Desperate for help

Wally09

I am currently in £20,000 worth of debt and will be made redundant at the end of June. I am severely stressing over how I will make payments and what will happen if I don't. Also i am currently in the process of applying for full time study from Sep. I have spoken to Loan-free.co.uk about my losn having been taken out before
april 2007 and it possibly being unenforciable but am worried about the cost of looking into it and then finding out its not and would like to know if anyone has any advice or a spare £20,000 they can give me to sort all this out..only kidding...still can't help but ask.Please help any advice welcome am desperate.
cheers

jimpix12

Hi,

First of all try not to get really wound up, as stressing over it won't help. You should definitely speak to a debt counselling agency such as the CCCS as soon as you can as they are impartial and free. You may also benefit from posting in the DFW forum.

I am personally opposed to terminating credit agreements using that loophole since you agreed to it therefore you shouldn't run away from your responsibilities. Your creditors may be able to come to some sort of arrangement and take a cash payment to delay things a little. You need to tell them you are committed to paying it off ideally. Do you have any savings or cash lying about anywhere?

debtdestroyer007

its def worth considering unenforceablity, on the other hand, with your level of debt, realistically bankruptcy might be one option assuming you have no assetts.

you can look at an IVA but you need to have a surplus of around 200-250 a month and a regular source of income.

the enforceable angle can work for free, you can get sample letters here.

here is the first one you can send to get a copy of your credit agreement without paying any 3rd party:

This letter is a formal request pursuant to s.77/78 of the Consumer Credit Act 1974. I require you to provide me with a true copy of the credit agreement relating to the above account, together with any other documentation the Act requires you to provide.

I expect you to comply fully and properly with this request, within the statutory time limit. You are reminded that should you fail to comply with my request, the provisions of s.77 will apply.

If it is your view that you are not the creditor, s.175 of the CCA 1974 applies in the case of a simple assignment, and places a duty upon you to pass this request to the creditor. In the case of an absolute assignment, you are a creditor as defined by s.189. If you contend that you purchased the rights but not the duties of any agreement, you are reminded that s.189 of the Act is clear that an assignment is of both rights and duties.

Your attention is drawn to ss.5(2), 3(b),6 and 7 of the Consumer Protection from Unfair Trading Regulations 2008 (CPUTR).

I enclose a postal order in the sum of £1.00, which is the statutory fee. Note that these funds are not to be used for any other purpose.

If you are unable to comply fully and properly with this request, you should confirm this in writing at the earliest opportunity, and certainly within the statutory time limit for compliance, and return the fee.

I look forward to hearing from you.

Yours faithfully

Apples2

For goodness sake, look at the name Loan-free.co.uk!!!

If you THINK you have a case, for the love of whoever you prey to, go to a proper solicitor, not some ridiculous made up website.