Time to stop

ibizagirlie

Hi everyone

I've been looking on this site for an hour now and its been really helping me with my problems.

I'm in my early 20's and am estimate that i'm roughly £26,000 in debt. I've got 5 credit cards, 4 store cards, 2 loans and an overdraft. I admit its all my fault due to overspending - i'm a shopaholic. I think spending helps me deal with earlier issues.

It all started when I got my first job 5 years ago and has just got worse over the years... a very close family bereavement also made me spend more to feel happy - its only now that i'm struggling to make repayments due to the fact that I left a well paid job due to stress and now only have a poorly paid temp job.

I'm now not sure what to do - I can't sleep due to the stress and feel like I have nowhere to turn. Its just me and my mum but I can't tell her as she thinks i'm relatively debt free after finding out about my earlier debts she loaned me the money and thinks they are all paid off (this was 3 years ago) Anyway if she knew how much I owed now she would throw me out!

I'm sorry for rambling on but its the only place I feel I can talk about it!

BAILIFFCHASER

Your reference :

Dear sir/madam

With reference to the above account, I am writing to confirm I am not acknowledging this debt.would you please send me a true copy of this credit agreement. I understand that under the Consumer Credit Act 1974 (Sections 77−79), I am entitled to receive a copy of my credit agreement on request and this should be supplied within 12 working days. I enclose a payment of £1.00 which represents the fee payable under the Consumer Credit Act.

Non-compliance with my request is a criminal offence under the above Act and will result in a report being submitted to the relevant statutory authorities.

As you are aware, a credit agreement that is not properly documented and signed by the customer is totally unenforceable under the CCA and therefore is a complete defence to any court claim that is issued.
Please note that under Section 189 you are obliged to supply these documents whether you are the original creditor or not. I await your reply.



Enc cheque number

Send this letter off with a cheque for £1 to every creditor and see what they do. If no credit agreement exists then they cant persue you !!

mrsspendalot

Hiya and welcome. Post up your SoA (basically a list of your income, outgoings, debts, APRs balances and minimum payments) and then we will try and help you to make sense of everything and get you sorted

KellsBells

Eh?

So if you sent that to every store card and credit card you have and they don't reply in 12 working days they can't persue you for your debt??

I don't understand...

liz105

bailiffchaser, that is not a helpful thing to be posting at this stage. The OP isnt disputing the debts they are asking for advice on how to clear them. You are confusing the issue.
besides, if all the debts are still with the original providers then of course they will still have the agreements.

Ibizagirlie - please read through southernscousers sticky at the top of this board and post an SOA. then we can see how we can help you with your budget.

southernscouser

Female. Early 20's. Thats both my boxes ticked!

liz105

O come on SS !! (Im 22 btw )

mrsspendalot

and I'm in my twenties too

Daydreamer

Post your Incomings/outgoings etc. and I'll be happy to help. Or e-mail me the details and I'll see what I can do. What ever you do try and keep up the minimum payments on things so they evil ones they call the banks don't start adding silly charges! Look forward to helping you on your way to being debt free!
Trust me things can only get better from now on!

Quincifer

I was in completely the same situation as you!!! My family have helped me out of debt before and I've slowly got myself back into it.
You need to go over every debt you have, work out how much you owe, APRs, everything.
Look into balance transfers on your credit cards if possible, especially if any of them are on interest free/lower interest rates.
Is there anything else you pay for (phone, sky, internet, socialising etc) that can be cancelled or reduced to free up extra money? You HAVE to be harsh with yourself and decide what you NEED compared to what you WANT.
As said before, posting your SOA is the best thing to do so everyone can have a look at you incomings/outgoings and advise you best.
Good luck, you have come to the right place - people here are very helpful!
xxx

ibizagirlie

Thanks for the help everyone - i'm going to write my SOA down later and post it up tonight - something i'm dreading!!!:eek: