Help with how to sort out my 24000 debt

mharwood

Hi all just looking for some advice have checked the CRA's and all seems well apart from defaults on a joint loan that I have for £24800.

This defaulted in 2007 it originally was £43000 with interest and the other parties PPI bundled onto it (of which I didn’t agree to have the other parties PPI added on to the loan but they did anyway).

Yes its been some time however head in the sand and wasn’t in a good place for quite some time, spoke to citizen advice about as much use as a chocolate fireguard they basically said just pay the minimum for the rest of my life.

However have sorted myself out, got married and have a half decent job however this £24800 will be hanging over me for the rest of my life at this rate, there is no way I could pay it all back and to be fair would hate to because I was pressured into this loan by the other party and the bank I didn’t even want it, I only owed £9000 from the whole £25000 borrowed and most of that was for deposits for somewhere to live.

So what are my options I've seen that the DCA's only pay 7p to 23p per pound to buy debt's, should I offer them say £6000 as full and final settlement do you think they would even go for £6000? I don’t have it but might be able to work another job to get it.

Should I go down the unenforceability route as they must have breached the Consumer Credit Act 1974 by adding the PPI for only one person onto the loan amount without getting my permission

I have offered to pay £8000 at £100 per month until paid but they turned that down.

Are these the only options?

Please help.

Your help would be much appreciated

Matt

roomontheend

I just wanted to say best of luck and someone very wise will be along to help you very soon you have come to the right place.

mharwood

thanks roomontheend, need to get this sorted as its not fair on my wife, she’s a nurse and works very long hours but it seems pointless, if we cant get a mortgage to move somewhere that not like the bronx lol

DarkConvict

If it is a joint loan then both you and the other person have fully liable. Are you still in touch with the other joint account holder, are they making payments?
I assume you have already reclaimed the mis-sold PPI.

Even if you claim unenforceability on it, and the other users keeps making payments then it will never end up going statute barred. http://forums.moneysavingexpert.com/showthread.html?t=2305463 NID could probably tell you how PPI affects the CCA.

I think you need both account holders to get together to tackle this loan.

mharwood

To be fair I dont have a clue were the other party is, it didnt end well and I dont even think that thay are in the county.
I tried to get something sorted but they didnt care and didnt want to know, last time I have contact with them just before it defaulted, they had gone on the dole still running the credit card up to their limits buying crap. As for the PPI surely I would not be able to claim any of it as it was not in my name and I bet the other party would have made a claim by now.

regards

matt

DarkConvict

It may well still be other trying
PPI Guide - http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
PPI Forum - http://forums.moneysavingexpert.com/forumdisplay.html?f=169

If you have lost contact with the other holder, your going to be paying this alone at a guess. You could always enquire with the debt collector if they have details for the other account holder.

Certainly do check enforceablity, if it is not enforceable they will be happy with anything you pay as unenforceable debts cannot have CCJs granted. As such payment is volentary. They can however trash your credit report i believe until the debt goes statute barred (6 years from last payment / written acknowledgement from any account holder).
So this may allow them to accept lower payments/ full and final offers.

mharwood

Ok sounds like a plan would it be unenforceable if they added PPI to the overall cost of the loan for only one person without my permission, as surely that means I have been charged for a service that I could not ever use.

DarkConvict

PPI and enforceability is not something i [STRIKE]don't[/STRIKE] know about. I know only the bare basics which NID has kindly spelt out on his topic above.

I would drop him a PM or post on his topic. never-in-doubt (PM) he gets alot every day so be patient.

mharwood

thanks any help is good

regards

matt

koloko

deleted as work colleagues found username and forwaded on all posts to laugh at

mharwood

LOL yes you wont be getting any thanks from me you Kn**, so you must have a very good paid job to be able to pay £650 a month that’s half of my wage might I add, I get £18000 a year and a £4800 car allowance that is put through PAYE which wipes of £1000 odd a year meaning I have to buy and run a car less than 5 years old doing 30000 business miles a year on less than £4000 do the sums mate, I had to get a loan which had a stupid apr that’s £291 a year I am out of pocket when running the car. Then there are bills to pay, a mortgage (My wife’s) etc I don’t even have £100 to pay really but would have had to make things work if they had accepted my offer.

As for the loan I accept that it was my responsibility however after being medically discharges from the Army I had about 7 years of really bad depression to deal with in that time I struggled with life daily and on many occasion just wanted to give up, A bank manager is in a position of trust they are there to advice you and yes to make a profit however to do that responsibly, it was a joint loan the other person took advantage they had alot more debt than me and no other company would offer the money to consolidate the dept of both parties, why because it was not viable and moral to do so, the bank put PPI onto the loan however it was only one person that was covered so I was paying of their debt and their insurance.
Why should I pay a DCA the full amount they will have purchased it for pittance from the bank. So I think you know what you can do with your advice and it would hurt a lot!!!