CML Guidelines

sourcrates

ash2260 said:

sourcrates said:

ash2260 said:

I only became aware in august of last year as before that id heard zip from them

Then make a complaint, be aware though, even if your complaint is upheld, the capital you borrowed remains, you may get interest and charges refunded, but lets not get ahead of ourselves here.

So after having bit of time to think and calm down a bit i have a couple of questions.
on the photo i added above theres a bit on it that says overdraft account (£2000 ish) would this part be now statue barred?
also is it possible to make a final offer but pay monthly? If so is there a % offer to start at?
thanks

If your debt was combined, then yes, you could make that argument.

There are some companies that allow you to do this, although with much smaller amounts of money, Lowell springs to mind as one, but normally the collector would want a lump sum with a full and final offer.

ash2260

sourcrates said:

ash2260 said:

sourcrates said:

ash2260 said:

I only became aware in august of last year as before that id heard zip from them

Then make a complaint, be aware though, even if your complaint is upheld, the capital you borrowed remains, you may get interest and charges refunded, but lets not get ahead of ourselves here.

So after having bit of time to think and calm down a bit i have a couple of questions.
on the photo i added above theres a bit on it that says overdraft account (£2000 ish) would this part be now statue barred?
also is it possible to make a final offer but pay monthly? If so is there a % offer to start at?
thanks

If your debt was combined, then yes, you could make that argument.

There are some companies that allow you to do this, although with much smaller amounts of money, Lowell springs to mind as one, but normally the collector would want a lump sum with a full and final offer.

Ok i will send letter see if i can get that removed. With them having my budget form leaving me with nothing left each month not sure what else i could offer. I spoke to debt helpline and they said single person council tax knocks 25% off which would give me £40 to offer a month but the amount owed realistically would take forever to pay off. So that was just a idea i was thinking offer to pay a lower amount like full and final but offer the £40 a month to cover it. My issue is that im just concerned in long run about my house i know you said has to go to court but surely they are prepared to do that to get money back
thanks 

sourcrates

To be honest I wouldn`t bother 2k off 56k is nothing, if your current house has no equity, then they would gain nothing from a charging order, so that course of action is unlikely, at the moment.

Most people in this situation are renting, can`t afford anything to repay the shortfall debt, and have no assets, that scenario is easy to defend against, and make them go away and bother someone else, what complicates matters for you is your a new homeowner, but as long as the equity situation doesn't change, I`d say you`d be ok.

I would stick to my guns, for now, say your not comfortable providing any more information, you can`t afford repayments, and that`s that.
Don`t give them any more info than is necessary, for instance, don`t tell them your a homeowner, honestly if you can`t afford it, just say so.

ash2260

sourcrates said:

To be honest I wouldn`t bother 2k off 56k is nothing, if your current house has no equity, then they would gain nothing from a charging order, so that course of action is unlikely, at the moment.

Most people in this situation are renting, can`t afford anything to repay the shortfall debt, and have no assets, that scenario is easy to defend against, and make them go away and bother someone else, what complicates matters for you is your a new homeowner, but as long as the equity situation doesn't change, I`d say you`d be ok.

I would stick to my guns, for now, say your not comfortable providing any more information, you can`t afford repayments, and that`s that.
Don`t give them any more info than is necessary, for instance, don`t tell them your a homeowner, honestly if you can`t afford it, just say so.

They already know as on my budget form i put mortgage down and how much it is per month as the lady i spoke to on the debt helpline said they would know from my credit file id have a mortgage and on the letter asking to write it off i was advise to put down that in couple of years time i will have the extra payment of the help to buy i used to buy the house

ash2260

sourcrates said:

To be honest I wouldn`t bother 2k off 56k is nothing, if your current house has no equity, then they would gain nothing from a charging order, so that course of action is unlikely, at the moment.

Most people in this situation are renting, can`t afford anything to repay the shortfall debt, and have no assets, that scenario is easy to defend against, and make them go away and bother someone else, what complicates matters for you is your a new homeowner, but as long as the equity situation doesn't change, I`d say you`d be ok.

I would stick to my guns, for now, say your not comfortable providing any more information, you can`t afford repayments, and that`s that.
Don`t give them any more info than is necessary, for instance, don`t tell them your a homeowner, honestly if you can`t afford it, just say so.

ash2260 said:

sourcrates said:

To be honest I wouldn`t bother 2k off 56k is nothing, if your current house has no equity, then they would gain nothing from a charging order, so that course of action is unlikely, at the moment.

Most people in this situation are renting, can`t afford anything to repay the shortfall debt, and have no assets, that scenario is easy to defend against, and make them go away and bother someone else, what complicates matters for you is your a new homeowner, but as long as the equity situation doesn't change, I`d say you`d be ok.

I would stick to my guns, for now, say your not comfortable providing any more information, you can`t afford repayments, and that`s that.
Don`t give them any more info than is necessary, for instance, don`t tell them your a homeowner, honestly if you can`t afford it, just say so.

They already know as on my budget form i put mortgage down and how much it is per month as the lady i spoke to on the debt helpline said they would know from my credit file id have a mortgage and on the letter asking to write it off i was advise to put down that in couple of years time i will have the extra payment of the help to buy i used to buy the house

Would your advice change knowing that?
thanks

sourcrates

They don`t always check your file, however your situation dictates some response from you, normally, if your budget shows you cannot afford payments, they will accept that, although things may change in the future if your disposable income increases.

As I said, it makes things more difficult as your a homeowner, so your course of action has to bare that in mind, I think you will just have  to go with your gut feeling in the end.

Sorry I can`t be of more help.

ash2260

sourcrates said:

They don`t always check your file, however your situation dictates some response from you, normally, if your budget shows you cannot afford payments, they will accept that, although things may change in the future if your disposable income increases.

As I said, it makes things more difficult as your a homeowner, so your course of action has to bare that in mind, I think you will just have  to go with your gut feeling in the end.

Sorry I can`t be of more help.

Ok do you have any idea how any equity in the house would work as with the htb i used the government is entiled to a percentage of it as part of their investment.

Also are they still able to get a ccj after all this time?? If so beens the debt is no longer on my credit files would it be added back on if they got one??

sorry to keep on
thanks

sourcrates

I`m not an expert on equity, sorry.

The limitation period on mortgage shortfall debts is 6 years for interest, 12 years for capital, this is why I asked you if you had been paying it in my first post.

You replied saying your ex had been paying, therefore it won`t be statute barred, so yes they can take you to court, but its unlikely.

If they did obtain a CCJ, the debt itself will not reappear on your file, just the judgement for it in the public information section.