Massive debts

gargrave50

Quite right :j

I stayed up to have a glass of vino and submit my application in peace perfect peace.

Just heading up to bed, will report back with goodies from the postman in the morning:D

MyopicMoo

Hi, Go get the idiots from Littlewoods!

Good luck with the application - that would certainly make things easier for you. xx

littleangels3

I wish you luck with your application aswell it would be better for you than having to leave your family to go to london sorry cant remember if you have kids or not x

gargrave50

Thanks MM and littleangels3,

Yes it would be life a'lot easier as my son is only 6. Well the application is submitted now and the closing date is 25th August, so hopefully will hear something next week

gargrave50

Good morning all:hello:,

Received a strange letter from Bank of Scotland re: AA Visa which I think I will need to read over one million times before I absorb what they are trying to say.

It reads (by the way BJ - this is after my "I don't need to use CCCS etc letter" so if you used that this might be winging its way to you too")

"Thank you for your recent correspondence requesting a summary of our reduced payment arrangement policy".

Our current fixed payment arrangement guidelines are intended to assist you with an opportunity to regain control of your financial situation. This policy will identify at an early stage whether your individual financial difficulties are short term; which requires a formal non-contractual arrangement, or long term; which requires an informal arrangement.

If your offer is less than 1% of the oustanding balance, we will assist you with an informal arrangement with reduced or token payments on the account. If you financial situation remains unchanged following a review, we may refer your account to our recovery team who will assist you with a long-term debt repayment solution, with the added benefit of permanent suspension of interest. This involves the registration of a default and allows hte payments you make to directly reduce the outstanding debt.

If your offer exceeds the greater of 1% of the outstanding balance of £10.00, we will assist you with a formal non-contractual arrangement with reduced repayments for 12 months to the account. Only one formal arrangement is permitted in the lifetime of each account, therefore the maximum time permitted with reduced interest applied, without the need for a default to be registered, is 12 months.

Both policies offer you the opportunity to regain control of your financial situation. Interest may be reduced under either type of arrangement, if a Debt Counselling Service is involved; such as Citizens Advice Bureau or similar free advice organisations. They will also assist you by offering independent advice on your situation.

If you have any further queries..........blah blah"

I'll need to read this several times and work out what % my offer is and then read it again to figure this one out. Might need some help:rotfl::rotfl::rotfl::rotfl:

BlueJeans_2

Morn Gar

I think mine would fall into the long term arrangement. I know with capital one 6 months was the short term.

I would have thought short term would be informal and long term formal. I'm I reading that wrong.

Just waiting for my postie to see what goodies I receive this morning:D

gargrave50

BlueJeans wrote: »

Morn Gar

I think mine would fall into the long term arrangement. I know with capital one 6 months was the short term.

I would have thought short term would be informal and long term formal. I'm I reading that wrong.

Just waiting for my postie to see what goodies I receive this morning:D

That's what is confusing me - I would have thought the short term would be informal and the longer term formal but I've read it again and again and its makes no sense to me.

My proposed payments were £10 each week so clearly we fall into the form agreement category - however, they state they will only freeze interest if I go via CAB etc. Well I'm not, so that's not an option. Will sit this one out until they sell it to a DCA which may take a while because at the moment - they say we are not in arrears?!

Really confused, will need to really consider where to go with this one. Have to say BJ - I had to send my "I don't need to go via CCCS" letter several times before I got this one.

BlueJeans_2

Keep me updated. My postie still hasn't arrived so I have kept myself busy with housework. Mopped living and toy rooms and if the bu$$ger doesn't hurry up I'm going have to start on the other rooms.:mad:

gargrave50

:rotfl::rotfl::rotfl::rotfl:

Don't do anything hasty!:rotfl::rotfl::rotfl::rotfl:

Just sending off my reply to Barclaycard from yesterday recorded delivery. Need to enrol DS in his swimming lessons which are due tonight (11.40 for 8 weeks ), and buy birthday card for my mother-in-law so it won't be a NSD for me:mad:.

Let us know what little gems the postie brings you:D

Tixy

Morning
Its an odd letter -I think the short term formal is meant to be a bit like a 'payment holiday' type agreement except its an interest holiday. And because its a formal short term change to your agreement it means you haven't defaulted so they won't put a default on your credit record. (I guess for some people who are only have temporary problems (say someobe only earning SMP for 6months) then that would be really useful).

The thing is that for you the sooner they default it the sooner they may sell the debt on - and it does look like its going to be easier to negotiate with a DCA on this one!

Hmmm - The reply could be tricky. You almost want to say, my problems are long term and I accept that this may mean you need to register a default. As you aware from my previous correspondance I have already had independant advice on my situation from (CCCS?) I am dissapointed that you will not agree to freeze my interest when I have followed the advice of CCCS. My financial situation remains unchanged and my repayment offer remains the same. In view of the record low in the bank of england base rate perhaps you would consider a lowering the interest rate on this account to reflect this. Blah blah blah

You seem very good at writing letters Gar- I'm sure you'll get it right.

Good luck