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salsapixie

Hi,
My student loan was sold to Erudio. I deferred for quite a few years as I wasn’t earning enough. The loans were between 1996 and 1999. I’m not sure when I last deferred but I forgot to do this one year and haven’t really contacted anyone at SLC or Erudio since. Earlier in the year, I contacted Erudio and they were in the process of sending the debt to Drydens Fairfax “solicitors”. I wrote to them, sending my income and expenditure, and an offer of payment which they rejected. I’m not sure when I last acknowledged this debt but it may have been over six years until recently. Could it be statute barred? Have I ruined that by acknowledging the debt now? If I had deferred when I was supposed to, it would have been written off in three years (25 years after finishing uni), but am I stuck paying it all off since I defaulted? I have asked Drydens Fairfax for a copy of the credit agreement. If they can’t produce this do I still have to pay them?

EsquireUK

Hi,

I have four interest free credit cards that I do not plan to spend any more money on. Which one should I prioritise for additional payments after I have covered the minimum payments and my other expenses?

Should I prioritise by balance, interest free period or other?

Halifax -£4841; 0% ends 1/9/20; min pay 1%
Barclaycard -£1377; 0% ends 25/7/21; min pay 2.25%
Santander -£959; 0% ends 1/5/20; min pay 1%
Sainsbury's -£2356; 0% ends 1/7/21; min pay 2.25%

Kind Regards

MoneySavingSheps

Hi

I have two credit cards and I'm struggling to clear them. The good news is the balance is going down not up, but at a rate that will take me decades to clear it. I also have a car finance deal that will be up in just over a year. My credit score is low and I don't seem to be eligible for any 0% balance transfer cards with a high enough limit for my needs.

Here's the detail:
Credit Card #1
- £9000 Limit
- £8400 balance
- £114 monthly interest
- £170 minimum monthly payment
- £250 recurring monthly payment set up

Credit Card #2
- £3200 limit
- £810 balance
- £12 monthly interest
- £25 minimum monthly payment
- have been regularly paying this one down manually, average about £200 per month

Car Finance
- £225 monthly

These monthly amounts are pretty much wiping me out each month, with just enough for bills and groceries. No savings. Husband earns more and pays more of the household bills but is also struggling with his own credit card debt.

The car finance is ok, I just mention it to point out it might be a factor in getting a new card or loan. I have not missed a payment since getting it 23 months ago, and I have another year to go. Credit Card #2 I feel I could pay off in a few months. This one is with the bank I also hold my current account with, and I've heard it's best not to have your debts in the same place as your current account?

So anyway, I wonder what my best options are here please?

I've tried he eligibility calculators for cards and loans and it's not offering anything suitable. I've already cut out all unnecessary expenditure and I'm trying to increase my income, even if it is by selling clutter. These are useful things but not enough given the amount I'm paying in interest each month, so what else can I do?

Thanks in advance!

franciscan

Hi,


I recently sold a piano on ebay for £690, which was collection only. The buyer arranged a courier to pick it up as he couldn't come himself. The piano was sent in immaculate condition (I have pictures and videos to prove that) but the buyer said it was damaged and posted pictures on ebay asking for a refund.



Of course I wasn't going to accept but I accidentally DID approve the refund as I was scrolling over the email through my phone asking me whether I am willing to issue the refund or not. Then all hell broke loose, as the guy got a full refund via Paypal. I called up eBay and they told me there's nothing they can do since I have accepted the refund, as there is no functionality to reverse the refund approval. They suggested I contacted Paypal.



Since the refund was issued in the meantime, I emailed the buyer asking him to give me an address to have my piano returned to me, which he refused to do, claiming that he had already sent it to have it repaired and that he would keep it.



I contacted Paypal explaining that the guy is trying to effectively steal my piano and their answer was that there is nothing they can do since I have approved the refund, and that I should have approved it ONLY AFTER I had received the piano, never before.



Today I got a call from a debt agency called Wescot asking me to pay the £690 back to Paypal. The guy got away with keeping the piano and getting a refund from Paypal, which I now have to pay to them.



Could you please give me advice on how can I proceed? Should I report the guy to the police? There is absolutely no way I am going to pay the £690 to the collection agency, but at the same time I don't want my credit score being hurt from them.



Any advice would be appreciated.

Pixie_Fairydust

I could really use some help.

I have stupidly got 5 credit cards 🤬 which I struggle to pay the minimum each month! Will be years before they are paid off only paying minimum.

I’m behind with my council tax (2 months £280)

Not sure what to do. Should I go for a DMP?

I’m ill with an awful cold so didn’t manage any overtime this weekend. I could cry.

Any help appreciated.

Pix
Xx

StepChange_Rachael

Hi

Thanks for posting.

If you’d forgot to defer one year then it’s my understanding that the debt wouldn’t automatically be written off after the 25 year period.

Statute barred debt means that a debt can’t be taken to court and collected for through a CCJ. This happens if there has been a period of six years, consecutively, where you’ve not acknowledged the debt and the creditor hasn’t taken the debt to court. The creditor/collections agency can still contact you for the debt but they can’t use court action after this time.

The start of the six-year period would begin from the last time you acknowledged the debt.

The old-style student loans, which it is sounds like this is, is covered under the Statute of Limitations Act. Deferring the debt acknowledges it, also written acknowledge would as well, so your written offer of payment would have acknowledged the debt.

The collections agency would need proof of the debt to send it to court and they would have to provide you this information if you’ve asked for it, within eight weeks.

I hope this helps.

Thanks
Rachael

salsapixie wrote: »

Hi,
My student loan was sold to Erudio. I deferred for quite a few years as I wasn’t earning enough. The loans were between 1996 and 1999. I’m not sure when I last deferred but I forgot to do this one year and haven’t really contacted anyone at SLC or Erudio since. Earlier in the year, I contacted Erudio and they were in the process of sending the debt to Drydens Fairfax “solicitors”. I wrote to them, sending my income and expenditure, and an offer of payment which they rejected. I’m not sure when I last acknowledged this debt but it may have been over six years until recently. Could it be statute barred? Have I ruined that by acknowledging the debt now? If I had deferred when I was supposed to, it would have been written off in three years (25 years after finishing uni), but am I stuck paying it all off since I defaulted? I have asked Drydens Fairfax for a copy of the credit agreement. If they can’t produce this do I still have to pay them?

StepChange_Rachael

Hi

Thanks for getting in contact.

If you’re able to cover the minimum payments without struggling, then the next thing I’d suggest is to prioritise debts with a higher interest. As bringing down these quicker, will reduce the amount of money you pay in total.

If you can’t get further 0% interest credit then you’d need to work out when the 0% interest agreements end and how much the interest will then jump to, to help work out which to prioritise.

You’d need to look at the agreements and calculate the interest once they end with how much you’d estimate would be left owing at this time. Then with what you feel you have extra at the end of the month work out which to pay the most off to first.

Take care,
Rachael

EsquireUK wrote: »

Hi,

I have four interest free credit cards that I do not plan to spend any more money on. Which one should I prioritise for additional payments after I have covered the minimum payments and my other expenses?

Should I prioritise by balance, interest free period or other?

Halifax -£4841; 0% ends 1/9/20; min pay 1%
Barclaycard -£1377; 0% ends 25/7/21; min pay 2.25%
Santander -£959; 0% ends 1/5/20; min pay 1%
Sainsbury's -£2356; 0% ends 1/7/21; min pay 2.25%

Kind Regards

StepChange_Rachael

Hi

Thanks for posting on the forum.

It sounds like you’ve already made good steps to help reduce the debt by managing your budget and findng ways to increase your income. However, if you’re still struggling to meet minimum payments then I’d recommend looking at alternative options. If your partner is struggling as well then it might be worth looking at options together to get you both debt free as soon as possible.

I’d recommend getting advice based on your full financial circumstances as their may potentiall be different options available for you to choose from.

If you want to explore your options further you can use our Debt Remedy tool to access your free and advice and recommendations.

Hope this helps.

Thanks,
Rachael

MoneySavingSheps wrote: »

Hi

I have two credit cards and I'm struggling to clear them. The good news is the balance is going down not up, but at a rate that will take me decades to clear it. I also have a car finance deal that will be up in just over a year. My credit score is low and I don't seem to be eligible for any 0% balance transfer cards with a high enough limit for my needs.

Here's the detail:
Credit Card #1
- £9000 Limit
- £8400 balance
- £114 monthly interest
- £170 minimum monthly payment
- £250 recurring monthly payment set up

Credit Card #2
- £3200 limit
- £810 balance
- £12 monthly interest
- £25 minimum monthly payment
- have been regularly paying this one down manually, average about £200 per month

Car Finance
- £225 monthly

These monthly amounts are pretty much wiping me out each month, with just enough for bills and groceries. No savings. Husband earns more and pays more of the household bills but is also struggling with his own credit card debt.

The car finance is ok, I just mention it to point out it might be a factor in getting a new card or loan. I have not missed a payment since getting it 23 months ago, and I have another year to go. Credit Card #2 I feel I could pay off in a few months. This one is with the bank I also hold my current account with, and I've heard it's best not to have your debts in the same place as your current account?

So anyway, I wonder what my best options are here please?

I've tried he eligibility calculators for cards and loans and it's not offering anything suitable. I've already cut out all unnecessary expenditure and I'm trying to increase my income, even if it is by selling clutter. These are useful things but not enough given the amount I'm paying in interest each month, so what else can I do?

Thanks in advance!

StepChange_Rachael

Hi

Thanks for your post.

I’m sorry to hear that this has happened, I can understand your frustration and distress in the matter. Unfortunately, I’m not sure of the legal stand point. I think you’d need to seek legal advice if you can’t get any where through PayPal.

I can’t say for certain, but I don’t think the police would be able to intervene under the circumstances, as the refund was issued from yourself. If you do go down this route and they inform you it’s not a police matter then you might be able to pursue it through legal channels by making a claim through the county court, again I’d suggest getting legal advice to see if this would be a realistic option for trying to reclaim the debt first. I’d also suggest checking PayPal’s terms and conditions.

In the meantime I’d suggest contacting the collections agency and asking them to put the account on hold, explaining the situation. This should give you some time to get some more information before deciding how you want to proceed. If you want to find out more about the collections process you can access a link here.

I hope that you get this issue resolved asap.

Take care,
Rachael

franciscan wrote: »

Hi,


I recently sold a piano on ebay for £690, which was collection only. The buyer arranged a courier to pick it up as he couldn't come himself. The piano was sent in immaculate condition (I have pictures and videos to prove that) but the buyer said it was damaged and posted pictures on ebay asking for a refund.



Of course I wasn't going to accept but I accidentally DID approve the refund as I was scrolling over the email through my phone asking me whether I am willing to issue the refund or not. Then all hell broke loose, as the guy got a full refund via Paypal. I called up eBay and they told me there's nothing they can do since I have accepted the refund, as there is no functionality to reverse the refund approval. They suggested I contacted Paypal.



Since the refund was issued in the meantime, I emailed the buyer asking him to give me an address to have my piano returned to me, which he refused to do, claiming that he had already sent it to have it repaired and that he would keep it.



I contacted Paypal explaining that the guy is trying to effectively steal my piano and their answer was that there is nothing they can do since I have approved the refund, and that I should have approved it ONLY AFTER I had received the piano, never before.



Today I got a call from a debt agency called Wescot asking me to pay the £690 back to Paypal. The guy got away with keeping the piano and getting a refund from Paypal, which I now have to pay to them.



Could you please give me advice on how can I proceed? Should I report the guy to the police? There is absolutely no way I am going to pay the £690 to the collection agency, but at the same time I don't want my credit score being hurt from them.



Any advice would be appreciated.

StepChange_Rachael

Hi

Thanks for posting on the forum.

I’m sorry to hear you’re struggling at the moment.

There are many different options to help people struggling to meet their contractual payments with creditors, so there is definitely help and support available for you.

A debt management plan (DMP) might be the best option, but without knowing your full circumstances it’d be impossible to say if this is the best option for you. I’d recommend accessing personalised debt advice so you can find out for yourself what your best options are going forward. To do this through StepChange you can find our contact details here.

Thanks
Rachael

Pixie_Fairydust wrote: »

I could really use some help.

I have stupidly got 5 credit cards 🤬 which I struggle to pay the minimum each month! Will be years before they are paid off only paying minimum.

I’m behind with my council tax (2 months £280)

Not sure what to do. Should I go for a DMP?

I’m ill with an awful cold so didn’t manage any overtime this weekend. I could cry.

Any help appreciated.

Pix
Xx