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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.
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Page 3
    • fatbelly
    • By fatbelly 13th Sep 17, 1:31 PM
    • 11,229 Posts
    • 8,395 Thanks
    fatbelly
    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
    Originally posted by HITS
    The standard National Debtline letter is here

    https://www.nationaldebtline.org/EW/sampleletters/Pages/Full-and-final-settlement-offers-%28sole-name%29.aspx

    It doesn't count as an acknowledgement of the debt as negotiation is being done on a 'without prejudice' basis.

    I haven't come across offers less than 10% being accepted and at least a couple of those debts are fairly chunky.

    This is a long thread and I'm losing track of where we are but I seem to have said
    I'd leave Amex alone as it's been 4.5 years since you heard anything. That one might be written off.

    If you've not heard anything from Capital One for a year it's a toss-up whether to leave it or not. Maybe leave it till last
    Has anything happened recently with either of those two?
    • HITS
    • By HITS 13th Sep 17, 1:51 PM
    • 27 Posts
    • 2 Thanks
    HITS
    Thanks Fatbelly for the reply, it's appreciated.

    Nothing has happened with Amex or Capital One debts but I would like them to be cleared. I also have a possible ppi claim on one of them.

    With Cabot and Robinsonway, should I then wait their confirmation letter that they don't have CCA and then I can offer them bare minimum i.e., 50/debt to close the file? So may be for now, I should just send a reminder letter?

    Many thanks
    • fatbelly
    • By fatbelly 13th Sep 17, 8:11 PM
    • 11,229 Posts
    • 8,395 Thanks
    fatbelly
    No, don't send a reminder.

    It's unlikely 50 would be accepted on a large debt. Remember they can sell the debt to a debt buyer and we believe the going rate is 6-16% of the balance figure
    • HITS
    • By HITS 13th Sep 17, 8:31 PM
    • 27 Posts
    • 2 Thanks
    HITS
    Many thanks Fatbelly, I'll update you when I hear back from them.
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