Credit Card Debts...Advice Please

[Susiebling365]

Good Evening, I am posting on behalf of my daughter who is now in the middle of her financial settlement, and needing my support. Without going into the details, during her marriage she built up debt with three credit cards, all part of the marital problems at the time. However its reached a point now whereby action is needed , money is very tight , solicitors are extortionate and we have decided to go the last part of the distance without them .

She considered consolidation loans, those debt managers, even bankruptcy but I suggested seeing what the position is with the agreements first on here.We have sent for two agreements using the templates on here, and are going to go for the third. At the moment she is paying regularly , but only the minimum payment or just a few quid more each month, the situation is getting too much though, and she did wonder if she could request lower payments. Actually we are just going round in circles and so , I am on here as I know it will be the best honest advice for her to decide, I hope its ok for me to do this on her behalf, as I have some clue as to how the site works, and at the moment her heads in the shed.

So here goes, I will do three different posts as everyone else seems to , First of all I am going to upload the Co op agreement for Niddy to look at if he would. It was a devil to scan as the print was so tiny .

[Susiebling365]

Re: Credit Card Debts...Advice Please

The agreement I have just sent to Niddy is for the Co operative Bank
Type : Credit Card
Date Started : 4th September 1997
Approx Balance :£4301.58 as at Dec 2016
Payments. Minimum payments and to date are being paid each month
Account still with Co operative Bank
My daughter did have her current account also with the Co op but has now moved it
This account is enforceable , we need to consider how to handle this , what the options are

February 17 Stopped the DD after much deliberation, and need take back control.

[Susiebling365]

Re: Credit Card Debts...Advice Please

Cahoot / Santander

The second debt is a Cahoot credit card and I could do with some feed back on this one. We sent the CCA request at the same time as the Co op. December 16th and so far all we have had back is the attached letter. My daughter contacted them again as we were a bit confused at the lack of an account number, and she was also after some statements for the settlement. That was an email reply and to date nothing has appeared.

What in your opinions should we do. I did think to request the agreement again to the adress she mentioned on the letter. ? But surely they should pass the request on.. Bit confused on that one .

So for that one.

Type ; Credit card
Date started : not sure as not received agreement , it was a long time ago.
Approx Balance £7826.38
Payments: Being paid each month on mimimum amount due.

January: My daughter has stopped the DD.

[cymruambyth]

Re: Credit Card Debts...Advice Please

I wouldn't request the agreement again as they are in breach; I'm almost certain that you will find that if you ever receive an agreement fir Cahoot it will be UE. It's up to your daughter as to how she proceeds- is she up to another battle or a distraction from the divorce? As long as she is paying they will be reporting to the CRAs and the accounts will never go away.

[nanna58]

Re: Credit Card Debts...Advice Please

Hugs to your daughter and good luck x

[Susiebling365]

Re: Credit Card Debts...Advice Please

Thank you, both. Can I ask.... So if she stops paying , and defaults... do they stop reporting to the CRA s? Cahoot is the biggest and the £200 she pays them could pay off the loans friends have given her towards solicitors bills. We have called a halt on them and diy...ing to prevent further debt... another story lol... oh the joys !!!!

[cymruambyth]

Re: Credit Card Debts...Advice Please

They will report for 6 years, so her credit record will be shot. It's her decision; they could be unenforceable, so why pay if the money could help elsewhere. We cannot tell her what to do, just give her different options. It really depends on whether she feels strong enough to deal with everything that will be thrown at her!

[Pixie]

Re: Credit Card Debts...Advice Please

If I were her I'd stop paying all of them if she doesn't mind her credit rating going down the pan for a few years. I think most of us have found out the hard way that making just minimum payments just prolongs the pain and the debt doesn't get much less. Defaulting and terminating the account means that interest stops being added.

Once the defaults are on the CRAs they are there for 6 years and even if she requests lower payments and they accept they will default her anyway.

As for the response from Cahoot, there's no need to send anything as they're in default of her CCA request.

Good luck to your daughter whatever she decides to do. If she decides to stop paying and go down the UE route we're here to help.

[Susiebling365]

Re: Credit Card Debts...Advice Please

Thank you both, and I know the score lol... but its better "opinions" here than elsewhere. I feel here you begin to take control. So she is going to stop the DD to Cahoot for starters. and that means she can repay her 2 close friends for helping with the divorce costs.Her credit rating is rubbish anyways but at least this way there will be an end in sight. We have Co op ( gone to Niddy) agreement to be checked yet and going to go for the Lloyds one, as may as well..

[Susiebling365]

Re: Credit Card Debts...Advice Please

Another question on the Cahoot CC account it was attached to a current account which she has now moved to Nat West, However there is still £100 owing in that on the overdraft as with moving somehow they got hold of it. She has asked them to close the account but got no joy and has told Nat West not to respond to any requests for payment. In your opinion how should she handle this little overdraft and the fact they won t close the account.?

Also Niddy is of the opinion the Co op debt is enforceable although it was a terrible copy, I struggled trying to make that readable for him. I did wonder to ask for a better copy ? I will have to read more to see how people handle the enforceable ones, but I think she is going to go for not paying any of them and getting control back ... they are so old .....

[Susiebling365]

Re: Credit Card Debts...Advice Please

Another question on the Cahoot CC account it was attached to a current account which she has now moved to Nat West, However there is still £100 owing in that on the overdraft as with moving somehow they got hold of it. She has asked them to close the account but got no joy and has told Nat West not to respond to any requests for payment. In your opinion how should she handle this little overdraft and the fact they won t close the account.?

.....

It appears that this overdraft was a freebie when the account was opened ? The £100 ? So when she rang to query it the answer was that the account was in credit. Its all a bit strange so going to just let this hang for a while.

[cymruambyth]

Re: Credit Card Debts...Advice Please

Without knowing exactly which account it is, a lot of cahoot accounts were set up as a credit/bank account and ......

[oscar]

Re: Credit Card Debts...Advice Please

Not sure if this helps, I have a CC with Cahoot, who when I told them I was in difficulties, allowed me to reduce my payment, and stopped ALL interest on the account without even putting up a fight.

I know this probably wont matter in the long term, but they also haven't reported it as an arrangement to the CRAs so looks like normal repayments.

[Susiebling365]

Re: Credit Card Debts...Advice Please

Without knowing exactly which account it is, a lot of cahoot accounts were set up as a credit/bank account and ......

I think that must of been what she had as there is a current account attached to it. It sounds very strange when her first £100 is free ( of a £500) overdraft, and they seemed very vague when she rang, so we leaving it for now. She is so impressed of this site....

[Susiebling365]

Re: Credit Card Debts...Advice Please

Thats reassurring Oscar, and it seems a very lacksa dasical firm, but as this was her biggest debt its a big help to stop paying , as is the decision to DIY the remainder of the divorce, There should be some light at the end but we will creep and go ... lol

There is one more small debt I am sending CCA, and that is Lloyds who are my pet hate !!!