Trying to be proactive

Toto

Ok, today I have written my first letter explaining the problems we have faced and asking for the creditor (actually solicitor) to just give me some time to sort the situation. I asked that they freeze the account of any more interest or charges. I put in a SOA and said I could offer them £64 per month right now. I have also asked that they give me a further 28 days to seek advice before they progress my case through courts or anything else. I told them that I was sincere in trying to sort out my situation and was working very hard to rectify the situation. I enclosed a cheque for the first payment.

Do you think that is ok?

I have also tried to speak to my mortgage adviser but he was out of the office so I sent him a really long email explaining the situation and asking for his advice on my mortgage options and perhaps relasing equity along with maybe remortgaging on a lower interest rate if possible. That way I could find a lump sum to pay off some of this debt. I know it isn't ideal but I would rather that than be forced bankrupt.

My partner woke this morning to find his wallet empty of credit cards. The bin men came this morning, so I cut them all up. Never ever again will one of those evil things enter my house.

Toto

Can anyone advise if writing this sort of letter and enclosing a cheque is the way to go before I go sending any more out?

Thanks

fatbelly

From your previous thread you've identified that you have £223 per month available to your creditors. So on a pro-rata basis, this divides as follows:

Egg CC – Balance £10,512 Offer 38.60
Sainsburys Loan – Balance £ 19,064 Offer 70.00
Egg Loan £6,782.49 Offer 24.90
Morgan Stanley - £4484 Offer 16.46
Virgin MBNA Credit card £9,681 Offer 35.54
Sainsburys Credit Card £3,432 Offer 12.60
M&S credit card £6782.49 Offer 24.90

I saw your post earlier today and was confused. Suspect others were too. Which creditor have you offered the 64.00 to? Why invite them to take court action after 28 days? You need to tread carefully here as you are a property owner and, if they know this they may well be thinking CCJ and charging order.

Remortgaging might be OK but to get a better deal on your existing amount, not to transfer unsecured debt to secured. That's exactly what you're trying to avoid.

And no-one's going to make you bankrupt.

Toto

Hi,

I offered Sainsburys Loan £64 because that is what the calculator on national debtline worked it out as. The reason I asked them not to proceed with the court action was because the last letter I had was from the solicitors saying they were considering making me bankrupt because it was a large amount. So I simply said that could they not take any further action with my account for 28 days while I seek advice. I am kind of going it alone here because the debtline people are so busy they can't deal with me for another week or so, so I thought I should read all of the info on their site and start getting some letters together.

Do you think I should just wait? I am really confused. Thank you for replying.

Annie_Fanny

Toto

Have you approached these people for advice?

Consumer Credit Counselling Service (aka CCCS)
Wade House
Merrion Centre
Leeds
LS2 8NG
Tel: 0800 138 1111
http://www.cccs.co.uk/

Payplan
Kempton House
Dysart Road
Grantham
Lincolnshire
NG31 7LE
Tel: 0800 917 7823
http://www.payplan.com/

Citizens Advice Bureau (aka CAB)
http://www.citizensadvice.org.uk/

Don't go it alone if you are not sure about what you are doing. Seek professional advice first from a free service - the ones above are free.

Annie

Toto

I have spoken briefly to someone at debtline today who said someone would call in a week or so to do a proper interview. They took some details. I thought it was best not to muddy the waters going to more than one company. My CAB has an 8 week waiting list for debt counselling. I felt the problem would be universal, it seems the free agencies are snowed under right now. It makes me feel sad really; so many people going through this these days.

Annie_Fanny

Toto - at least the ball is rolling!

How did your partner take the credit card massacre!??

Annie