Doing The Right Thing But Need Advise

aaxsabian

Hi there,
I,ve been looking through some of the posts and i know this is thee place to find some help.
Our debts have built up over the past 2 years not knowing how but they have.
we have debts totalling £44,320, we went the the local CAB and they put together a financial statement to send of to our creditors with offers,
every thing was going fine untill just before christmas 2 of the debts were sold on and all the others started to request higher payments which we refeused.
now all the debts are with debt coleection agencies apart from the 2 that have been sold on.
so i have been looking through the threads night afternight to get some knowlege on what to do.
so today i have sent out cca request to all my creditors, is this the right thing to do??
also what do i nedd to do now, i just need a little help with this my wife is scared the home will be reposessed, the baliifs will come round and we will be out on the street. if somone could give us a bit of guidence it would go along way thanks

Jenna

Hi there Sabian,

Welcome to DFW, you're in the right place, you'll get lots of advice and support from the lovely folk here

I know the experts will want you to post an SOA to begin with so that they can get a full picture of your financial situation. I think the link to it is in the sticky at the top of this forum. Make yourself a cuppa, grab all your paperwork and steadily work through it - it's not as painful as it sounds and you'll feel SO much more in control when it's done as it gives you a full picture of all your finances!

Is the debt secured or unsecured? As far as I am aware you can't lose the house if they're unsecured - but the experts will be able to advise on the details here.

Keep posting

RAS

aaxsabian wrote: »

now all the debts are with debt coleection agencies apart from the 2 that have been sold on.

So some are with internal Debt collection agencies and some external ones?

so today i have sent out cca request to all my creditors, is this the right thing to do??

Yes for loan, catalogues, and credit cards. No for bank accounts and debit cards.

also what do i nedd to do now, i just need a little help with this my wife is scared the home will be reposessed, the baliifs will come round and we will be out on the street.

She is being frightened by too many debt collectors telling lies.

What will happen is that some of them will settle down and be glad to get a regular payment and that it that.

Some of the less decent DCAs are a different story but they are being reined in gradually by the OFT. Hopefully the OFT will act against a number of companies who feature here regularly in the way they have acted against 1st credit.

it is normal practice for the DCas to try to increase the payments every 6 months, and if you situation had not improved to decline this request. Deal with them via CAB.

The DCA may eventually go for a County Court Judgement in the hope of getting a higher sum. If so, please come back here rather then allowing the DMP management to look at things, as they are likely to admit the debt. There are technicalities that may make it possible to halt the CCJ. If that does not happen, then you need to get the case referred to your local court and to attend. This maximises the chance that the sum you have to pay is the same as the amount you are already paying.

The next bit is tricky. As long as you keep paying the monthly sum, which is now a priority debt, then they cannot try to get a charging order. This is prevented by a case called Mercaltile v Ellis.

So what Dcas do is try to vary the CCj to a forthwith judgement and then because you cannot pay the full debt back, try for a charging order. The law was re-wrritten last year but not made active. The Governement has now state that they will not activate that part of the law in the foreseeable future but DCas and courts have been acting as if it will happen.

So you need to fight any attempt to get a forthwth judgement.

And even if that happens and the debt is secured on the house, it is almost unheard of for orders for sale to be issued.

Bailiffs only get involved usually for council tax or tax debts, so these are absolute priorities.

On the other hand, now the worst of the pressure is off, it maybe time to suggest that the wife came on here as well and you both joined a few things like challenges, thought about e-bay and car boot sales and read the boost your income thread. If you have a little bit tucked away, you can overcome the odd bombshell that drops in.

fairydiamond

You are in the right place, try not to be frightened, they always use scare tactics.

aaxsabian

hi there thanks alot for your support its much valued.
just a quick one is a fincail statement not the same os an soa
and its all un secured debt

aaxsabian

hi there thanks for your help i will keep you informed about the cca situatin as and when

RAS

Glad it is all unsecured.

You need to make sure the mortgage is paid and the C|T and utilities.

And SOA is similiar to a financial statement but the DFw speciality is to find ways of reducing the costs for each item. So you may be paying more than necessary for life insurance or your phones and by swapping via a cashback site end up living more cheaply and gettiing piad for doing so as well.

aaxsabian

i do have mortgage arears about a thousand at the moment so will try to pay that off as soon as

aaxsabian

thank you lots

RAS

The mortgage arrears is the absolute priority.

Again, a little pruning of your expenditure, or bit of extra income might let you find another £50 per month towards that.

aaxsabian

the abbey have been quite understanding but i dont think it will last
also have £1000 in utiltys debt which we are trying to clear.we both work pay as much as we can to everything but it just does'nt seem to make a difference what we do