Please Help, Unsure Where To Turn Now..

kathfisch

TheToadster wrote:

At the moment I would realistically say my son has no means to continue to repay (perhaps £100 a month at absolute most) It is not for his lack of trying, he almost has square eyes from QuidCo, Ebay etc!

£100 a month is still something, it is when you have absolutely zero to offer creditors that things get more complicated! I really would advise a call to CCCS, you can get some advice and are not under any obligation to do anything you don't want to!

Good luck x

kathfisch

I don't know the details about ccjs but there are the answers to some frequently asked questions here: http://www.payplan.com/frequently-asked-questions/county-court-judgements.php

Payplan are a similar organisation to CCCS and offer free advice about debts, as do Citizens Advice and National Debtline.

janiegs

TheToadster wrote:

Thanks Janiegs,

I heard on the radio that having a CCJ or similar can stop you getting home and car insurance, is this the case? I would be so cut off if i couldnt use my car anymore.

I had one ccj years ago in my mis-spent youth. Nobody anywhere in the 20 odd years since has ever asked me about my financial circumstances when applying for car or home insurance.

The most important things about car insurance as far as I know are a. that you pay it, and b. you car is roadworthy i.e. MOT'd and taxed.

joeblack066

CCJ's will not affect your ability to get any insurances. Don't worry, talf to CCCS or the CAB, they will allay all your fears and advise you on the next step.

tyllwyd

TheToadster wrote:

My personal position is the only income i have is my state pension and disability allowance which is hard enough to manage on as it is. You mentioned about a charge for the debt on the house - without sounding morbid as I am now reaching 71, would it be worth me offering to make them a payment based upon when my estate is sold and then reduce what I have on my will. My intention is for my estate to be split 50/50 between my son and daughter, could I offer the companies an amount to be taken at "x" point and then reduce my sons share of the will? Or do you think companies wont entertain this?

I think what you are thinking of is an equity release plan (do a Google search on 'home equity' and 'home reversion' and 'lifetime mortgage'. I think it is perfectly possible for you to enter into an agreement where a company takes a charge on the house to be repaid when the house is sold on your death. It would then be for you to write your will to split the money remaining in your estate between your family as you feel fit.

You would have to have a good look at the terms and conditions of anything you signed, of course. I think some people have had bad experiences (for example if the value of the house went up a lot in the meantime, 25% of the value of the house might be a lot more when you die compared to what it would be today).

peb

Hi; sorry to hear about your troubles. I think that it is worth you considering Equity Release - as well as repaying debts now you could get yourself a cushion to enjoy life a little more. I posted at length on a query about this last week and will try to find it and repost ...........

tyllwyd

I found the thread that peb posted in - it's here
http://forums.moneysavingexpert.com/showthread.html?p=4187906#post4187906