OLD DEBT - advice needed

onesonsmum

This 8.5k debt dates back from the last recession May 1998 and was to do with a mortgage shortfall, breakup of my marriage and hubby becoming bankrupt so they came after me.

I owe about 4k now (may 09) and I have become a student surviving on a small NHS bursary abt 8k p.a.

I've tried to have this debt written off but they're holding fast as they can see my potential future earnings got abt 15 yrs until retirement........

My only asset is my car that I need as a carer for my aging parents. I do not own property, my name does not appear on any mortgage deeds.

My other debts are a bank loan 10k
student loan 5.5k ( never repaid any as I've never earned enough !)
credit card debts abt 1.5k just managing with those and need them to live.

Whats the best way to approach them to get rid of this milestone?

GeorgeUK

Do you know when the last payment was made towards the debt or written acknowledgement was made?

If the debt hasn't been acknowledged for 12 years (in England, 20 for Scotland), then the debt may be statute barred.

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=11_mortgage_shortfalls

rog2

Hi onesonsmum

I'm a little confused - not in a bad way, but just to clarify your situation, could you tell us what your current total debt situation is?

I read it as:

Balance of 8.5k loan = £4k
Bank Loan = £10k
Student Loan = £5.5k
Credit Cards = £1.5k

Total Debt = £21k

Please correct me if I am wrong.

Now we need to know what your income is, as well as your necessary expenditure and other outgoings - That will complete your SOA (Statement of Affairs) and enable us to advise you best.

Also, you should be talking to one of the Debt Counselling Charities:

• National Debtline - www.nationaldebtline.co.uk - tel 0808 808 4000
• CCCS - www.cccs.co.uk - tel 0800 138 1111
• A Debt Adviser at your local CAB

Either of the above charities, all of which are fully endorsed by this site, will be able to advise you on the best solution, and believe me there are many, for your situation.

This board will give you all the additional support and help you require - we just need a bit more to go on.

onesonsmum

GeorgeUK wrote: »

Do you know when the last payment was made towards the debt or written acknowledgement was made?

If the debt hasn't been acknowledged for 12 years (in England, 20 for Scotland), then the debt may be statute barred.

---

Thanks for the suggestion GeorgeUK but I have been paying this debt since 1998 and have maintained contact with the company and continually paid even when I was unemployed.

They want me to continue paying and I cant afford it. I have asked them to write it off but they refuse.

gettingbetter

hi

might be worth asking for a valid CCA

letter here

Dear Sir/Madam

Re:− Account/Reference Number: XXXXXXXXX

With reference to the above agreement, I would be grateful if you would send me a copy of this credit agreement.

I understand that under the Consumer Credit Act 1974 (Sections 77−79), I am entitled to receive a copy of our credit agreement on request.

I enclose a payment of £1.00 which represents the fee payable under the Consumer Credit Act.

I understand a copy of my credit agreement should be supplied within 12 working days.

I understand that under the Consumer Credit Act creditors are unable to enforce an agreement if they fail to comply with a request for a copy of the agreement under these sections of the Act.

I look forward to hearing from you.

Yours faithfully

PRINT ONLY - DON'T SIGN

gettingbetter

hi

if you send this letter off please send a postal order and do not sign your name just print it

kas xx

10past6

gettingbetter wrote: »

if you send this letter off please send a postal order and do not sign your name just print it

Write on the back of the postal order "CCA Request" this stops them crediting the amount to your account.

onesonsmum

rog2 wrote: »

Hi onesonsmum

I'm a little confused - not in a bad way, but just to clarify your situation, could you tell us what your current total debt situation is?

I read it as:

Balance of 8.5k loan = £4k
Bank Loan = £10k
Student Loan = £5.5k
Credit Cards = £1.5k

Total Debt = £21k

Please correct me if I am wrong.

Now we need to know what your income is, as well as your necessary expenditure and other outgoings - That will complete your SOA (Statement of Affairs) and enable us to advise you best.


Also, you should be talking to one of the Debt Counselling Charities:
Either of the above charities, all of which are fully endorsed by this site, will be able to advise you on the best solution, and believe me there are many, for your situation.

This board will give you all the additional support and help you require - we just need a bit more to go on.

Hi Rog2

Your additions are correct. Trying to get help now with debt is really difficult, but then we know why. They have sent me a booklet to complete which will be like writing my life story and considering I have maintained contact with them nothing has changed except my earning capacity whats the point?

Can I just type out a SOA like I've seen here on MSE and submit that?

or where can I find a SOA ( I'm assuming this is the new name for a financial statement?)

My bursary is my only income worth around 8k.

I have tried to get a full and final settlement offer but they only want the payment in full. I just cant afford this debt.

regards

fatbelly

gettingbetter wrote: »

hi

might be worth asking for a valid CCA

But it's not a consumer credit act debt, is it?

onesonsmum

fatbelly wrote: »

But it's not a consumer credit act debt, is it?

This debt came about due to mortgage shortfall.

what is a CCA and how would I know if it is?


I have in the past recieved a statement of accounts would this be the same?

onesonsmum

gettingbetter wrote: »

hi

might be worth asking for a valid CCA

letter here

Dear Sir/Madam

Re:− Account/Reference Number: XXXXXXXXX

With reference to the above agreement, I would be grateful if you would send me a copy of this credit agreement.

I understand that under the Consumer Credit Act 1974 (Sections 77−79), I am entitled to receive a copy of our credit agreement on request.

I enclose a payment of £1.00 which represents the fee payable under the Consumer Credit Act.

I understand a copy of my credit agreement should be supplied within 12 working days.

I understand that under the Consumer Credit Act creditors are unable to enforce an agreement if they fail to comply with a request for a copy of the agreement under these sections of the Act.

I look forward to hearing from you.

Yours faithfully

PRINT ONLY - DON'T SIGN

Thanks for this Gettingbetter but can you tell me whats the difference between signing or printing of one's name? and the signficance of a credit agreement? this debt was due to a mortgage shortfall - if that helps

cheers