Feeling very very down and worried

FoggyBrain_2

Well .. at least you now have someone fighting your corner and able to give you the real hugs you need. Well Done!

As for the credit card situation .... it could be better if, when you have figures you divide the money pro-rata between the cards, which, instead of clearing one and leaving a few hundred on the other, will almost clear both. The CC lenders, when appraised of the situation, are more likely to each write off a smaller amount ( than one write off a larger amount), if you see what I am getting at.

Approach each lender and, for ease of maths, say you owe each £1000. Explain that, due to redundancy you are able to offer £900 in full and final settlement, which is better than the dividend they would achieve if you were forced to go into an IVA. Each lender would look more kindly at losing £100, than one lender would look at losing £200.

When lenders sell on bad debts, as they often do, they do so for pence in the pound, therefore the (notional) £100 loss here will get them far more money back than having to service an IVA claim of sell on the bad debt.

FoggyBrain_2

Another thought ....... look out the paperwork for the redundancy insurance you took out

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if it was grossly mis-represented to you at the time there might be the possibility for claiming the premium back as it was mis-sold (might get no-where, but certainly worth a try).

jazza6

FoggyBrain thanks for the two posts. I owe £2800 on one and £1370 on another. I will get £2142 redundancy money plus I will have my last month of salary which is going to pay off Next (high interest rate) and also need living costs for the month.

This is what the claims people said to me. I will be using the £100 they give me to pay towards Bank loan of £160 each month and asking Bank if they will accept £100 as it's all I will have at least until I (when) get another job.

As I previously stated in my email, you would only be covered for your Loan repayments plus an additional 25%. This is your loan repayments from when you applied for the policy, ?80.04.

Therefore your maximum benefit entitlement is £100.05.

As a result of this, I have amended your policy and your new monthly repayments are £4.65, this will take effect from 02/08/2011. Your new schedule is attached for your records.

With regards to the overpayments since the policy started, this is calculated to be a total of £208.32. I have requested this to be refunded back into your account. Please allow 3-5 working days for this payment to clear.

debtfree2016

Hi Jazza6,
I hope now that your OH knows you can work through this. It sounds like that is the case and you are both taking positive steps, best of luck and keep posting on this site for any help or advice.