Tell or no tell ?

135K

Merlot wrote: »

Do you owe much on the MBNA card?

I do think we could help you more if you post an SOA, I know I'm pushing it keep saying it, but we want to try and help you.

Merlot.x.

about 15k on that one

CreditMonkey

Ok here it goes. In november i had my lightbulb moment and realised that i couldn't carry on anymore. I was up to date on all payments and never missed one etc. I did the online cccs rememdy and decided to go on the DMP. I then rung Mint, Cap 1, Amex, Barclays, Barclay Card, Egg, Bank of Scotland etc etc and etc....! The bad ones were Barclays and Amex they just dropped us like a stone straight over to DCA's they really weren't interested in helping. Most of the rest have gone down the default route and then onto DCA's.
All they want to know is what they are going to get and when. If you need to lower your payments for a couple of months and then go back to the usual payments then i think they would all go for that. Or if you want to make permanent lower payments then it would really depend on how much lower they would be as to whether they would except them.

Its not a criminal offence to default on a consumer credit debt, if you default and the creditor applies for a CCJ then a judge would only make you pay what you can afford. We are with CCCS and despite the level of our debt and the number of creditors we have no CCJ's.

Hope this has helped with your question

Merlot

http://forums.moneysavingexpert.com/showthread.html?t=480684

135K, do you still have "no income"?


135K, I see why the CCCS possibly couldn't help but to advise you to go bankrupt, I know you have assets worth more than the 135K you owe, but they are not helping you at this time.

I gonna grab a coffee and read your old thread.

Merlot.x.

135K

Thanks CreditMonkey - yes that has helped alot

just one (maybe stupod) question ...

whats a DCA ?

CreditMonkey

Sorry ...... Debt Collection Agency........We held our bank accounts with barclays. After i informed them of what i planned to do they sent letter suspending our accounts. Lucky we had set up new account with other bank.

135K

Merlot wrote: »

135K, do you still have "no income"?


135K, I see why the CCCS possibly couldn't help but to advise you to go bankrupt, I know you have assets worth more than the 135K you owe, but they are not helping you at this time.

I gonna grab a coffee and read your old thread.

Merlot.x.

no income - as such, no.

I have gone to selling off some of the cars, and recently to working on a business plan to earn enough to pay the cards and fund the boat. yes - I know its a bit late !

btw - if you dont mind removing that link, as I would rather not drag all that back up again ! some peeps were not too helpful

Thanks

135K

CreditMonkey wrote: »

Sorry ...... Debt Collection Agency.........

:eek:

ouch - that dont sound much fun

Glad you are getting sorted

CreditMonkey

I can see from your original post that you bumped into some of the unhelpful arsehollllllllles on here. The vast majority want to help people and to get help from people. Those that ridicule and judge should be ignored. I'm about 60k in debt not including mortgage and have felt angry at myself for getting into this mess but never felt stupid nor will i be made to feel stupid by anyone.
I hope you get the advice you need from some of the many well meaning members of our community.

135K

Thanks CM

what exactly did/can the dca's do ?

CreditMonkey

In my case this is what has happened (and this only applies to UNSECURED debts). When you notify your creditors(either personally or through CCCS) that you will not be paying the minimum monthly payment and that you will be paying them ex amount each month instead they have two options. 1) except the offer of payment
2) Decline the offer and let the account Default...which means they have the right to terminate your contract with them.

If you default you recieve a default notice after about a couple of months. They will then either take you to court for a CCJ (county court judgement).
County court judgement is where you and possibly their representative go to the judges private office(not a court room). The judge then works out from your SOA what you can afford to pay each month. They should set a realistic figure that you can afford. I don't know what power they have as far as getting you to sell your assets go....Help anybody...!). As long as you stick to the payment your safe.


Or pass the debt to a DCA (debt collection agency). All the DCA can do is the same and apply for a CCJ. You only risk bailiffs if you break the CCJ agreed with the judge.

It all comes down to whether your original creditor can be bothered or if they just want to sell the debt to a DCA.

In my case i think they have all accepted the offers. Some sold the debt on straight away to DCA's but they have all accepted because of the influence CCCS have. If they went to court for CCJ the judge would just say stick with the CCCS plan. So they all know it would be a waste of time.