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CCCS_Sue

MyOwnFault wrote: »

The Question:

Is it better to do a short sale & stay current on all my credit card payments OR is it better to default/ settle on a couple credit cards and stay in good standing with my mortgage?

The Background Info:

I put myself in this position, so nobody to blame but me. I want to stop the madness and fix this, but want to make sure I take the smartest path to do so.

I am current on all my debt payments as of right now, but will not be able to sustain that for much longer.

I tried to sell our house, but the only way to sell it was to bring more money to the table than I have. I am beginning to consider a short sale -- but before I do this I wanted to find out if this was a better option than to pinpoint 2 - 3 of my unsecured debt credit cards and let those go into default.

The Bottom Line:

I am currently at the point where I have to pick a path or this is all going to unravel and get bad across the board. I would like to minimize the damage & fulfill my debt obligations to as many as possible. I need to do something soon to be able to do this.

Please help -- thanks!

Hi myownfault and thank you for your message

Without knowing your full financial situation, it is hard to give you advice on this.
I would recommend that you call for an appointment to speak to one of our debt counsellors. To book an appointment with one of our trained counsellors you would need to contact our helpline free on 0800 138 1111. Lines are open Monday to Friday 08:00-20:00. It would be helpful that when you call you have details ready regarding your income, expenditure and creditors, as this can help speed up the referral process. If you have this information ready it may be possible to refer you directly to a counsellor if one is available, otherwise we will arrange a time that is convenient for you to be called back for an appointment.

Alternatively you can visit our online debt advice facility called Debt Remedy. Debt Remedy would assist you in completing a financial statement and you would be provided with tailored advice on the best way to deal with your situation. This link will take you directly to Debt Remedy www.cccs.co.uk/ref/drcu

Regards,
Sue

gerturdeanna

CCCS_Sarah wrote: »

Hello,

You will need to call our client support department; the number will be on your statement. Let me know if you cant find it and I will PM you.

Sarah

Hi Can you PM me the number please - OH has been tidying :rolleyes:!!

Thanks

Gert x

grazyme

Hi this is the first time i've posted but been reading posts for more then a year.My husband and i have been on a fee paying dmp since may07 but they have let us down recently i.e sending payments late not being able to contact them so decided to terminate and with help from national debtline self administer the plan.We have many creditors and owe in the region of £149,000 on unsecured loans and are currently paying £656 per month into the plan.Most of the creditors have agreed to continue the plan without any problems but these are all those which have been sold on.At the momment I am trying to deal with capital one credit card who are insisting we reapply for a plan even though one is already set up from previous dmp,so i sent our current soa and credit commitments etc but they are asking for proof of benefits and bank statements which national debtline said wouldn't be wise to do unless absolutely necessary in order to get them to agree we have increased our offer of paymnet due to not paying dm fee so don't understand why they want bank statements,is this the norm as no other creditors (as yet) have asked for this.

katcot

Hi I wonder if anyone can help me please.

I have been taken to court by Link Financial (a debt incurred from GE Money who sold it on). I wrote to the disputing the amount owing and making an offer to pay monthly (by the way this was after GE Money failed to reply to the CAB people who were trying to come to an arrangement with them on my behalf).

I met the deadlines and the court acknowledged receipt on the 22nd October 2009. However Link Financial subsequently failed to meet the deadline set by the court and to date I have not heard anything at all. I telephoned the court and the man I spoke to said that after a period I may be able to have this "set aside".

I don't know how to proceed on this and would be grateful for advice.

TIA
Kat

JimCha18

CCCS_Sue wrote: »

JimCha18 wrote: »

Hi,

Can someone give me an example of an unenforced credit agreement.

What reasons are their that would make it unenforceable?

Many Thanks

Hi Jimcha18 and thank you for your message


Two examples of this would be:-

If a creditor cannot provide the information, or prove that you owe a debt, they cannot take any enforcement action against you until they do.
This would be if you had received a letter asking you for money for a debt you had no knowledge of, or if you disputed an amount outstanding.

Another example is if the debt is statute barred under the Limitation Act.
The Limitation Act 1980 sets out the rules on how long a creditor has to take action against you for a debt , for example, take you to court.
The time limits are different, depending on the type of debt that you have. It is usually 6 years.
Once the six year term has elapsed the creditor will be out of time or “statute barred” from suing for the debt if:
The creditor has not already obtained a county court judgment (CCJ).
The debtor or any one else owing the money (on a debt in joint names) has not made a payment on the debt during the last six years.
The debtor has not written to the creditor admitting they owe the debt during the last six years.
Regards
Sue

Thnakyou Sue,

What you have told me is very helpful!

Is there any other complications in the agreement or any other small details that can make it unenforceable?

What range of acts and legislation could potentially prove loopholes?

Many Thanks

CCCS_Sue

tedsd wrote: »

Thanks Sarah, what I did today was to send a token payment to them all, and asked that they contact me in writing as I was ill and off work last year with stress and want to remain fit and available to work so I can meet my financial commitments...hoping that is ok or is at least a 1st step??? I've sent them recorded delivery and taken photocopies...

Hi tedsd

Yes that's fine!

CCCS_Sue

grazyme wrote: »

Hi this is the first time i've posted but been reading posts for more then a year.My husband and i have been on a fee paying dmp since may07 but they have let us down recently i.e sending payments late not being able to contact them so decided to terminate and with help from national debtline self administer the plan.We have many creditors and owe in the region of £149,000 on unsecured loans and are currently paying £656 per month into the plan.Most of the creditors have agreed to continue the plan without any problems but these are all those which have been sold on.At the momment I am trying to deal with capital one credit card who are insisting we reapply for a plan even though one is already set up from previous dmp,so i sent our current soa and credit commitments etc but they are asking for proof of benefits and bank statements which national debtline said wouldn't be wise to do unless absolutely necessary in order to get them to agree we have increased our offer of paymnet due to not paying dm fee so don't understand why they want bank statements,is this the norm as no other creditors (as yet) have asked for this.

Hi grazyme and thank you for your message

You do not have to send them your bank statements.
As long as you have sent them a copy of your income and expenditure, a list of creditors, and you are paying what you can realistically afford, then you are doing all you can. .
Do not be pressured into paying more than you can realistically afford.If you do this, you could fall behind on your priority bills.
Regards
Sue.

kaz0705

Hi,

This is the first time I've really considered seeking advice on debt and admit it's entirely my fault.

I have 3 creditcards and meet the minimum repayments on each. However, I have now maxed out 2 and the repayments (and occasion charge for going over the limit) are starting to increasing to high amounts.

Worse, I've do a calculator online that suggests it will be 25years before i pay off my debt with my current minimum repayments!

In an ideal situation I'd like to close all my cards and just pay them off but i assume if i call to ask the companies to freeze my account, they'd want me to pay off the outstanding amount. Can this be done and would CCCS be able to help with this?

Also, if they are able to do this, what affect would it have on my credit rating?

It's incredibly frustrating because if i was able to get a loan, i could consolidate these cards, not affect my rating AND- most importantly- be debt free in 3 years!

I know i need to speak to someone but am at work so can't call and am worrying about it!!

Many thanks,

Kaz

mollie123_2

I wonder if some one could give me some advice please.

I have a DMP set up through the CCCS, have a total of £8,000 left to pay off and I've now reached the point where my monthly payments are above the minimum re-payment figures. This was set up after I obtained a mortgage and bought a house with my partner – he is unaware of my financial difficulties.

To cut a long story short, he now wants to arrange a new mortgage with a different lender.

Will it ever be possible for me to get another mortgage and how will his credit rating be affected for the future if we do manage to get another joint mortgage? He currently has an excellent credit rating.

Also, if both our names are on the property deeds do we need to have a joint mortgage or would it be possible for him to apply for a sole mortgage?


This is really worrying me - I know he wants to switch mortgages to try and save money every month, but I scared about admitting how stupid I've been in the past.

Many thanks for any advice you can give.

grazyme

Thankyou sue,I have sent them a letter asking them why they have asked for these documents especially as a plan is already in place and none of our other creditors have requested these documents and continued to agree the plan.What should i do if they write back asking for thses documents again though i don't mind sending proof of my benefits as the debt is in my name but not happy about sending bank statements or my husbands proof of income etc.What could they do if i refuse to send them.