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  • Could really use some help and advice.

    My son is typing this out on my behalf, I'm not very good with the internet.

    I'm 87 and have two (relatively) young children from a second marriage, they are both in there mid twenties, I had them very late in life. Their mother passed away from cancer when the youngest was 12 leaving only me to look after them. I very quickly got my self in to a lot of debt around £55,000 worth using credit cards and by taking out several bank loans.

    Long story short, I had gotten my self in deep water and started the cycle of using credit cards to pay off the other credit cards minimums; I knew this couldn't continue for much longer.

    I got in touch with a debt management company who facilitated a repayment plan of £1020 per month, I was able to make this payment for a while as I was still working. I have a skill set which is highly sought after and so I am still able to work even in old age.

    I really wanted to retire but simply couldn't due to still having a mortgage (£160,000) and all of these debts to pay for. The payment plan continued for a while but obviously at my age I had no choice but to slow down, £1020 per month was no longer possible. I contacted the DMP company again and managed to renegotiate my monthly payments down to £350 per month.

    Six years later, where am I now?

    I'm 87 now and working is clearly no longer an option for me, my mind is sound but my body is failing me.

    £35,174 of the £55,000 debt has been repaid leaving a remaining debt of £19,826.

    My income has recently dropped significantly, I have a small private pension of £205 P/M and a state pension of £529 P/M, I can only afford 2 more months of repayments, there is just no way I can continue to make payments towards this debt. It will be a ticking time bomb as to when my creditor's start noticing that I am no longer making payments and I really don't know what to do. I feel like this is the calm before the storm.

    Do you think UE may be an option for me?

    My creditors are:
    Idem Capital Securities Ltd
    Wescot Credit Services
    Barclaycard
    Barclays Bank Plc
    Central Debt Collection Services
    Capital One
    Royal Bank of Scotland


    We have obtained some of the account open dates of the credit cards and loans and from what we can see on the credit report 4 of them have account open dates of 1998, 2001, 2001 and 2006. We are unsure about the rest of the accounts as they are not showing up on the credit report for some reason, there are 10 in total.

    Any advice would be really helpful, we could really use it.

    Thank you for taking the time to read this post.
    Last edited by Red88; 15 November 2015, 21:25.

  • #2
    Re: Could really use some help and advice.

    Hello Red88 and a warm to AAD where we do things differently and we're never judgmental. I have 23 debts of my own so I know how it feels.

    Plan B xx
    I don't give advice, I share wisdom. Whenever the chips are down there's always a Plan B

    I'm a fully qualified mother which is the hardest exam I've ever sat. I have other more formal qualifications which are less important

    Comment


    • #3
      Re: Could really use some help and advice.

      Originally posted by Red88 View Post
      Do you think UE may be an option for me?

      My creditors are:
      Idem Capital Securities Ltd
      Wescot Credit Services
      Barclaycard
      Barclays Bank Plc
      Central Debt Collection Services
      Capital One
      Royal Bank of Scotland


      We have obtained some of the account open dates of the credit cards and loans and from what we can see on the credit report 4 of them have account open dates of 1998, 2001, 2001 and 2006. We are unsure about the rest of the accounts as they are not showing up on the credit report for some reason, there are 10 in total.
      Based on what you have said so far "UE" may well be an option for you but we'll need a little bit more information.

      You must protect the roof over your head so tell us a bit more about your mortgage situation. Most UK mortgage terms finish at the age of 70 so if you have a mortgage/loan with an expiry date beyond your retirement age (you say you are currently 87) then please fill us in.

      Originally posted by Red88 View Post
      I really wanted to retire but simply couldn't due to still having a mortgage (£160,000)
      Plan B xx
      I don't give advice, I share wisdom. Whenever the chips are down there's always a Plan B

      I'm a fully qualified mother which is the hardest exam I've ever sat. I have other more formal qualifications which are less important

      Comment


      • #4
        Re: Could really use some help and advice.

        regardless of anything else, it's quite plain that you simply can't be expected to pay any more to the DMP. I would stop it now. Who is it with, is it a charity or is it a paid for service? I can't start to convey my fury at anyone at all encouraging to take a DMP at your age, it's pretty despicable.

        welcome to AAD, we will be able to help you, we'll have to ask a lot of questions but we will work out a way forward for you.

        xx

        Comment


        • #5
          Re: Could really use some help and advice.

          Originally posted by MrsD View Post
          it's quite plain that you simply can't be expected to pay any more to the DMP. I would stop it now. Who is it with, is it a charity or is it a paid for service? I can't start to convey my fury at anyone at all encouraging to take a DMP at your age, it's pretty despicable.
          I couldn't agree more MrsD.

          Plan B x
          I don't give advice, I share wisdom. Whenever the chips are down there's always a Plan B

          I'm a fully qualified mother which is the hardest exam I've ever sat. I have other more formal qualifications which are less important

          Comment


          • #6
            Re: Could really use some help and advice.

            Originally posted by PlanB View Post
            Based on what you have said so far "UE" may well be an option for you but we'll need a little bit more information.

            You must protect the roof over your head so tell us a bit more about your mortgage situation. Most UK mortgage terms finish at the age of 70 so if you have a mortgage/loan with an expiry date beyond your retirement age (you say you are currently 87) then please fill us in.



            Plan B xx
            Thank you for the warm welcome.

            I sold the house that I lived in and downsized to a flat which allowed me to completely pay off the mortgage. Thankfully this was completed last year in June, I am very glad about this as it was another huge worry.
            Last edited by Red88; 18 November 2015, 15:42.

            Comment


            • #7
              Re: Could really use some help and advice.

              Originally posted by MrsD View Post
              regardless of anything else, it's quite plain that you simply can't be expected to pay any more to the DMP. I would stop it now. Who is it with, is it a charity or is it a paid for service? I can't start to convey my fury at anyone at all encouraging to take a DMP at your age, it's pretty despicable.

              welcome to AAD, we will be able to help you, we'll have to ask a lot of questions but we will work out a way forward for you.

              xx
              Thank you for the welcome MrsD

              I felt cornered at the time and didn't know what else to do, I thought it was the best option available to me.

              I will answer any questions you may have, I appreciate you taking the time to help.

              It is a paid service, the company is called Money Plus, I spoke to them last week and they take 17.5% of my payment.

              Comment


              • #8
                Re: Could really use some help and advice.

                Originally posted by Red88 View Post
                I sold the house that I lived in and downsized to a flat which allowed me to completely pay off the mortgage. Thankfully this was completed last year in June
                That all makes sense

                Can you clarify whether the new (mortgage free) property/house/flat is now in your sole name?

                Plan B x
                I don't give advice, I share wisdom. Whenever the chips are down there's always a Plan B

                I'm a fully qualified mother which is the hardest exam I've ever sat. I have other more formal qualifications which are less important

                Comment


                • #9
                  Re: Could really use some help and advice.

                  Originally posted by PlanB View Post
                  That all makes sense

                  Can you clarify whether the new (mortgage free) property/house/flat is now in your sole name?

                  Plan B x
                  Hi PlanB, yes the new property (flat) is solely in my name, I am very worried about loosing my home if they can make these unsecured loans secured through court order.

                  Comment


                  • #10
                    Re: Could really use some help and advice.

                    Originally posted by Red88 View Post
                    It is a paid service, the company is called Money Plus, I spoke to them last week and they take 17.5% of my payment.


                    Plan B x
                    I don't give advice, I share wisdom. Whenever the chips are down there's always a Plan B

                    I'm a fully qualified mother which is the hardest exam I've ever sat. I have other more formal qualifications which are less important

                    Comment


                    • #11
                      Re: Could really use some help and advice.

                      Originally posted by PlanB View Post


                      Plan B x
                      nothing more than blood suckers

                      Can you just stop paying them now?

                      Comment


                      • #12
                        Re: Could really use some help and advice.

                        Originally posted by MrsD View Post
                        nothing more than blood suckers

                        Can you just stop paying them now?
                        Whatever happens I can only afford two more payments, I would gladly not give them another penny. If you think it is the best course of action I won't make any further payments. I suppose it is only hastening the inevitable.

                        Unfortunately this month's payment went out last Friday.
                        Last edited by Red88; 18 November 2015, 15:44.

                        Comment


                        • #13
                          Re: Could really use some help and advice.

                          Originally posted by PlanB View Post
                          I couldn't agree more MrsD.


                          Plan B x

                          And no doubt we all would agree to that statement
                          I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                          If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                          Comment


                          • #14
                            Re: Could really use some help and advice.

                            Originally posted by Red88 View Post
                            Whatever happens I can only afford two more payments, I would gladly not give them another penny. If you think it is the best course of action then I won't make any further payments. I suppose it is only hastening the inevitable.

                            Unfortunately this month's payment went out last Friday.

                            http://moneyplus.com/terms-and-condi...ms-conditions/ no penalties for immediate withdrawal

                            Can I just reassure you that quite a lot of us, me included had a DMP and then left it

                            In my case, 6 years ago, my husband and I are now debt free having followed the UE process at AAD.

                            all of our debts are SB(statute barred)

                            Can you find a list of the debts as they were when you entered the DMP?
                            Have any of them been paid off?
                            Are any of them having the absolute bloody cheek to be still charging interest?
                            All of this info should be available on the DMP shysters website, before you close it down you need to get as much info as possible.

                            Comment


                            • #15
                              Re: Could really use some help and advice.

                              Originally posted by Red88 View Post
                              Hi PlanB, yes the new property (flat) is solely in my name, I am very worried about loosing my home
                              If your current home is a flat then this will probably be a leasehold (not freehold) legal situation.

                              A lot will depend on the terms of your lease from now on .

                              Do you pay service charges under the terms of your lease and are these up to date (if you genuinely/legally owe them) so you won't face forfeiture of your lease ?

                              Plan B x
                              I don't give advice, I share wisdom. Whenever the chips are down there's always a Plan B

                              I'm a fully qualified mother which is the hardest exam I've ever sat. I have other more formal qualifications which are less important

                              Comment

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