XX007 - UE Diary - Tomorrow never dies

[XX007]

Thanks for the very kind welcome I have been reading some of the other stories and its cheered me up.

I am very heavily indebt to the tune of £86,500 in 8 different accounts plus a credit card in my wifes name which I still manage to pay to.

Due to my job I need to continue making the effort to keep repayments going so my strategy is to try and reach some kind of final settlement in the future with the card companies.I really want to avoid a CCJ as that could cause me problems.

I have agreed monthly repayments with all ofthe companies which have been going OK for the last few months but I supposethings will change. But I figured if they are leaving me alone that is OK for now.

Two of my cards have had developments though


Type of account Creditcard - Nationwide
Date commenced October 2011
Approx balance £7,040
Date last paid April 2014
Are you on arrangement or not paying – I madean arrangement with them to pay £6 per month
Status default July 2014
Account owner Nationwide recoveries

July 2014 Agreed to my payment of £6 per month and defaulted me after I send income and earnings details.

Around early Feb 2015 they left a message for me to call them back and told me they intendedto take action getting a ccj and putting an order on my house unless I paidthem a lump sum of approx. 70% of my outstanding balance told them I couldn't do this.

February got a letter giving me 7 days to accept adiscount on outstanding balance without prejustice and to call them
17th Februarygot a final notice giving me 14 days to get in touch and make an arrangementbefore court action starts
17th Februarysend a letter asking if I can pay the offer in instalments but not had anyresponse yet

I would imagine this is enforceable and I will need to make some sort of a further arrangement if I want to stop action. I see this as my urgent area at the moment.




Type of account Creditcard - MBNA
Date commenced October 2001
Approx balance £20,700
Date last paid – March 2014
Are you on arrangement or not paying – made anarrangement with MBNA to pay £17 per month which I am continuing to do/ not paid Link anything
Status – default (oct/nov 14)
Account owner Link Financial

May 2014 wentthrough an income and expenditure on the phone when they said they would stopinterest and was then sent a letter saying I could pay £342 per month (Icouldn't then and I still cant)
July 2014send income and expenditure and offered £17 per month
July 2014 sent a letter giving me details to set up a standing order - did not mention anyacceptance of offer
August 2014 send me a notice of variation to my credit card account terms and conditions(not sure this is relevant, but I found it strange)
September 2014 sent default notice
November 2014 sent me a letter saying they were considering selling the debt and would I liketo make an offer (I missed this letter until it was too late)
December 2014 just before Christmas get a letter from MBNA telling me they have sold the debtto Link Financial on the same day I get a letter of assignment from link and I am told they own my debt and to start paying them the agreed £17 which wont bereviewed for 6 months from the assignment
January 2014 send link a cca request and MBNA a SAR
January 2014 link send me a letter saying it will take them 30 days to come up with it
February 2014 MBNA send me load of paperwork for their SAR
February 2014 Link respond to the CCA request.

I suspect this one is not enforceable, I have not paid Link anything so far but still pay MBNA £17 per month. They have not been hassling me yet, I'm not sure how to handle this or just leave it to them to make the next move.

[PlanB]

Re: XX007 - UE Diary - Tomorrow never dies

I'm lovin' your thread title

Plan B x

[SXGuy]

Re: XX007 - UE Diary - Tomorrow never dies

Welcome to the forum. Can I ask. Why are you paying MBNA if they have sold the debt to link? what in your opinion do you hope to achieve by this? I'm surprised MBNA are collecting it since they no longer have any interest in the debt. What was sent back in the CCA Request to make you believe it's not enforceable? Many aren't however id like to know why you feel it isn't.

[XX007]

Re: XX007 - UE Diary - Tomorrow never dies

Thanks SX Guy I just haven't altered the standing order. I figured if the CCA was unenforceable they couldn't assign the debt to another company. I suppose you re going to tell me I am wrong.

Link sent me an illegible copy of some terms and conditions that look like they would have been attached to the application form but a further copy of these that was a lot clearer was attached they are clearly not the same. Also there was no signature from MBNA.

I am only suspecting its not enforceable. I am no expert on this.

[SXGuy]

Re: XX007 - UE Diary - Tomorrow never dies

Yeah they can assign it regardless I'm afraid. However what you have received may not be enforceable. So you really need to decide what you want to do with this. Do you wish to continue paying, or stop all together and wait for it to become statute barred after 6 years? Or perhaps use it to make a very low full and final offer?

[MrsD]

Re: XX007 - UE Diary - Tomorrow never dies

Ok rule NO 1 big rule no 1

no talking to anyone on the phone, in writing in writing in writing

I think you would have fund that creditors generally are very much braver on the phone than in writing and you definitely need a paper trail, if the worst happens (court papers) you have no record of your negotiations.

They send out scary letters all the time to try to get you to phone (which you did) so that they can bully you into more money(which is exactly what they tried to do) this is how they operate. They will also give you unrealistic deadlines to meet..............(which they've done) to set you into a panic (which has worked)...................

Now you know this no more please Mr Bond!

So why does a ccj matter so much is it you job or are you trying to repair your credit record?

[alland]

Re: XX007 - UE Diary - Tomorrow never dies

Hi and welcome aboard XX007, and well done for starting your diary, it's the first step to beginning the journey back from the despair that debt inflicts on those of us who fall into the trap...
And don't be worrying about the large amount you owe, you are in no way alone here and many of us have had to face up to owing more than that, I personally got a surprise when I finally got the courage to add all my credit card debts up...£130K !.... But hey I'm still here batting and it's coming up to five years since I began my EU journey. Nothing terrible has happened to me, well okay something has happened....I don't lie awake in bed anymore worrying about the debts, I handle any demands as they arrive and to date [touch wood] I've not been faced with any court papers or ccj's.

So settle in here and you will soon get the feel of how AAD operates and supports its members, I would also suggest maybe update your diary with the details of all the 8 accounts even if they are not yet hounding you.

And has MrsD says in her post above, do all communications in writing, I can’t stress enough how very important it is to keep a fully documented paper trail. And not talking to anyone on the phone really does take a lot of the stress out of things.

Good Luck

[XX007]

Re: XX007 - UE Diary - Tomorrow never dies

SXGuy thanks for the reply. My intention is to use the information to get full and final settlements if that's possible.

I work in Financial Services and it's very heavily regulated so the company who I work through is monitoring me to ensure I continue to make repayments to my cards and loans, so my hands are tied in respect of stopping payments, I must show I am continuing to pay my debts.

I want to avoid a CCJ as I believe it can have further detrimental effect on me and my career. I am trying to find out if it would mean me no longer being able to trade.

Having an adviser with a CCJ is the equivalent of having a 40 stone personal trainer he might know all the right moves but you would suspect he isn't very good a putting them into practice. I cannot really believe I am in this situation but the debts have been getting worse all my life and like a lobster in a pot not noticing the heat, I ended up well and truly cooked.

So I am fighting on a few different fronts but I have the ability to earn some decent money if I can get my head right and keep everyone off my back and concentrate on doing what I should be doing. This last year I have spent a lot of time and energy worrying but I feel a little bit more liberated talking about it and living off my own money.

I have recordings of all my calls but I will try and stay off the phone now.

I will also update my diary with all the other cards and the loan I have. (may take some time to put together)

Thanks for all you are doing its very much appreciated.

The last correspondence from Nationwide said Final Notice and said court action was coming do I need to do anything as the 14 days they gave me is now up.

[SXGuy]

Re: XX007 - UE Diary - Tomorrow never dies

Ok. Have you considered how a default will effect your job also? You say you are monitored closely due to your job, how would that effect it? The reason I ask is this. Regardless of full and final offers anything less than the full balance will likely to incur a default being placed on your credit file. The reasoning I believe is simple. It's unlikely a bank or credit card company will agree on anything short than the full amount, in order to achieve a settlement less than the full amount you would likely require the debt to be sold to a debt collector. Before anyone even decides to do this your account must be defaulted and terminated. It is highly unlikely you would ever succeed in removal of the default based on non compliance with your section 78 request. Section 127 does not stop a creditor issuing a default. The only way that could be removed is to prove the agreement was faulty when you first signed. That would be a breach in execution and you could then argue a default put you in a bad position as a result. However this is unrealistic in your case and any payments less than the contractual amount will result in a default.

I'm not saying you don't have a good chance of not paying anything anymore based on what you have received though. You could if unenforceable defend a claim should one happen and avoid a ccj but I felt I should ask about a default being placed effecting your career as this would be unavoidable going the UE route.

[XX007]

Re: XX007 - UE Diary - Tomorrow never dies

I understand I already have a number of defaults on my file. Certainly Nationwide and MBNA have send default notices if that's the same thing. The defaults don't seem to have caused me any additional problems.

Certainly Nationwide last letter said they had previously issued a default notice which I had not complied with and gave me 14 days before they commenced legal proceedings.

[PlanB]

Re: XX007 - UE Diary - Tomorrow never dies

Let's do what alland suggested which is list in detail in separate posts all your eight debts before we hypothesize on what will or won't do you damage.

We take a holistic view of things on AAD

Plan B x (ever the optimist)

I would also suggest maybe update your diary with the details of all the 8 accounts even if they are not yet hounding you yet

[Never-In-Doubt]

Re: XX007 - UE Diary - Tomorrow never dies

Hi & welcome

I've just checked your job and as you rightly say, too much derogatory data will affect your employment, sadly. That said, a default won't do no harm - it's usually CCJ's that'd be frowned upon and that's unlikely based on what you've said so far.

However as your job is in financial services as such then you might be better looking into alternative options other than unenforceability - even a managed DMP can result in AP markers as opposed to D markers. The bank serving a DN under s.87/88 isn't the same as a default entry on your credit file. Technically you're in default (of the agreement) a day after the first missed payment. However a lender usually gives 6-9 months prior to formally adding a D status to your credit file.

To be honest your job is the stumbling block here and I can't think of a way out other than risking non payment for 3-6 months at the risk of getting a default on your credit file, but once the debt is sold you can negotiate better with a DCA and usually pay around 20-30% of the balance. If you have paid charges / PPI then it all helps reduce the offer made.

So it's really your choice what route you decide to go down but you need to be careful.

[PlanB]

Re: XX007 - UE Diary - Tomorrow never dies

I work in Financial Services and it's very heavily regulated so the company who I work through is monitoring me to ensure I continue to make repayments to my cards and loans, so my hands are tied in respect of stopping payments, I must show I am continuing to pay my debts.

I want to avoid a CCJ as I believe it can have further detrimental effect on me and my career. I am trying to find out if it would mean me no longer being able to trade.

Having an adviser with a CCJ is the equivalent of . . .

You say a CCJ would be detrimental to your career but would a Default on your credit file also be a problem?

Do you have any Defaults registered already and have they hindered your work situation so far?

If so how long ago were those Defaults registered because they only stay on your CRA file for six years from when they were first applied.

I agree with Niddy that it would be foolhardy to take a risk right now, but let's look at everything before you decide to make your next step. Keep up with the agreed payments for the moment while we analyse everything.

Do you have a mortgage with a payment problem that I can help you with?

[XX007]

Re: XX007 - UE Diary - Tomorrow never dies

Type of account Personal Loan –Sainsbury Bank
Date commenced 18/05/2010
Approx balance £16,300
Date last paid june 2014
Are you on arrangement or not paying – paying £13 per month agreed in august2014
Status (default/in arrears/up-to-date)
Account owner (who is writing to you, a DCA or the lender)

July 2014 default notice sent
August 2014 passed to Sainsbury bank recoveries
August 2014 agreed to £13 per month payments

Type of account Credit card -Mint
Date commenced September 1998
Approx balance £7,550
Date last paid April 2014
Are you on arrangement or not paying – arrangement to pay £6 per monthagreed for 12 months from July 2014
Status default
Account owner Mint

June 2014 default notice
July 2014 agreed to £6 per month for 12 months
July 2014 account terminated letter

Type ofaccount credit card Barclaycard 1 (formally morgan stanley Ithink)
Date commenced september 2003
Approx balance £9,020
Date last paid April 2014
Are you on arrangement or not paying – arrangement to pay £7 per month
Status defaulted(althought showsin arrears on credit report)
Account owner Barclaycard

July 2014 default notice issued
July 2014 accepted my payment of £7 per month for the time being

Type of account credit card Barclaycard 2 (formally egg card I think)
Date commenced February 2005
Approx balance £7,100
Date last paid April 2014
Are you on arrangement or not paying – arrangement to pay £7 per month
Status don’t think I have been sent a default notice for this one
Account owner Barclaycard

July 2014 default notice issued
July 2014 accepted my payment of £7 per month for the time being

Type ofaccount Barclaycard (the original)
Date commenced September 1991
Approx balance £9,350
Date last paid April 2014
Are you on arrangement or not paying arrangement £6 per month
Status default
Account owner Barclaycard

July 2014 default notice issued
July 2014 accepted my payment of £6 per month for the time being

Type ofaccount Credit card -HSBC
Date commenced 27/09/2001
Approx balance £5,150
Date last paid March 2014
Are you on arrangement or not paying – agreed verbally that no paymentrequired
Status default
Account owner HSBC

September 2014 default notice issued

I am also currently £1,200 overdrawn with HSBC

I also owe £4,500 on a nat west credit card in my wifes name

My wife works and is taking care of the priority bills including the mortgage.

That is the full gory details.

[Never-In-Doubt]

Re: XX007 - UE Diary - Tomorrow never dies

Thanks for the above. However in the meantime see our posts earlier (above).......

Also see this as it'll help differentiate the default question --> http://forums.all-about-debt.co.uk/s...87-s88-CCA1974