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  • FIRST POST
    • LJB290
    • By LJB290 18th Aug 15, 11:37 AM
    • 102Posts
    • 134Thanks
    LJB290
    The Story of My Situation
    • #1
    • 18th Aug 15, 11:37 AM
    The Story of My Situation 18th Aug 15 at 11:37 AM
    My husband and I are on a fair joint income, we have a mortgage with just 3 years left to run and in that respect, I feel we are lucky with a light at the end of the tunnel.....

    We have credit card debt of around £20K.
    In March we finally decided to do something about our financial circumstances and put together a financial statement to see exactly where all our money was going. We were deeply shocked by the results but there were some very obvious (and fairly easy) changes to make that would put us on the path to debt freedom.
    We stopped using our credit cards completely and made some big changes to the way we lived.

    Just two weeks later we received a letter and discovered that a company that we had dealt with back in 2011/12 had dissolved. Unfortunately this company was dealing with previous credit card debts - they were/are called Highbridge and (for a 20% fee) they legally transferred the debt to themselves to challenge the lender using various consumer credit laws etc.
    Now, before you tell me that there is no such thing etc etc ..... obviously, we now know this.
    The only reason that we took the "deal" in the first place was that a close family member worked for the business and answered every single question that we had AND put his own card through the system as part of the due diligence process.
    Clearly, we were scammed (by the business, not the relative).
    At this point, the CC debt was potentially transferred back to us to deal with.
    Another £24K to add to the debt. (two cards)

    Highbridge had set up (without our knowledge) a £1 per month payment plan to Link Financial for 18 months (and paid a whole £2 before dissolving).
    We decided to continue paying rather defaulting but not accepting liability of the debt.

    The other card was given to Robinson Way back in 2012 and we heard from them a couple of times - but nothing since. (although still marked as defaulted on the credit report).

    We fought hard and made complaints all over the place about Highbridge and have reported them to Action Fraud etc along with many other financial institutions where they were regulated/authorised but have now arrived at making a claim using a claims manager (along with about 200 other customers).
    We can only hope that this results in us getting our 20% fees back and maybe use them for F&F settlements in the future whilst continuing on our current cut-back living plan.

    Then BANG - the washing machine breaks down.........
    Next - Christmas - I've already started to worry about the expense.

    This post is not so much about asking questions but putting our situation down in writing.

    Any advice or guidance is obviously greatly appreciated.
    There is little point in telling us how daft we were signing up to the company in the first place; we know it was too good to be true but when a very close relative tells you its a "no-brainer" unfortunately you tend to believe them when faced with so many positive facts about the company, past success, processes and high profile people involved etc.

    What's done is done - we have accepted this and we are concentrating on moving forward and learning from all our past mistakes (and teaching the kids at the same time).

    In 3 years time, (providing we are both still employed etc), the £1,000 a month that we currently pay to the mortgage, will be going straight to our credit card debt instead.

    Thanks for reading.
Page 2
    • EssexHebridean
    • By EssexHebridean 3rd Oct 17, 10:43 AM
    • 8,214 Posts
    • 43,473 Thanks
    EssexHebridean
    Brilliant to get an update on this one! Sounds like headway is being made anyway - and well done for having the end of the mortgage in sight!

    ** Other posters - please be aware that the start of this thread dates back to 2015! **
    MORTGAGE FREE 30/09/2016
    Sainsbugs 0% card: 22/12/16 £1229.00/£656.45 (20/11/17)
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