hi im in great need of some advice please

bank_of_slate

supakid wrote: »

thanks to you all i am going to take some time and read through all this hopefully i can sort myself out... i know this for sure i wont be taking credit cards out again....and store cards!! again thanks guys.

Hi supakid and welcome.
It might seem tough now but it's a good lesson to learn young.
You WILL get this sorted out, it's just one of life's journeys that you have to go through, if you learn from it now then it's not all bad
...Linda xx

sparky0107

Hiya supakid,
Please put a claim in to get your card charges back, use the template letters to put your claim in and stick to the timescale some of the card companies are quick at repaying you, this can then be used against repaying your other debts, also check if you have PPI insurance, you may be able to claim on this to cover your repayments.

GOOD LUCK

supakid

The Loan Company
Company House,
Church Street,
Newtown,
Kent,
R1 7HG
Dear Sir/Madam
Re Account No/Reference No:- 4563210025897412
Since making that above agreement with you, our circumstances have changed.
We cannot now afford to agreed monthly payments because ... [your paragraph added here]
We enclose a Personal Budget sheet which shows our total income from all sources, and the total outgoings of
our household. As you can see we have no money left to make offers of payment to my creditors.
In view of our circumstances, would you please accept no payment at present to be reviewed in six months. If
interest or other charges are being added to the account, we would be grateful if you would freeze these so our
debt does not increase.
Should my circumstances improve we will contact you again.
Thank you for your assistance. We look forward to hearing from you as soon as possible.
Yours faithfully
Mr A N Other




is this ok to send to HL leagal and morecroft(argos) with my payment offer ... does anyone know how they would respond can anyone suggest something else better... again i woudl really like to thank everyone for their replys.

supakid

anyone?????

Sue-UU

Hi again supakid. I'll bump the thread again and hope someone else will deal with it, if they don't I'll give my 2 cents worth later today, but must cut a dash right now.

All the best that you get some joy.

Sue

sparky0107

Just bumping you back up

TismE_3

Hiya KID,
Could you earn any money from baby sitting? Doing odd jobs ect for family friends or neighbours?

You live with your parents and get jsa, not sure how much this is these days, not a great deal i know, what do you normally spend this on? can you make any extra savings?

If you go through the jobcentre i think you can get help with travel costs/ new interview clothes for interviews.

What sort of work did you do before?

Keep looking!!

Not sure if you'd be eligable but you might be able to claim a crisis loan if things get to much, these are interest free, and are paid back weekly and deducted from your jsa.

Best of luck....Tisme x

justruth

My best advice would be to contact one of the charities regarding the letter, they will help you put together an SOA which your creditors will want to see, combined with a suitable proposal for a token payment for the interim.

The letter above looks alright to me, just remember to include a token payment. I would search the collections companies on here if I were you to see how others have found them, but generally speaking, so long as you make a token payment and keep making it then they know as well as you do that they will not get any more if they add the cost of going through court.

Make sure you add in that you are currently on JSA, as they know that there is very little that they can do from there.

My guess is that these are debts you have been avoiding before now and that you haven't contacted your creditors. It doesn't always help but some people find that by being on the level with them and sorting it out they get a much better response. Also don't forget that these companies buy the debt at much less than you owe, and as such can afford to accept a lower full and final settlement. If you think you can find enough to clear it at a reduced amount (say about 80% although this varies) then ask them and see what happens.

It's a bit hard to help anymore without knowing exactly what is owed where, as already mentioned I would go down the route of claiming back those charges, and on your argos card, I would deal with moorcroft direct now as the debt is no longer with argos.

As for HSBC, is that a debit or credit card? Is this your only bank account? They may be asking for the card back, in which case have you a second bank account ready for your JSA to be paid into? Get a second basic account somewhere else, then go into HSBC, speak to one of their advisers and be prepared to give the card back. I had to do this when I was not much older than you, and they were fine with me. They said I had been abusing the card (in fairness I had) and asked that I return it. They didn't withdraw my overdraft facility at the time and have been relatively fair with me since.

It's not all bad it just feels a little overwhelming when you have them all on you at once. Take a breath and get onto it, I see you want to tackle your debt so let me reassure you that you can.

justruth

Just having had a quick scan through this came up regarding moorcroft. I will let you draw your own conclusions.

http://forums.moneysavingexpert.com/showthread.html?t=1471083&highlight=moorcroft

supakid

thanks mate, yeh i finally realized that i have to face what's happening here, although im scared... i spoke to some one from debtline and he suggested that i write to all of my outstanding collectors to offer a token payment ... he said if i have to go to court this could be a good thing as i could apply for an admin order and they have no choice but to accept this or take me to court. just got another letter through the post this morning about my HSBC current account i went over my 250 overdraft and they have been charging me about 8 quid amonth and its up to £513!! i have screwed up bad i just hope this wont affect my family i dont want people knocking on the door...
heres a break down of what i owe.....
Capquest Vodaphone 489.54 (569.54 if taken to court)
Moorcroft 759.63 ( with a massive amount of charges)- out of fear made a £50 quid payment to argos when this letter was recived was that right?
HSBC credit card 614.40 (lots of charges)
HSBC current account 513.73 (huge charges)
Orange 85 quid im sure i will be dealing with moorcroft again....

any suggestions would be great or some one that can talk me through what i should start with... im so glad i have found this forum i was getting very depressed and tried to block things out people have been very friendly.. thanks guys.