managing debt

waddy_2

hi all, how are you all today? good i hope?
have sent my letter to dca yesterday by recorded delivery for the debt i mentioned i think is about 6 years old. also checked out the link you gave from plymouth victim and printed the letter about statute barred. the letter is awesome and iv kept it for my next stage if i need it. have asked dca for copy of original agreement and list of any payments and told them they have 12 days to reply. have i covered everything do you think. didnt acknowledge the debt. what happens tho if they have just managed to serve me this letter b4 the 6 years is up? going back to panic stations now arent i???

RAS

Waddy
please can you get some proper advice from NDL before you get in amy more of a tangle with this.

waddy wrote: »

have sent my letter to dca yesterday by recorded delivery for the debt i mentioned i think is about 6 years old. also checked out the link you gave from plymouth victim and printed the letter about statute barred. the letter is awesome and iv kept it for my next stage if i need it. ???

It looks like this debt might be statue barred, but if you were unsure the best thing would be to get your creidt check and see if it was on there.

waddy wrote: »

have asked dca for copy of original agreement and list of any payments and told them they have 12 days to reply. have i covered everything do you think. didnt acknowledge the debt. ???

What you are referring to here seems to be a Consumer Credit Agreement request not a statute barred letter. Car finance is covered by the CC Act if it relates to a loan but things like HP are not covered.

What did you send?

waddy wrote: »

what happens tho if they have just managed to serve me this letter b4 the 6 years is up?

This is why it would have been better to find out when the last payment was made if possible. Big problem being that you ex may have made payments about which you knew nothing.

Did you put "I do not acknowledge any debt to your company" at the start of the letter you sent?

waddy wrote: »

the company say they have a letter from me asking for a reduced repayment plan not long after it was taken out but i dont remember. so if this is correct but 6 years have still elapsed since with no payments , is this statute still valid??

The relevant issue is the date when you last wrote to them ackowledging the debt or made payments. The dates they wrote to you have no impact on whether this is statute barred.

What matters is the date you first wrote back to them before you started this thread and the contents of that letter.

I may not be online again until Tuesday. If you need help in the meantime, rog2 or fermi know this stuff backwards.

waddy_2

thanks for all the info
the debt i talk about is for car finance. until yesterday i have never contacted te dca before as i didnt know this debt existed. the letter i have just sent to them recorded has asked that they give me copies of the original credit agreement and list of payments. i didnt say at the beginning of the letter that i did not acknowledge the debt but i did further down. i am now awaiting their reply as i really dont know when this was taken out or what payments were made. on my experian and equifax credit reports this debt has never shown up as i do check them regularly. i thought i was making good headway until this turned up. look forward to any other advice from anyone.

waddy_2

well i finally sat down properly to work out how much my debts actually total. id been putting it off till now and mentally just estimated £10 000. however i was sort of surprised to find it comes to £7380! not good but better than i thought. also if i can get my probably 6 year old debt statute barred ( waiting for copies of agreement etc) that takes off another £1700 and if bank charges thing is successful that reduces it again by £2300. have had my case on hold since last year when the banks took it to the courts. that would make a massive difference! am going back to work on wednesday after being off sick for 3 months (operation) and have been told there is lots of overtime so will be slogging my guts out on full throttle. if i can get the 2 debts wiped the other i can now see me being able to pay off within the next year so things looking lot more positive. decided to keep this thread like a sort of diary. good way of bein able to talk to like minded others and a release to put it all down. will help to make me more grounded and determined.hope your all doin ok and enjoying your bank holiday so far. olah!

waddy_2

hi to the both of you. as you can see from my thread ras has big upped you for advice regarding my debt so would appreciate any help or advice. im at a bit of a limbo at the moment tho as im waiting for reply from marlin re car credit. but thanks in advance and from what i read so far you two deserve a medal for all the help you give out. have a good day.:T

waddy_2

i forgot i actually have unsecured loan with black horse for nearly £6000. !!! i am managing to keep up on all my payments so tend to 4 get this one. goin to post accurate soa as soon as i can get on internet for long enough (kids half term!). however its the other debts i want to concentrate on wiping as they have higher apr.

waddy_2

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1400
Partners monthly income after tax....... 0
Benefits................................ 120
Other income............................ 0
Total monthly income.................... 1520

Monthly Expense Details
Mortgage................................ 375
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold flat)...... 0
Council tax............................. 69
Electricity............................. 40
Gas..................................... 50
Oil..................................... 0
Water rates............................. 30
Telephone (land line)................... 30
Mobile phone............................ 40
TV Licence.............................. 12
Satellite/Cable TV...................... 30
Internet Services....................... 20
Groceries etc. ......................... 250
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 0
Car Insurance........................... 70
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 80
Medical (prescriptions, dentist etc).... 7
Pet insurance/vet bills................. 24
Buildings insurance..................... 12
Contents insurance...................... 12
Life assurance ......................... 30
Other insurance......................... 16
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
mandatory union fees.................... 16
Total monthly expenses.................. 1263

Assets
Cash.................................... 0
House value (Gross)..................... 98000
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 98000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 58000....(375)......5.5
Total secured debts........... 58000.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
vanquis credit card............460.......35........38
littlewoods catalogue..........850.......130.......32.5
black horse loan...............6000......138.......17
marlin dca.....................1700......10........0
barclays overdraft.............2300......20........6
Total unsecured debts..........11310.....333.......-

Monthly Budget Summary
Total monthly income.................... 1,520
Expenses (including secured debts)....... 1,263
Available for debt repayments........... 257
Monthly UNsecured debt repayments....... 333
Surplus(deficit if negative)............ -76

Personal Balance Sheet Summary
Total assets (things you own)........... 98,000
Total Secured debt...................... -58,000
Total Unsecured debt.................... -11,310
Personal net worth...................... 28,690

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

waddy_2

my god that seems really long sorry. anyway thats my soa as of now. you will notice that i have budgeted for car insurance but dont appear to own car. the car is my partners but we dont live together. so my expenses are seperate from his if you know what i mean. i pay the insurance as he drives me any where and everywhere im need to go including work. this saves me travel expenses of my own and parking fees which are huge where i work. the mobiles are my 2 childrens in lieu of pocket money and are both contracts. i havent budgeted for xmas/ birthday etc as i am in scheme at work where £60 is deducted b4 i see it each month for savings that i get back in nov with interest. my union fees are compulsory as they include my personal liability insurance to practice.any help appreciated. cheers for listening.

RAS

waddy wrote: »

the debt i talk about is for car finance.

Do you know if this was a loan or whether it was Hire purchase? hire Purchase is niot covered by the Consumer Credit Act.

waddy wrote: »

until yesterday i have never contacted te dca before as i didnt know this debt existed.

waddy wrote: »

the letter i have just sent to them recorded has asked that they give me copies of the original credit agreement and list of payments. i didnt say at the beginning of the letter that i did not acknowledge the debt but i did further down.

This means you have made a CCA request under the Consumer Credit Act.

waddy wrote: »

on my experian and equifax credit reports this debt has never shown up as i do check them regularly.

This may indicate that this debt is statute barred, irrespective of whether or not it is covereed by the CCA.

Can you keep us posted, as if it is statue barred you need to send another letter, if only to stop the DCA selling the debt to another company.

waddy_2

thanks for checking in again i appreciate everything you posted so far. i cant remember if it was hp or a loan, didnt realsise there wud be a difference? however after me and my ex split over 6 years ago i spent the next 3 years clearing all our debts and managed it so i definitely know that the car finance was never on this list with the 2 cra 's i mentioned. would it have been with a different one and would this matter? i will keep you posted just as soon as i hear anything.