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  • FIRST POST
    • HITS
    • By HITS 20th Jun 17, 5:12 PM
    • 13Posts
    • 2Thanks
    HITS
    New member Debts / Anxiety / Depression Advise Needed
    • #1
    • 20th Jun 17, 5:12 PM
    New member Debts / Anxiety / Depression Advise Needed 20th Jun 17 at 5:12 PM
    Dear Friend

    Thanks you for visiting my post, any help/advise is greatly appreciated. Thanks in advance.

    Please go easy, I am a newbie to this. I have read lots of posts for the past few days on MSE but havent found a clear answer as yet therefore my apologies if I am asking any repeated questions. This is to make sure I make right decision and take the right actions. Also apologies for the long post, I wanted to give you all the info upfront to save time.

    Brief history:

    A close family member passed away which led me into years of depression. Built up credit card debts as per below with ex-wife. Went through a divorce and was left with all debts as it was on my credit cards. Recession of 2008 and especially anxiety of my debts and constant hounding from debt agencies affected my health and led to closure of my business. I continued paying my debts with my savings until I had nothing left. In 2010/11 I defaulted on all credit cards. Over this period and thereafter, depression and especially anxiety took over my life and I had nothing left in me to fight these issues. Fast forward to present day and I have fought very hard and I am much fitter mentally (still with some anxiety and depression) and physically to deal with my debt issues and am ready to take on these companies!

    Current Debt Situation:

    (1) Robinson Way (Egg), opened Jun-04, balance 11,290, paying 5.00/mth, defaulted Dec-10, f/f offer received 3,390

    (2) Capital One, opened Jan-01, balance 2,640, paying nothing, defaulted Apr-11, last payment made April 2016

    (3) Cabot (HSBC) opened Apr-06, balance 2,925, paying 5.00/mth, defaulted Jul-11, f/f offer received 875

    (4) Cabot, (Lloyds), opened Sep-04, balance 15,800, paying 5.00/mth, defaulted Jul-11, f/f offer received 7,955

    (5) Moorcroft (Amex), opened Mar-06, balance 4,900, paying nothing, defaulted Jul-11, last payment made Dec 2012

    (6) Link Financial (Barclaycard)opened Oct-03, balance fully settled, defaulted Aug-12, possibly incorrect default date needs removing

    Notes:

    Above stated monthly payments are all managed by myself. 5 out of 6 defaults are about to drop off by end of next month. I am looking to start up another business with help from close family and looking to pay as little as possible to these CC companies. Priority to keep my credit file as clean as possible in future. Possibly looking to apply for business loan after 5 defaults have dropped off.

    Questions:

    What is my best step forward with each of the above debts?

    Would requesting CCA from these companies motivate them to come after me more aggressively and possibly resulting CCJ?

    All my debts are pre April 2007 (prescribed terms), how would this effect CCA request? Are they less likely to have it?

    Once the defaults drop off, can I be defaulted on my credit file again if I dont pay their demand?

    Currently there is no DMP with a company, is this worth setting up after defaults have dropped off with very minimum payment to stop calls and letters and so to help my anxiety?

    Link Financial debt has been fully paid off but they put a default on my file.I am not sure if this is correct or not and means I have to wait till Aug 2018 for it to drop off .how can I deal with this and have it removed?

    How is my depression & anxiety viewed by these companies? Are they likely to be more helpful?

    Once again many thanks to all advisers/posters on this forum, you do a grand job in helping many people who have suffered for years and your help is appreciated.

    Best regards.
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Page 2
    • sourcrates
    • By sourcrates 10th Jul 17, 3:59 PM
    • 11,155 Posts
    • 10,826 Thanks
    sourcrates
    Hi Sourcrates and Fatbelly

    Updates:

    Robinson Way - They replied to my CCA request saying that they have requested all relevant documentation and that they have had to cancel the direct debit due to the query on the account.

    Cabot - No reply after two weeks.

    Can you please advise what steps to take next on both of the above.

    Many thanks in advance.
    Originally posted by HITS

    Robinson way, wait and see what they come up with, if after 8 weeks, you've heard nothing, write to them with a reminder, same timescale applies to Cabot.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • HITS
    • By HITS 11th Jul 17, 9:03 AM
    • 13 Posts
    • 2 Thanks
    HITS
    Thanks Sourcrates

    Should I be waiting that long regarding Cabot who haven't replied when the letter stated 12 working days?

    Thanks
    • sourcrates
    • By sourcrates 11th Jul 17, 11:50 AM
    • 11,155 Posts
    • 10,826 Thanks
    sourcrates
    Thanks Sourcrates

    Should I be waiting that long regarding Cabot who haven't replied when the letter stated 12 working days?

    Thanks
    Originally posted by HITS
    The 12 working days are just guidelines, they are not set in stone.

    Feel free to remind them earlier if you wish.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • HITS
    • By HITS 21st Jul 17, 2:00 PM
    • 13 Posts
    • 2 Thanks
    HITS
    Hi Sourcrates and Fatbelly

    Update - I have received a letter today from Cabot (CCA request) stating the below, please advise on my questions below:

    "We currently do not have this information on file. However, I have requested the relevant details, which will include a copy of the credit agreement, statement of account and original and varied terms and conditions from the original lender. In the meantime, I would like to inform you that your account shall remain on hold with the Customer Care Department until such time we can comply with your request.!

    "Your credit agreement is currently unenforceable, which means we are not permitted to obtain a judgement or decree against you in Court. However, you are still obliged to repay the outstanding balance as confirmed in this letter and therefore I would recommend you contact us as soon as possible to set up a repayment arrangement or continue with your existing payment plan."

    Questions:

    1) In simplest terms, where do I stand with above reply?

    2) What should be my next step?

    3) Should I be continuing paying them?

    Many thanks in advance.
    • StopIt
    • By StopIt 21st Jul 17, 2:40 PM
    • 670 Posts
    • 614 Thanks
    StopIt
    Simply?


    1: The DCAs never have the CCA paperwork, they have to get them form the original creditor. So standard issue here. It means that the account will be held until they comply with the request. For them to say "Well, we can't enforce it, but give us our money" is as hilarious as it is meaningless.


    2: Wait to see if they come up with the CCA paperwork. if they do, and it is valid you'll be needing to set up a payment plan. If not, the debt is unenforceable and you can either offer a low ball settlement, or you can walk away.


    3: Not until the CCA request is settled.
    • fatbelly
    • By fatbelly 21st Jul 17, 2:50 PM
    • 10,935 Posts
    • 8,150 Thanks
    fatbelly
    Is that both Cabot debts? I think I had suspicions about the old HSBC one earlier

    It's unenforceable as things stand but if they can come up with compliant paperwork, it becomes live again. I think I'd continue paying your 5 for now but if this drags beyond maybe 6 weeks, I'd start to think that the paperwork no longer exists, and I can safely stop paying.

    See what Sourcrates thinks
    Last edited by fatbelly; Yesterday at 2:53 PM.
    • sourcrates
    • By sourcrates 21st Jul 17, 4:21 PM
    • 11,155 Posts
    • 10,826 Thanks
    sourcrates
    Usually it can take a month to six weeks to go round the houses chasing up paperwork.

    I wouldn't start the celebrations just yet, as its entirely possible they may come up with the goods.

    I`m with Fatbelly`s train of thought for now.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
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