"Write Off" your debt companies

GirlRacer_2

Ooooo loans as well????? OMG I think it's going to take me a few weeks to look through all her paperwork Trouble with my sis is that she kept borrowing to pay off so knowing her all the loans were taken out in 2007!!!

RAS

Just make absolutely bl!!!!!!y sure she does not take out any new ones, then.

The older the debt, the more likely it is not to be properly documented. The law was passed over 30 years ago, so you would have thought that companies would have got their act together, but no. There is at least one big company that seem to have CCAs for about 30 percent to the required accounts. Others have best part of 100%.

skinttflint

I to have been contacted by this company,in fact they called me nearly once a week to remind me of their free offer if I returned their forms in the next week. I had a loan with firstplus which was paid off well before the due date and as a result they made about £3.5k in charges, this was the money they claim to be able to return minus their huge charges!! when I checked them out they were registered on the Ministry of Justice web site,but when I called them at their registered office to enquire from were they got my infomation,they were unable to help and would need to call me back with that. Strangley they have not called me since then, at all.
Would I be able to claim that money back ? If so does any one know were to start?
Any imput would be appriciated..

MrsTinks

Firstly DO NOT use them - whether or not you can reclaim any £3.5k depends on your contract and the terms etc - Best place to start? The links through the thread here I guess would be a good place
It all depends on the exact loan set up and if part of it was PPI or if it was an early termination fee etc etc etc

skinttflint

Hi, As far as im aware it was redemption fees that were charged,I have always kept well clear of PPI.

GeorgeUK

Not worth trying through one of these companies parnechris - you can send the CCA request letters yourself for £1+postage.

parnechris

Is it likely to get my debt written off? What letter is it I need to send?

MrsTinks

If it was likely to get debts "written off" easily do you think there would be hundreds of new posts on this section of the forum each day
There is NO quick fix to debt - yes there are some instances where companies will have trouble enforcing a debt BUT you may find they take you to court and produce enough evidence for a judge to find in their favour and place a CCJ on you - you risk that with the cowboy outfits you have mentioned too...
Post an SOA on here in a new thread and let the guys have a good look at the state of things and give you some proper advice

parnechris

Thanks for the advice. What is this SOA? And how do you do it?
Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 250
Total monthly income.................... 250

Monthly Expense Details
Mortgage................................ 1000
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 152
Electricity............................. 70
Gas..................................... 70
Oil..................................... 0
Water rates............................. 80
Telephone (land line)................... 20
Mobile phone............................ 45
TV Licence.............................. 12
Satellite/Cable TV...................... 31
Internet Services....................... 10
Groceries etc. ......................... 400
Clothing................................ 200
Petrol/diesel........................... 300
Road tax................................ 40
Car Insurance........................... 210
Car maintenance (including MOT)......... 200
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 20
Contents insurance...................... 20
Life assurance ......................... 14
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 65
Entertainment........................... 30
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 3049

Assets
Cash.................................... 0
House value (Gross)..................... 250000
Shares and bonds........................ 0
Car(s).................................. 120000
Other assets............................ 25000
Total Assets............................ 395000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(1000).....0
Total secured debts........... 0.........-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
MINT...........................10000.....250.......15.9
MBNA...........................6300......160.......34.9
AA VISA........................10000.....230.......19.9
NATWEST LOAN...................25000.....405.......6.9
CAR FINANCE....................20000.....650.......24.9
CAR FINANCE....................20000.....417.......6.9
NATWEST........................3000......78........17.9
BARCLAYCARD....................2000......45........6.9
Total unsecured debts..........96300.....2235......-

Monthly Budget Summary
Total monthly income.................... 250
Expenses (including secured debts)....... 3,049
Available for debt repayments........... -2,799
Monthly UNsecured debt repayments....... 2,235
Surplus(deficit if negative)............ -5,034

Personal Balance Sheet Summary
Total assets (things you own)........... 395,000
Total Secured debt...................... -0
Total Unsecured debt.................... -96,300
Net Assets.............................. 298,700

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

2 adults and 2 children. 4 cars.

GeorgeUK

SOA = statement of affairs (detailing income, expenditure and debt)
https://www.makesenseofcards.com/soacalc.html