SOA queries (Update - SOA included)

RAS

Limmy wrote: »

three weeks later they changed and now want me to do a IVA type thing which I'm terrified of the thought of!


So now, I'm basically doing it on my own because I just don't feel that an IVA type thing is right for me...

Hi

What exactly are you talking about? Because the fees for an IVA are about £6000. So it is not an IVA.

What is it.

Limmy

RAS wrote: »

Hi

What exactly are you talking about? Because the fees for an IVA are about £6000. So it is not an IVA.

What is it.

I'm not actually sure about the name of it, the person who wanted me to do it didn't give an actual name of anything... The description she gave of it was that she calculated that I could afford to pay £20 a month and that I would pay that over 36 months and the rest of the debt would be wiped clean. I'm not sure what it was actually called but that's how she described it...

I really don't want any defaults on my file at all...

Is there any other way of dealing with this with a better outcome?

Also, when arranging to pay token payments, would a token payment of £5 make it better on me than a payment of £1 for example...

I don't really have anything I can sell for any realistic money - even the laptop I'm using at the moment is in a bad way.

I am currently coping with the other debts - the main problem is that the creditcard is over the limit - is there anyway I can avoid token payments and make an alternate arrangement just with the credit card company.

this is all really getting me down

RAS

Are you in Scotland?

Limmy

Yes I'm in scotland

HappyMJ

Limmy wrote: »

I'm not actually sure about the name of it, the person who wanted me to do it didn't give an actual name of anything... The description she gave of it was that she calculated that I could afford to pay £20 a month and that I would pay that over 36 months and the rest of the debt would be wiped clean. I'm not sure what it was actually called but that's how she described it...

I really don't want any defaults on my file at all...

Is there any other way of dealing with this with a better outcome?

Also, when arranging to pay token payments, would a token payment of £5 make it better on me than a payment of £1 for example...

I don't really have anything I can sell for any realistic money - even the laptop I'm using at the moment is in a bad way.

I am currently coping with the other debts - the main problem is that the creditcard is over the limit - is there anyway I can avoid token payments and make an alternate arrangement just with the credit card company.

this is all really getting me down

If you don't want defaults on your credit report then you will have to pay the minimum payments and find a way to increase your income. If you paid the minimum payments can you then use the credit cards to make purchases or are they at their limits?

You pay what you can afford. £5 per debt per month is too much for you so £1 is more realistic but even if you can't pay £1 then £0 can be acceptable. You need to live first.

If the credit card is over the limit you need to make a payment immediately to bring it back under the limit. If you haven't made that payment on time then it's likely they will be adding charges and also marking your credit file with late payment markers.

Yu can't avoid a default by paying less than the agreed minimum repayments. Sometimes you may be able to negotiate with them but that'll only defer it till next month.

Limmy

HappyMJ wrote: »

If you don't want defaults on your credit report then you will have to pay the minimum payments and find a way to increase your income. If you paid the minimum payments can you then use the credit cards to make purchases or are they at their limits?

You pay what you can afford. £5 per debt per month is too much for you so £1 is more realistic but even if you can't pay £1 then £0 can be acceptable. You need to live first.

If the credit card is over the limit you need to make a payment immediately to bring it back under the limit. If you haven't made that payment on time then it's likely they will be adding charges and also marking your credit file with late payment markers.

Yu can't avoid a default by paying less than the agreed minimum repayments. Sometimes you may be able to negotiate with them but that'll only defer it till next month.

Yeah, they're all at their limits. The Credit card is overlimit, but I can't get money to pay this anytime soon, can't even afford to call them about this.

I think what the person at the debt counselling service was trying to get me join was a "Debt Arrangement Scheme" Does anyone have any knowledge of this and it's effects?

HappyMJ

Limmy wrote: »

Yeah, they're all at their limits. The Credit card is overlimit, but I can't get money to pay this anytime soon, can't even afford to call them about this.

I think what the person at the debt counselling service was trying to get me join was a "Debt Arrangement Scheme" Does anyone have any knowledge of this and it's effects?

Yes you need a job to able to use the scheme. You are supposed to have money left over each month. JSA/Income Support or whatever you claim is, is not counted.

The £53.45 weekly allowance you get is to be used for living expenses. It's not for paying for debt from the past.

RAS

Limmy wrote: »

Yes I'm in scotland

OK

The law is very very diffferent there, particularly on debt. Read up the NDL or CCCS website on Scottish debt law.