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  • FIRST POST
    • HITS
    • By HITS 20th Jun 17, 5:12 PM
    • 27Posts
    • 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.
    [/SIZE][/FONT][/FONT]
Page 2
    • sourcrates
    • By sourcrates 10th Jul 17, 3:59 PM
    • 11,934 Posts
    • 11,419 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
    • 27 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
    • 11,934 Posts
    • 11,419 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
    • 27 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
    • 879 Posts
    • 806 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
    • 11,228 Posts
    • 8,394 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; 21-07-2017 at 2:53 PM.
    • sourcrates
    • By sourcrates 21st Jul 17, 4:21 PM
    • 11,934 Posts
    • 11,419 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/
    • HITS
    • By HITS 24th Jul 17, 12:01 PM
    • 27 Posts
    • 2 Thanks
    HITS
    Many thanks for your replies.

    Fatbelly - Yes both (Lloyds & HSBC) are Cabot debts.

    Sourcrates - No celebrations until I receive something in writing as I have had lot of anxiety from all of them over the last few years!

    I will continue paying 5/wk. The letters were sent on 22nd June so should I send a follow up letter roughly 6-7 weeks after this date?

    Many thanks.
    • fatbelly
    • By fatbelly 24th Jul 17, 6:49 PM
    • 11,228 Posts
    • 8,394 Thanks
    fatbelly
    I don't think there is any need for you to send a letter. They may well respond anyway, either to give you the documents or to say they are still looking for them.
    • HITS
    • By HITS 1st Sep 17, 3:18 PM
    • 27 Posts
    • 2 Thanks
    HITS
    Hi Guys

    1) 10 week on and no sign of CCA paperwork from Cabot or Robinsonway. They have both informed me they are looking. What should be my next action?

    2) My ideal solution would be to offer them low ball figure say 50/agreement as f & f settlement as I would like to clear these debts for good which would help my anxiety a long way! What are my chances?

    3) Also I want to claim ppi that was mis-sold on these cards listed at top my post. As these debts were sold to DCA, would any successful ppi claim be offset against my debt? The ppi claim would be against the original creditor.

    Many thanks in advance.
    • sourcrates
    • By sourcrates 1st Sep 17, 4:04 PM
    • 11,934 Posts
    • 11,419 Thanks
    sourcrates
    Hi Guys

    1) 10 week on and no sign of CCA paperwork from Cabot or Robinsonway. They have both informed me they are looking. What should be my next action?

    2) My ideal solution would be to offer them low ball figure say 50/agreement as f & f settlement as I would like to clear these debts for good which would help my anxiety a long way! What are my chances?

    3) Also I want to claim ppi that was mis-sold on these cards listed at top my post. As these debts were sold to DCA, would any successful ppi claim be offset against my debt? The ppi claim would be against the original creditor.

    Many thanks in advance.
    Originally posted by HITS
    Hi,

    Answers :

    (1) sit tight and wait. Send reminder letter if you like.

    (2) Refer to first sentence (1) above.

    (3) Yes, most likely, you might be an exception though.
    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 4th Sep 17, 12:34 PM
    • 27 Posts
    • 2 Thanks
    HITS

    (3) Yes, most likely, you might be an exception though.
    Originally posted by sourcrates
    Many thanks for your reply Sourcrates.

    For what reasons would I be an exception?

    Many thanks
    • sourcrates
    • By sourcrates 4th Sep 17, 1:40 PM
    • 11,934 Posts
    • 11,419 Thanks
    sourcrates
    Many thanks for your reply Sourcrates.

    For what reasons would I be an exception?

    Many thanks
    Originally posted by HITS
    Its a bit of a lottery.

    Sometimes PPI refunds will be applied to any outstanding debt you may have with the company, but on some occasions, some companies refund it directly to you, even though you may have debt with them.

    Its a toss up whether you will be in the former group, or the latter.

    Depends on the company policy.
    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 4th Sep 17, 2:36 PM
    • 27 Posts
    • 2 Thanks
    HITS
    Thanks Sourcrates.

    I think you're spot on! Last week Lloyds upheld my ppi claim on a business account (sole trader) going back few years. They refunded the whole amount and did not offset against the debt. Whether it was because of it being business account or me just being lucky on this occasion, I am not sure, but I think latter is the case. Hence my questions on this forum before I make further claims.

    Questions:

    1) Would you agree that I should send a reminder letter to Cabot and Robinsonway for my CCA request and wait? If they come back and say they do not have it then I look to settle the debt as f & f with a low ball figure? Once it's accepted and fully settled and I have confirmation letter, thereafter I issue rest of the ppi claims so that no successful claims are offset against any debts?

    2) Why would any successful ppi claims against the original creditor be offset against the debt when the debt has been sold on to the DCA i.e, Cabot and Robinsonway?

    3) Would a successful Barclaycard ppi claim be offset against Egg debt which was previously owned by Barclaycard?

    4) Would a successful Halifax ppi claim be offset against Lloyds debt?

    5) Where can I find a template letter for a CCA reminder?

    Many thanks
    Last edited by HITS; 06-09-2017 at 12:47 PM.
    • HITS
    • By HITS 6th Sep 17, 11:17 AM
    • 27 Posts
    • 2 Thanks
    HITS
    Hi Sourcrates and Fatbelly

    I would be grateful if you could advise with regards to above questions pls?

    Many thanks in advance and your help is greatly appreciated as ever!
    • fatbelly
    • By fatbelly 6th Sep 17, 11:48 AM
    • 11,228 Posts
    • 8,394 Thanks
    fatbelly
    1. I think that's a reasonable strategy, except that you could start the F&F offer now. I don't see much point in CCA reminder letters. They're looking and they'll either find it or, quite likely, do a reconstituted version.

    2. I don't think it should happen but it does sometimes. Ii suppose the vendor feels some responsibility to the debt buyer.

    3&4 That's most unlikely.
    • HITS
    • By HITS 6th Sep 17, 3:09 PM
    • 27 Posts
    • 2 Thanks
    HITS
    Thanks Fatbelly

    1) If I was to offer f & f settlement now, surely they wouldn't accept low ball figure as there's still a possibility of CCA? On the other hand, no CCA means I have the negotiating power?

    2) What is a reconstituted version? Where would stand with this if they produce this?

    3) So I should put in the claim for Barclaycard and Halifax ppi which should not be offset against other debts as mentioned?

    4) Where can I find a reminder letter template?

    Many thanks
    • fatbelly
    • By fatbelly 6th Sep 17, 5:33 PM
    • 11,228 Posts
    • 8,394 Thanks
    fatbelly
    1&2 At the moment the debt is unenforceable, which is a good starting point for negotiations. If they reconstitute a cca then they comply with s77-79 and it's enforceable again.

    If the account is pre-April 2007 you do have another line of argument.

    3. Absolutely - if you have been missold ppi then you should complain.

    4. Don't know - never use them.
    • HITS
    • By HITS 7th Sep 17, 11:07 AM
    • 27 Posts
    • 2 Thanks
    HITS
    Thanks Fatbelly.

    Yes all the accounts were opened pre April 2007.

    1) Should I offer Cabot and Robinsonway 50/debt as f&f settlement?

    2) Where can I find a f&f settlement letter along these lines?

    3) With regards to the two debts (Amex & Capital One) which will be statue barred in couple of years, should I offer them f&f and what likely figure are they likely to except? I want to be clear of all these debts asap!

    Many thanks
    • HITS
    • By HITS 13th Sep 17, 9:57 AM
    • 27 Posts
    • 2 Thanks
    HITS
    Hi Fatbelly

    I would be grateful if you could advise with regards to above questions pls?

    Many thanks in advance and your help is greatly appreciated as ever!
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