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  • FIRST POST
    • MSE Andrea
    • By MSE Andrea 18th Nov 16, 1:05 PM
    • 8,623Posts
    • 20,861Thanks
    MSE Andrea
    Struggling with debt? Ask a debt advisor a question
    • #1
    • 18th Nov 16, 1:05 PM
    Struggling with debt? Ask a debt advisor a question 18th Nov 16 at 1:05 PM
    If you need help with your debts, this is the thread for you.

    Trained advisors from StepChange Debt Charity (formerly CCCS) are here and waiting to answer your debt questions. They’re a friendly bunch so please don’t be shy!

    There are three ways to get in touch:

    1 - Simply post your question below and Richard, Allen, Rachael, Linsi or Kirsty will reply. If your question is about bankruptcy, then pop over to the Bankruptcy board.

    2 - If you would prefer to ask a question in private, feel free to send a message to StepChange Private Messages.

    3 – StepChange Debt Remedy is a free and confidential online debt advice tool. You can put a budget together at your pace, and you can also talk it over with an advisor through online chat.

    If you're a StepChange Debt Charity client already, please contact its Aftercare team rather than posting in this thread (their contact details are in your Welcome Pack).

    This is discussion thread part four, see parts one, two and three.

    Finally, follow @MSE_Forum on twitter for debate and discussion on all things MoneySaving and more.

    If you haven’t already, join the forum to reply!
    This Forum tip was included in MoneySavingExpert.com's weekly email!

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Page 21
    • FreeMama17
    • By FreeMama17 12th Jul 17, 9:37 PM
    • 9 Posts
    • 0 Thanks
    FreeMama17
    Thanks so much, Rachael, I thought I'd spotted one while browsing, but I couldn't find it again.
    • FreeMama17
    • By FreeMama17 12th Jul 17, 10:51 PM
    • 9 Posts
    • 0 Thanks
    FreeMama17
    Ok, have just read the letter properly (I couldn't even bear to hold it when I received it, and stuffed it back into its envelope). The balance is £238.81, it's possibly from Vodafone. I'm still going to send the 'info request' letter, to buy myself some time and also to confirm what it's all about.

    I'm really in debt crisis and so may look into some sort of minimum repayment plan, maybe £2 a month?
  • StepChange_Richard
    Hi there,

    To help with your debts and to work how best to deal with them, try using our Debt Remedy tool. This will help you build a budget and then you will be given advice on how best to deal with your debts.

    If you would prefer to speak with an advisor about your situaiton you can get in touch here.

    I hope this helps.


    Richard.



    Ok, have just read the letter properly (I couldn't even bear to hold it when I received it, and stuffed it back into its envelope). The balance is £238.81, it's possibly from Vodafone. I'm still going to send the 'info request' letter, to buy myself some time and also to confirm what it's all about.

    I'm really in debt crisis and so may look into some sort of minimum repayment plan, maybe £2 a month?
    Originally posted by FreeMama17
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • bengunn71
    • By bengunn71 18th Jul 17, 6:28 AM
    • 1 Posts
    • 0 Thanks
    bengunn71
    Consolidation Advice Please
    Morning,

    I currently have just under £6000 debt, £3000 overdraft and £2600 credit card. Both accounts sit near the limit and I'm currently paying around £100 a month between fees and interest. My credit rating hasn't been great until very recently and on credit expert now sits at 991.

    I'm just looking for advice on the most sensible way to stop paying fees/interest and pay off the debt. Initially I was looking at personal loans but having looked around it sounds like a 0% credit card balance transfer may be the best option.

    Any help would be greatly appreciated.

    Many thanks
  • StepChange_Allen
    Morning,

    I currently have just under £6000 debt, £3000 overdraft and £2600 credit card. Both accounts sit near the limit and I'm currently paying around £100 a month between fees and interest. My credit rating hasn't been great until very recently and on credit expert now sits at 991.

    I'm just looking for advice on the most sensible way to stop paying fees/interest and pay off the debt. Initially I was looking at personal loans but having looked around it sounds like a 0% credit card balance transfer may be the best option.

    Any help would be greatly appreciated.

    Many thanks
    Originally posted by bengunn71

    Hi Ben

    Welcome to the forum and thanks for posting.

    There are a number of different options open to you but without knowing a lot more about your situation I couldn't say what would be best to do. I personally have a reasonable amount of knowledge about this sort of thing, but StepChange specialises in finding debt solutions for people that can't afford to repay their debts, so we don't normally advise much on this.

    My advice would be to have a look on here: www.moneysavingexpert.com/borrowing/ - it has sections on balance transfer credit cards and low interest loans as well eligibility calculators for both. These help you to establish what you're likely to get before you apply.

    I think you'll find this really useful, so good luck.

    Allen
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • hightides
    • By hightides 19th Jul 17, 10:09 AM
    • 2 Posts
    • 0 Thanks
    hightides
    Need advice on a couple of matters regarding mortgage and CC
    Hi All

    Im wanting to get my finances in line.

    I have recently had to undergo a lot of building work within the house. So my debts have had to increase due to it.

    My situation is live in home with 1 dependent and 1 partner.

    We have 2 credit cards 1 on a 0% that just ticks over every month and reduced in balance. We have another credit card near enough maxed out to its limit.

    We also have a loan (building work)

    I want to get rid of the non 0% credit card as currently i pay a minimum balance of 144 a month but then 89 is added in interest.

    I am looking at trying to get a 0% balance transfer for the maxed out card if possible.

    My mortgage is also due soon and i dont want to but im considering borrowing more on my mortgage to clear the maxed out card.

    Im not sure which way yo go but any help or advice would be much appreciated

    Thanks in advance
  • StepChange_Kirsty
    Hi,

    Thanks for your post and welcome to the forum.

    At StepChange we specialise in dealing with problem debt rather than balance transfers so unfortunately I wouldn’t be able to advise on this. As my colleague Allen has mentioned on the post above, this article is very good for advice about balance transfer cards and low interest loans: www.moneysavingexpert.com/borrowing/.

    In terms of the mortgage, we have a Financial Solutions team who can provide expert mortgage advice. You can find information about how the team can help and how you can get in touch with them here.

    Of course if you’re finding it difficult to pay the credit card and loan payments, we can certainly offer you help and advice. The best way to access our advice is by using our online Debt Remedy tool where you can input details about your income, expenditure and debts and we’ll provide you advice in the form of a personal action plan. You can access our Debt Remedy tool here.

    I hope this helps.

    Kirsty

    Hi All

    Im wanting to get my finances in line.

    I have recently had to undergo a lot of building work within the house. So my debts have had to increase due to it.

    My situation is live in home with 1 dependent and 1 partner.

    We have 2 credit cards 1 on a 0% that just ticks over every month and reduced in balance. We have another credit card near enough maxed out to its limit.

    We also have a loan (building work)

    I want to get rid of the non 0% credit card as currently i pay a minimum balance of 144 a month but then 89 is added in interest.

    I am looking at trying to get a 0% balance transfer for the maxed out card if possible.

    My mortgage is also due soon and i dont want to but im considering borrowing more on my mortgage to clear the maxed out card.

    Im not sure which way yo go but any help or advice would be much appreciated

    Thanks in advance
    Originally posted by hightides
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • CurlyCD
    • By CurlyCD 20th Jul 17, 7:41 AM
    • 3 Posts
    • 0 Thanks
    CurlyCD
    HMRC Credit Card Conundrum
    Hi There,

    I have an up an coming HMRC bill to pay which is going to be 10k. I have the means to pay 1/3 cash and the rest ether a loan or credit card. The problems are the cash is a savings for my new born due in Jan for child care/bits and bobs, so I don't want to touch that.

    My thoughts were...

    I have a 12k limit on my Amex (but unfortunately HMRC don't take Amex)

    So...

    Apply for two credit cards, one big 10k limit, one 0% balance transfer.

    To apply for a 10k Credit Card (is this possible?) pay on that, then...
    Balance transfer to the other card. (is this possible to apply for two?)

    Any help would be greatly appreciated, payment due early September.

    Best

    Curly
  • StepChange_Rachael
    Hi Curly

    Thanks for your post.

    HMRC do have more rights of collection compared to most collecting for unsecured debt, however taking out large amounts of debt to cover this payment is a big step.

    It's possible to borrow high levels of credit on credit cards, however, as far as how much you’d be eligible to borrow and at what percentage, this would be determined by the creditors themselves, as they’ll have their own eligibility criteria.

    You’d have to apply to find out if you’d be eligible, you can do soft searches that have little impact on your credit file and the MoneySavingExpert can give you more advice on this.

    The creditors criteria will depend on your borrowing history (credit file rating), income etc.

    In general I wouldn’t advise to further borrow to pay back an outstanding debt; instead I’d advise to get some free debt advice. The HMRC may agree to affordable monthly payments to pay back the debt, which means you wouldn’t have to take out credit which could result in high interest rates, charges and fees, if at a later date you were unable to manage the contractual payments.

    It’s a good idea to use savings but only when there aren’t priority costs to pay for. It might not be advisable to use these savings for the HMRC debt if it’s then going to leave you struggling further down the line.

    I’d suggest speaking with a free debt advice organisation so advice can be tailored to suite your situation. You can speak with StepChange or if you’re self-employed and the debt relates to a current business you could also seek advice from the Business Debt line.

    Thanks
    Rachael



    Hi There,

    I have an up an coming HMRC bill to pay which is going to be 10k. I have the means to pay 1/3 cash and the rest ether a loan or credit card. The problems are the cash is a savings for my new born due in Jan for child care/bits and bobs, so I don't want to touch that.

    My thoughts were...

    I have a 12k limit on my Amex (but unfortunately HMRC don't take Amex)

    So...

    Apply for two credit cards, one big 10k limit, one 0% balance transfer.

    To apply for a 10k Credit Card (is this possible?) pay on that, then...
    Balance transfer to the other card. (is this possible to apply for two?)

    Any help would be greatly appreciated, payment due early September.

    Best

    Curly
    Originally posted by CurlyCD
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • Blueyes1
    • By Blueyes1 21st Jul 17, 2:36 AM
    • 1 Posts
    • 0 Thanks
    Blueyes1
    Hi. I am due in court next week for an old phone bill with lowells. I don't think my chances are good as I missed sending my witness statement in due to a family member dying. There is no way I will be able to afford to repay this debt. In total I owe about £4000 and are considering a dro. Should I lose this court case, would it be included in the dro, also I have read that you shouldn't show preference in paying off debts prior to a dro, how long is that as I was paying a ccj up until May this year when I paid it off. I also have paid off the last of my magistrates fine recently too.
  • StepChange_Allen
    Hi. I am due in court next week for an old phone bill with lowells. I don't think my chances are good as I missed sending my witness statement in due to a family member dying. There is no way I will be able to afford to repay this debt. In total I owe about £4000 and are considering a dro. Should I lose this court case, would it be included in the dro, also I have read that you shouldn't show preference in paying off debts prior to a dro, how long is that as I was paying a ccj up until May this year when I paid it off. I also have paid off the last of my magistrates fine recently too.
    Originally posted by Blueyes1
    Hi there

    Welcome to the forum and thanks for posting.

    As you've mentioned a witness statement, there's a number of possibilities about where this debt is at, so I can't be sure what to advise. We can certainly have a look at this if you'd like to contact us; details are on our website: www.stepchange.org/Contactus

    In regards to preferential treatment, a magistrates fine shouldn't be classed as this because it's a priority debt, and if you were paying what was ordered on a CCJ that's unlikely to be a problem either. In this case you were paying what was ordered by the court. If you paid it in full or in a lump sum, that possibly could be, it's hard to be certain.

    I hope this has been helpful and we hope to speak with you soon.

    Allen
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • Firefly
    • By Firefly 24th Jul 17, 7:01 PM
    • 2,936 Posts
    • 4,206 Thanks
    Firefly
    I'm paying back, albeit slowly, a very old debt that's with debt collectors. I've paid reliably and consistently for many years. However for some reason this debt doesn't show on my credit file. I'm in a position where I can make an offer of full and final settlement for the last few hundred pounds but I'm reluctant to do that if it then places the debt onto my credit file.

    Does anyone know if this will happen?

    Should I offer a reduced amount or pay it all to keep it clear?

    Advice welcome.
    Do not allow the risk of failure to stop you trying!
  • StepChange_Kirsty
    Hi Firefly,

    Thanks for your post.

    If the creditor sent you a default notice when the account first fell into arrears they will have put a default marker on your credit file. This default mark and any details of the debt will automatically fall off your credit file 6 years from the date it was entered.

    Based on you saying you've been paying the debt for a number of years, it sounds like this is what may have happened. This means that whilst the debt still exists, details of it should no longer be shown whether you now pay it off in full or by way of a full and final settlement if that is accepted by the creditor.

    I hope this helps.

    Kirsty

    I'm paying back, albeit slowly, a very old debt that's with debt collectors. I've paid reliably and consistently for many years. However for some reason this debt doesn't show on my credit file. I'm in a position where I can make an offer of full and final settlement for the last few hundred pounds but I'm reluctant to do that if it then places the debt onto my credit file.

    Does anyone know if this will happen?

    Should I offer a reduced amount or pay it all to keep it clear?

    Advice welcome.
    Originally posted by Firefly
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • Fraise70
    • By Fraise70 29th Jul 17, 12:15 AM
    • 8 Posts
    • 6 Thanks
    Fraise70
    Help! self managed debt
    Hi there,

    I've cancelled my D/D for my DMP with SC this month as decided to self manage..but I'm filled with anxiety. I've managed to set up token payments for two debts via Cabot and over the phone with them. I have around 9 more creditors to contact. I'm going to offer token payments to all as I have no emergency fund, some arrears with priority debts and will probably end up working part time next year so want to clear priorities and save some money.

    I'm reading that it might be better if you have defaults rather than agreements to pay which can stay on your credit file indefinitely? I have around 13k of debt, am 47 have no pension and no savings. I realise I should be putting everything in writing so am looking for the right template letters to send re. token payments.

    Can anyone advise re. self managed debt and any pitfalls please..

  • StepChange_Linsi
    Hi

    Thanks for your post and welcome to the forum.

    I’m sorry to hear you’re feeling anxious about dealing with your debts directly. If you’re struggling to maintain your DMP payments or if you don’t feel this is the best solution for you, then I’d recommend getting in touch and speaking to an advisor.

    We’ll be able to review your budget to make sure your priority arrears and essentials costs have been accounted for. We can then talk about the best way forward to make sure you’re getting the help and support you need. You can find our contact number here.

    Should you decide to deal with your debts directly you can find more information about which bills to pay first on our website. There’s also more information about arranging payments with creditors directly along with template letters you can use.

    The record of a debt will be removed from your credit file 6 years after the default was registered or after partial or full settlement. Guidance agreed by the credit industry and the Information Commissioner’s Office confirms that in normal cases an account would be expected to default after 3 to 6 months of arrears for most debt types.

    If you’ve been making reduce payments (even through a DMP) for a while, then your accounts may have already defaulted. You can look at your credit report to check this or speak to your creditors directly.

    I hope this helps.

    Linsi

    Hi there,

    I've cancelled my D/D for my DMP with SC this month as decided to self manage..but I'm filled with anxiety. I've managed to set up token payments for two debts via Cabot and over the phone with them. I have around 9 more creditors to contact. I'm going to offer token payments to all as I have no emergency fund, some arrears with priority debts and will probably end up working part time next year so want to clear priorities and save some money.

    I'm reading that it might be better if you have defaults rather than agreements to pay which can stay on your credit file indefinitely? I have around 13k of debt, am 47 have no pension and no savings. I realise I should be putting everything in writing so am looking for the right template letters to send re. token payments.

    Can anyone advise re. self managed debt and any pitfalls please..

    Originally posted by Fraise70
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • Mattbah
    • By Mattbah 29th Jul 17, 3:16 PM
    • 2 Posts
    • 0 Thanks
    Mattbah
    Hi
    Could someone help please
    I took a unsecured loan on 2003, period of 5 y, paid for 4 years, something happened and left the country for 10 years , was some left on the loan when I left when I back I started a new bank and built up again every thing was fine till last week I saw my credit rating went down from good to bad , so after I researched I found out the loan company I had a loan 14 years ago put marker on my credit
    Please could some one tell me what can I do????
  • StepChange_Allen
    Hi
    Could someone help please
    I took a unsecured loan on 2003, period of 5 y, paid for 4 years, something happened and left the country for 10 years , was some left on the loan when I left when I back I started a new bank and built up again every thing was fine till last week I saw my credit rating went down from good to bad , so after I researched I found out the loan company I had a loan 14 years ago put marker on my credit
    Please could some one tell me what can I do????
    Originally posted by Mattbah
    Hi there

    Thanks for posting.

    From what you've told me, if this was a loan regulated by the Consumer Credit Act then it could be statute barred now and shouldn't be showing on your credit file either.

    Companies should default accounts (terminate the credit agreement) after around 3-6 months of arrears, and add a default onto the credit file then. This should disappear after 6 years, whether the debt has been paid or not. In addition, if during your time abroad there were no payments made, or written acknowledgment of the debt then it would be legally unenforceable (statute barred).

    So if the debt has been defaulted in the last 6 years when it should have sometime in 2007, I'd complain to the creditor and ask for it to be removed. For more information on statute barred debt, please visit www.stepchange.org and type 'statute barred' into the search. The article that contains a template letter to send to the creditor claiming the debt is statute barred.

    I hope this is helpful.

    Allen
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • rt72
    • By rt72 2nd Aug 17, 11:55 AM
    • 6 Posts
    • 1 Thanks
    rt72
    Advice on old credit card debt
    I wonder if someone could offer me some advice please.
    Background
    About 5 years ago I realised I was getting into financial difficulty (due to a reduction in income and effectively living off credit cards). After doing many of the wrong things - borrowing more, cashing in and spending savings plans I realised things had to change

    I was getting very stressed and anxious and turned to one of the companies who said that could wipe out a card for a fee if it was taken out before July 2007 (I had one such card with the Halifax and after some research got sucked in to the service - I was desperate and there was ~£15k on the card.)

    All seemed to go OK and after about a year the card disappeared from my credit file. In the meantime I got some better advice and contacted Payplan - what a relief that was!

    After doing an I&E we were advised that we should offer token £1 payments to our other creditors (a total of ~£30k). We've continued to pay the £1 /month to all but the Halifax card as our circumstances continue to be difficult.
    About 18 months ago 1st Credit ( the now owners of the Halifax card debt) got in touch to say they wanted the money. I checked and discovered the debt had resurfaced on my credit file)
    I did the merry dance on CCA etc the whole time saying that the debt had been re-assigned to the company mentioned above - I've since discovered they've gone bankrupt and there's a separate action against them)
    The eventual info I got from 1st Credit re my agreement seems more or less in order (i.e. it looks like it would be enforceable)

    To and fro’s have continued, I’ve not accepted the debt nor paid any money – last payment on the card was August 2012 – though credit file incorrectly says Mar 2013.

    I now have a letter from 1st Credit’s solicitors saying if I don’t pay or make a suitable offer “… we are instructed that our client may issue court proceedings for [full amount] together with a claim for interest and court fees.”
    My question
    I see 3 options:
    - Continue to try and stall them (I’m not sure if I could get to the stage of Statute barring – about Oct/Nov 2018 by my calcs)
    - Accept the debt - thus restarting the limitation clock - and offer them the same token payment (£1/month) everyone else is getting
    - Approach friends/ family to assist in a possible "without prejudice" F&F – Ideally I would only want to do this if I could make an offer to all creditors to try and clear everything – given the age and length of time it would take to pay back (any other way) I’m hoping I could agree around the 20% mark (Barclaycard offered me 30% 3 years ago on their card)
    Which, if any of these, is my best option, or is there an alternative?
    Thanks in advance
  • StepChange_Linsi
    Hello,

    Thank you for getting in touch today and welcome to the forum.

    1st Credit may be more likely to take further action and apply for a county court judgement (CCJ) if the debt is close to becoming statute-barred. This is because a CCJ doesn’t have a limitation period, so cannot become statute-barred. For this reason I wouldn’t recommend ignoring the debt or trying to stall 1st Credit.

    Making a token payment to 1st Credit would allow you to treat all of your creditors fairly. This way they’ll be less likely to take further action against you. Making token payments isn’t a long term solution to manage debts. So if you’ve been making £1 payments for a while now, and you don’t think your situation will change I’d recommend getting back in touch with PayPlan or use our online Debt Remedy tool to see what other options are available to you.

    Should a friend or family member be able to give you a lump sum to pay off some of your debts then it would be best to make a settle offer to each of your creditors. The amount to offer to each one would depend on the lump sum available. There is more information about making settlement offers here on our website.

    If you decide to write a letter marked ‘without prejudice’ to 1st Credit it will only inadmissible as evidence in a court case if it meets the following criteria:

    1. The letter is disputing liability for the debt
    2. The letter includes an offer of part-payment in full and final settlement or an offer to negotiate a settlement

    If the letter doesn’t meet these two conditions, then it is admissible as evidence, even if you write ‘without prejudice’ on it. You can also find more information about statute-barred on our website.

    I hope this helps.

    Linsi

    I wonder if someone could offer me some advice please.
    Background
    About 5 years ago I realised I was getting into financial difficulty (due to a reduction in income and effectively living off credit cards). After doing many of the wrong things - borrowing more, cashing in and spending savings plans I realised things had to change

    I was getting very stressed and anxious and turned to one of the companies who said that could wipe out a card for a fee if it was taken out before July 2007 (I had one such card with the Halifax and after some research got sucked in to the service - I was desperate and there was ~£15k on the card.)

    All seemed to go OK and after about a year the card disappeared from my credit file. In the meantime I got some better advice and contacted Payplan - what a relief that was!

    After doing an I&E we were advised that we should offer token £1 payments to our other creditors (a total of ~£30k). We've continued to pay the £1 /month to all but the Halifax card as our circumstances continue to be difficult.
    About 18 months ago 1st Credit ( the now owners of the Halifax card debt) got in touch to say they wanted the money. I checked and discovered the debt had resurfaced on my credit file)
    I did the merry dance on CCA etc the whole time saying that the debt had been re-assigned to the company mentioned above - I've since discovered they've gone bankrupt and there's a separate action against them)
    The eventual info I got from 1st Credit re my agreement seems more or less in order (i.e. it looks like it would be enforceable)

    To and fro’s have continued, I’ve not accepted the debt nor paid any money – last payment on the card was August 2012 – though credit file incorrectly says Mar 2013.

    I now have a letter from 1st Credit’s solicitors saying if I don’t pay or make a suitable offer “… we are instructed that our client may issue court proceedings for [full amount] together with a claim for interest and court fees.”
    My question
    I see 3 options:
    - Continue to try and stall them (I’m not sure if I could get to the stage of Statute barring – about Oct/Nov 2018 by my calcs)
    - Accept the debt - thus restarting the limitation clock - and offer them the same token payment (£1/month) everyone else is getting
    - Approach friends/ family to assist in a possible "without prejudice" F&F – Ideally I would only want to do this if I could make an offer to all creditors to try and clear everything – given the age and length of time it would take to pay back (any other way) I’m hoping I could agree around the 20% mark (Barclaycard offered me 30% 3 years ago on their card)
    Which, if any of these, is my best option, or is there an alternative?
    Thanks in advance
    Originally posted by rt72
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • MG123456
    • By MG123456 8th Aug 17, 9:38 AM
    • 1 Posts
    • 0 Thanks
    MG123456
    Hi. I have about 6.5K of debts. These are from credit card and loan from Halifax and payday loan from Zopa.

    I earn just about enough money to get me out of my overdraft each month after paying my rent, car finance, car insurance, bills, petrol and food for my family.


    I simple don't have any spare money to pay these loans and I'm looking for what's best for me?


    Worst of all my wife doesn't know about this either. I simple can't bring myself to tell her but things are getting worse and worse. We have 2 young girls and we know money is really tight and live month to month.


    1) my car is on finance with ford, I have never missed a payment and I can't afford to loose my car. My job is 30 mins away and I start at 6am from my little village there are No buses till later on.


    2) we privately rent and again I have never missed a payment. Would the landlord need to know?


    Thanks.
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