we have a court date tomorrow

tutkusmom

My husband has an unsecured loan which he borrowed about 6 years ago for a business and lost the business 2 years after he borrowed the money.He owes £20.000 for the loan plus £6.500 for a credit card all together £25.000 is now of course £40.000 with interest because he is with CCCS and pays them £150.00 each month for these 2 debts.We are doing a re-mortgage in february so the debt will be paid off and we will be debt free apart from the mortgage.When he asked how much would they accept just for the loan itself if he paid in full they told him no less than £30.000 in itself because the debt was outstanding for a long time.BUt if he did pay it off over the 25 years of period with CCCS it would have cost him £32.000 so i don't understand why is there only £2.000 difference in between.What is the best way to deal with them to make sure that we only pay the debt itself plus whatever is the interest up untill february?Shall we ask for a breakdown of the debt to find out how did they come up with the price that they are ready to accept or do we have to just accept the fact that we have to pay what they are asking us to pay.Any advice appreciated.Thanks.

RAS

Hi

What is the court date about?

tutkusmom

i am not sure why,i think they want my husband to pay it in full or they want him to pay more ,they put a charging order on the property probably knowing the fact that we have to change our mortgage company because our 3 years of deal running out in february so they must know that i guess and don't want us to change house or do a re-mortgage and not pay them.They want their money back naturally.When he borrowed £20.000 he managed to pay £5.000 off just before he lost his business so it is therest of the loan i don't know how much with the interest plus the credit card but they say no less than £30.000 just for the loan itself so not quite sure what to do really.

In_Search_Of_Me

If you have a DMP with CCCS I assume you have discussed this with them? What was their advice? I would suggest that you ring them if you havent already...

tutkusmom

we did talk to them and explained the situation and when we said we are doing a re-mortgage they said fair enough,it is just the amount of money they are asking for him to pay back for the loan is buggin me because if they are sayin you have to pay £30.000,he is better of paying it over the 25 years of period because it will then cost him £32.000 anyway.Maybe asking for a breakdown of the debt might be a good idea i don't know.Thanks anyway.