debt making me sick

clockfreddie

I need some advice on my debts I've been trying to hide from them but I no I need to face them but I really need help on it I owe RBS £9911,Barclay card £4,549,Santander £4000, BOS £2000 these are all in default as I have not been able to keep up with the repayments

I've tried a couple of years ago to face these debts and thought about an IVA or bankruptcy but I work as a sales manager and I know my boss would frown on me for going down this route.So for a few years now I've just been ignoring them I no it's not the answer and I've been paying my overdraft on my down which is at £650 now.

I work full-time and earn £500 a week and my monthly out goings are roughly £1500 so I would have money left over to try and pay something to my debts but I've no idea where to start please can someone give me some advice on what to do.

I'm 59 I rent my home and I don't own a car or house I am separated and have two young children they live with their mother and I pay child maintenance of £100 a week.I really worry to the point it's making me ill I worry about my children's future and need help to sort my finances out .

Pixie5740

It's only money, it's really not worth making yourself ill over. MSE Martin says he's never seen a debt problem that doesn't have a solution. :money:

First off you need to work out where you are and a statement of affairs is a good place to start:

http://www.stoozing.com/calculator/soa.php

It might also be worth contacting one of the debt charities:

• CAP
• National Debtline
• Pay Plan
• Step Change

They could help you figure out what the right solution is for you.

If you do end up on an IVA, how would your boss find out? Your finances are none of his business.

clockfreddie

Thanks for your response I'm going to take a look at the calculator thanks for the link and I will definitely consider talking to some of the charities.

sourcrates

Hi,
Are the debts all loans, credit cards etc ?

How old are the debts, when did you open the accounts ?

There may be things you can do to lower the amount you owe, depends on the answers to the above questions.

clockfreddie

Hi two are credit cards and two are loans , I've had them all the accounts for about 10 years the first one 9900 is a credit card that I had always paid on time before my children were born but then due to personal issues with my son being born and medical complications I stopped looking at my finances and they got out of control

sourcrates

clockfreddie wrote: »

Hi two are credit cards and two are loans , I've had them all the accounts for about 10 years the first one 9900 is a credit card that I had always paid on time before my children were born but then due to personal issues with my son being born and medical complications I stopped looking at my finances and they got out of control

Ten years !! well that could be good news for you, i stress could be.

Are you aware of your rights under sec 78 of the consumer credit act 1974, to request a copy of your original credit agreement from your lender ?

This is your right under the above act.

If the lender is unable to provide the correct paperwork, or the paperwork supplied is delinquent in some way, then the debt may be rendered unenforceable in court.

Its not a "get out of jail free card" but it can put you in a much better position to negotiate repayment, or a settlement.

I would first of all, send a CCA request to all your creditors, it will cost you £1 per creditor, and they have a time limit in order to fulfill that request.

Template letter here :


(Your home address)
Date:
To:

Dear Sir/Madam

Account/Ref No:

With reference to the above agreement, I/we would be grateful if you would send me/us a copy of this credit agreement and a full breakdown of the account including any interest or charges applied.

I/we understand that under the Consumer Credit Act 1974 [sections 77-79], I am/we are entitled to receive a copy of any credit agreement and a statement of account on request.

I/we enclose a payment of £1 which represents the fee payable under the Consumer Credit Act 1974.

I/we understand a copy of any credit agreement along with a statement of account should be supplied within 12 working days.

I/we understand that under the Consumer Credit Act 1974 creditors are unable to enforce an agreement if they fail to comply with the request for a copy of the agreement and statement of account under these sections of the Act.

I/we look forward to hearing from you.

Yours faithfully



Your name.


More info here :

https://debtcollectoradvice.wordpress.com/advice-and-templates/how-and-when-to-send-a-copy-of-your-credit-agreement/

clockfreddie

Thank you so much for this I'm very grateful to you and will look into it

iolanthe07

Just to underline the point that lenders do not have to provide copies of agreements made after April 6th 2007 - they can 'reconstitute' them. So do check the dates carefully, but if the debts are really 10 years old then Sourcrates advice is excellent.

clockfreddie

Thanks for the advice , I just looked back and the RBS £9900 the account was opened in 1999 but I always paid on time I only started missing payments from 2009.

Pixie5740

Aren't you starting to feel better now...?

clockfreddie

Yes actually I am I will get sorted now no more hiding from it , thanks for all the advice it's been a great help to me today.