Yikes 1st credit have one of our debts - Make that 2

longforthesun

Debtman2007 I am not usre what the criteria is for a creditor getting a forced sale on your home. It does not help that too many judges out there dont seem to care or even know what the correct procedure is.

Well today we have decided to put the house on the market we can clear our debt with our equity. If need be we will rent for a while but going to see the bank about our chances of getting a mortgage with our damaged credit rating. We are very fortunate that the area we live in has not seen massive drops in house prices so hopefully we have not lost much (approx£5k).

Of course we actually need to sell but houses are moving just very slowly here. In the meantime my new salary will allow us to make big dents in our debt while we wait for the house to sell.

No calls yet from 1st credit and the £1 chq was cashed today for our CCA request. The 12 +2 are up on the 10th March.

pepe2008

Hi LFTS,

Dont forget that if you DO sell the house you DONT need to meet the Full amount to these Creditors...........you can negotiate a Full and Final Settlement at way below the Balance.

longforthesun

Thanks Pepe. We were wondering if we could go for full and finals even if we did actually have enough to clear it. Lots of our debt (like others) was the interest charges and we beleive we have long paid back what we originally spent. HOwever this is all pie in the sky as we have actually got to sell first.

pepe2008

longforthesun wrote: »

Thanks Pepe. We were wondering if we could go for full and finals even if we did actually have enough to clear it. Lots of our debt (like others) was the interest charges and we beleive we have long paid back what we originally spent. HOwever this is all pie in the sky as we have actually got to sell first.

They've made their money and then some! Do you need to sell? I'm considering trying to raise about 40% of the debts and then trying to screw them all down to a low F&F....its a thought.

longforthesun

Pepe we dont need to sell. with my new job we cold pay everything off in 2.5 years but the secondary schools round here are not great and the area we want to move to has good secondary schools so we want to move before the kids get to the secondary age. We have been thinking of moving for some time. I know now is not an ideal time but I think we both would be happier.

However thankfully if we cant sell then at least we know that there is an end in sight with our debts.

1st credit were due to call today so far not heard a peep but then there is still time. Wonder if receiving the CCA request will keep them at bay for some time.

HOPE1234

Reading through your thread got me thinking about things and something was niggling away in the back of my mind.

I've got a feeling that 1st credit must have applied for a ccj without my knowledge as i've been chatting with a friend of a friend who knows a lot about court process .
According to friend,a ccj has to be in place before a charging order is issued.

So im not sure what to think. The CO was issued even though I was maintaining dmp payments.

The judge wasn't bothered that 1st credit had breached all regulations such as providing signed credit agreement etc.

Going to apply for a copy of my credit file and see just what 1st credit have been up to.

cocker100

hi all,

Thought people might be interested in this:

http://www.oft.gov.uk/news/press/2009/20-09

About time eh?:rolleyes:

:T :j :T :j :T :j :T :j :T :j :T :j :T :j

Cocker:)

longforthesun

Hope1234 I think you should look into this further. Have you read the link cocker has added. Seems they have had their knuckles wrapped by the OFT so may be worth complaining.

Cocker this is good news I read the link on the other thread and thank you for adding it hear.

Perhaps this is the reason we have not had any calls.

longforthesun

No CCA yet but still got a few days to supply it. OH missed a call from them on Tuesday but so far they do not seem to have called back.

cocker100

Hiya,

Just sent a reply to their recent pathetic excuse of a CCA. No way is that thing enforceable!!!:D

I've also decided to request a SAR to see where I truely stand with things!

I'll keep you updated as to the progess.

Cocker:)