminated. If they agreed to a payment plan they may or may not agree to suspend interest, and as MrsD says it would impact on your credit file for much longer. The only course of action which will help your credit file at this stage is paying the arrears and resuming full contractual payments, sadly.
I too have lived without credit for 6 years and even now that I could probably get it, I wouldn't.

Wow, I was just going put up a post and come back later to read the replies. What time do you lot get up? I thought I was the only person that got up before the crack of a sparrows fart!

I'm here at 6am every morning

[dontknow]

Re: Decision Time

i

I'm assuming you mean this is for the credit card account? If so then this is 'normal' behaviour for these companies. Have you had any correspondence with them, informed them you're in financial difficulty, tried to come to a payment arrangement that sort of thing?



No that level of detail is fine (and does nothing to identify you so don't worry about that), but your honesty is important. Everything almost always comes down to risk. If you have your own property, and there is equity in that property, then this is a risk we need to be aware of as it can influence a creditors behaviour, or more importantly, it can influence the decisions you need to make. If you don't give us all the information about your circumstances then it can make things difficult later on so best to get everything out in the open.

We've probably seen everything here, and no-one is going to be judgemental, so don't feel you need to hide things or be embarassed about anything



We all keep odd hours! Theres almost always someone about

Yes credit card.

I am being honest but at the moment I'm just dipping my toe in the water. If/when required I'll jump I with both feet.

I'm not ashamed about this debt I'm angry about it.

I am worried about equity and the possibility of bankruptcy but thought UE mean just that. Can someone without a valid agreement still petition for bankruptcy?

[dontknow]

Re: Decision Time

it's a straightforward choice, if they go on to accept an arrangement to pay, it will show on your credit record until six years after it is completed, so still has a huge impact, mostly because it goes on for years, decades in some cases.
If you default, it goes six years from the default date and disappears

So essentially how important is your credit record to you, (personally I don't give a fig for ours) How long has your mortgage got? will you want to change it in the future (more difficult with a shot credit file) or are you content to pay it down and not use credit.

Your credit record is what the banks hold you to ransom with, they want you to care greatly, the question always is do you really?
We haven't used credit for over 5 years, our debts are now SB and we don't need credit, we still live a very satisfactory life but one the huge burden of the debt was lifted (ie we stopped paying) we were able to function quite well without credit. (which is why bailing out Greece will never work.............I digress)

It's not a decision anyone else can make for you, it's entirely up to you but needs careful thought and a lot of research so that you are exactly aware of all the implications for you and your family, we'll help you through but it's still ultimately you who will be pursuing ue so you need to be sure.

So my credit rating is screwed which ever way I go? That is something I hadn't thought about and kind of makes my decision easier. I'm going to send CCA request off today.