The start of a debt free life

[Frosty873]

Re: The start of a debt free life

RBS overdraft - mine

Taken out - possibly August 2007
Approx balance - £700
Date last paid - token payment of £5 December 2016
Not paying anything
Status - just within credit limit, will tip over with monthly charges very soon and no doubt passed to collection team
Owner -lender

[Frosty873]

Re: The start of a debt free life

Ikano - new look store card (mine)

Taken out - possibly February 2010
Approx balance - £255
Date last paid - February 2017
Status - missed first payment
Owner - lender

[Frosty873]

Re: The start of a debt free life

Marbles - credit card (mine)

Taken out - May 2016
Approx balance- £445
Date last paid - February 2017
Status - missed first payment
Owner - lender

[nanna58]

Re: The start of a debt free life

You have made a fabulous start well done x

[Susie]

Re: The start of a debt free life

Thats a great start One thing you need to do if you have not already, is have a basic (no overdraft) bank account that is not related to any creditors It will not happen straight away, but at some point it is possible that if you do they may use the right of set off to help themselves to the arrears direct from your account if you have one with money in it.
e.g I see you have an overdraft with RBS, and loans with Lloyds, does that mean you bank with them? Just a thought while I was reading

[Frosty873]

Re: The start of a debt free life

Very - shop direct store/catalogue account

Taken out - January 2017
Approx balance - £300
Date last paid - February 201
Status - not paying
Owner - lender

[Frosty873]

Re: The start of a debt free life

Thank- you that's all of them listed planning on sending out the CCA requests this weekend xx

[Frosty873]

Re: The start of a debt free life

We've just opened up a 'safe' account with Nationwide as a back up - we currently have a joint account with Natwest which does have a small overdraft but we don't owe any other money to them (like a loan or credit card) so we should be OK. Stupidly when I opened up the nationwide account I did so in my name without adding hubby on
but I can add him on if I go into the branch so we will switch just to be on the safe side x

[Frosty873]

Re: The start of a debt free life

Tesco Loan - hubbys name

Date commenced - October 2015 (took out £17,500 over 60 months paying £425 per month)
Approx balance - £19,839.54
Date last paid - Last paid full payment in January 17, missed a payment in Feb and agreed to pay £495 for 6 months paid this once in March 2017 (this will now be the last payment)
Are you on arrangement or not paying -Not paying
Status (default/in arrears/up-to-date) -about to go to arrears
Account owner - Creditor

Just a thought, I remember at the time hubby paying an extra £50 for someone from Tesco come round and sign the documents (to deliver them back to Tesco head office) to process payment of the loan really quickly- does that sound a bit strange? Might be clutching on to loose straws but wondering if there's something about not coercing people to sign?

[marypoppins]

Re: The start of a debt free life

Hello Frosty, you've found this site so you will get some great support and helpful advice along the way.

Be prepared for a barrage of calls, you can block numbers but lots of the companies use loads of different numbers to try and get to you!

If anyone does get you on the phone, don't enter into any conversation with them. I would just ignore calls unless you recognise the number.

You will also be bombarded with letters which will initially be directly from the lender but they will pass the debt to numerous agencies to try and collect on their behalf.

I've got a diary which may be of interest but I was fortunate in the fact that most of my debts were UE.

When you get the CCA's, email them to Niddy and he will be able to tell you if any of yours are UE, but as you are aware from your earlier post, yours may be enforceable.

Even if they are, try not to stress and see what sort of route is advised on here.

Some brief details about your financial position would help members so that they can give you the best advice. One of the main things, is whether you own your own house, is it mortgaged? (joint?)

[Frosty873]

Re: The start of a debt free life

Hi there,

no mortgage no assets at all - simply borrowed far too much and have more going out each month then we have coming in. Tried contacting some of the bigger creditors to get them to agree freezing interest and letting us get our finances sorted over a few months but of course no one was interested as we were still paying (but getting into more debt each month), hence the start of stopping everything from now.

i know it sounds awful, but we have rubbish credit scores anyway so as soon as we default it'll be a clear slate six years later. The sad thing is we could pay the majority off within 12-18 months if they'd just give us some time...

[marypoppins]

Re: The start of a debt free life

Hi there,

no mortgage no assets at all - simply borrowed far too much and have more going out each month then we have coming in. Tried contacting some of the bigger creditors to get them to agree freezing interest and letting us get our finances sorted over a few months but of course no one was interested as we were still paying (but getting into more debt each month), hence the start of stopping everything from now.

i know it sounds awful, but we have rubbish credit scores anyway so as soon as we default it'll be a clear slate six years later. The sad thing is we could pay the majority off within 12-18 months if they'd just give us some time...

It was always so easy to borrow and credit card limits were regularly raised automatically, lots of companies offering interest free periods which of course were very attractive at the time so don't worry, we've all been there!

We (me & Hubby) did exactly the same in 2009, so they've not learnt any lessons in refusing to help people who are willing to pay! Mint were the only one's to listen and Hubby still paying at a reduced amount (pity we did but hindsight.....)

If you don't have any assets, that is in your favour so no one can get a charge against your property, but if you have an income they could get an attachment of earnings (worst case scenario and a very long way off!) and it could only be for an affordable amount after your priority bills are paid.

[Frosty873]

Re: The start of a debt free life

Thanks, and yes it's a shame no one is listening because we do actually want to pay back our debts just need a little time to sort ourselves out! With the attachment of earnings, is this when a CCJ has been issued but you refuse to pay? I'm thinking that's a good couple of years away in theory (depending how the creditors respond)?

Did you find find all of your debts were enforceable? Going to send off all of our CCA requests tomorrow. Don't suppose you know what happens if the debt turns out to be enforceable but the creditor sends it later than the 12+2 days?

sorry for all the questions!

[JLC]

Re: The start of a debt free life

Until they satisfy your CCA request, the debt is unenforceable. I'm a year in and haven't heard anything for three months on any of my debts. There are lots of things that can go wrong with their paperwork. One of my debts that has been sold on from a DCA to another has been sold on with the wrong creditor against it. They will have problems getting a CCA for a debt from a creditor that doesn't exist! I haven't told them this though, as they may end up writing it off (one of mine was recently written off by the DCA after not being able to get hold of the CCA for it). The AAD guys will look after you. Good luck x

[Never-In-Doubt]

Re: The start of a debt free life

With the attachment of earnings, is this when a CCJ has been issued but you refuse to pay? I'm thinking that's a good couple of years away in theory (depending how the creditors respond)?

It doesn't happen, you may hear of an odd case but in the main it doesn't happen - think I have seen one case publicised on another forum, that to me is not proof but on AAD it has never occurred and never will. We won't let it - simply!

Don't suppose you know what happens if the debt turns out to be enforceable but the creditor sends it later than the 12+2 days?

Nothing, in essence they are in default until they come out of default, so if you send a request and they don't reply for 4 years, but then randomly issue a claim they'd lose in court because in essence they were in default of your s.78 request so have no right to judgment. If you do a request and they respond a month later, it's no longer in default and they could issue a claim if they so desired.

Make sense?