Financial Statements sent to Creditors

crysta1010

Hi

We went to Citizens Advice Bureau on Friday for help with our Debt. 1st Credit bought our debt of £11000 from Abbey and have been getting a bit nasty wanting their money !!!! We had to put ALL our debt down including catalogues, overdraft, bank charges, loan with tsb as well as overdraft and it all came to just over £27,000 :eek: . We had our new tax credits etc this week and the amount we have left over for creditors is £290.00 a month. Obviously 1st Credit will get the most a month offered to them by Citizens Advice Bureau.

The post has just been today and i've not heard from CAB about how much has been offered to who. 1st credit have said that they want £134.00 minimum a month but when I entered everything into National Debtline it came up with £120.00 a month for them.

We go on holiday to spain (booked last year before money troubles) on Monday for 2 weeks and i'm dreading it !!!!!! I haven't eaten properly in over a week, and just can't think of anything but 1st credit...... I'm really scared that they won't accept what is offered.

My hubby just wants to sell our home and buy somewhere cheaper....which I don't want to do as we have put a lot of hard work into it and have lived here for 13 years with our 3 children. If we did this we would probably be able to pay off 1st credit, but I have worked out that they will be paid up in just over 7 years with an offer of £120.00 a month. Is this good or bad?

I don't know what to do? I know about the CCJs that they get etc. and am really frightened we are going to lose our home.

I've had to set up a cashminder account and change my hubbys wages, tax credits and child benefit into my mother in laws bank account because they say it can take up to 5 working days for our new account number and sort code to arrive but will be on holiday when this arrives. I feel as if I can't take anymore and feel so depressed and get very tearful alot.

Do most creditors accept what is offered?

Can anyone PLEASE help?

Diana_Prince

Hi, sorry to hear about your problems but you've made the biggest step in getting help!!

From my experience creditors have to accept an offer that you can afford. If you can offer them something they can't refuse as you're showing that you are willing to pay off the debt.

I'm sure if this is incorrect someone will correct me!! But as I said this is from my own experience!!

Chin up! x

4littleone

I have to say i agree with your hubby, selling up and getting somewhere cheaper which gets rid of your debt and allows lower living costs is a great solution.
You sound so stressed about dealing with DCA's etc, why prolong it, even if you come to an agreement now, 6 months later they can come back and ask for more.

A house can be made into a home, you could look at different areas, get more for your money etc. Try to see it as an exciting new start and vow never to get into debt again.

GeorgeUK

I agree with Diana. If they took this to court, they would expect you to pay what you can afford towards the debt. As this is what you are offering to do then they would not be too happy with 1st Credit for wasting their time.

Have you tried reclaiming your bank and CC charges?
Have you requested copies of the CCA?

crysta1010

GeorgeUK wrote: »

I agree with Diana. If they took this to court, they would expect you to pay what you can afford towards the debt. As this is what you are offering to do then they would not be too happy with 1st Credit for wasting their time.

Have you tried reclaiming your bank and CC charges?
Have you requested copies of the CCA?

hi

I am in the process of reclaiming all bank charges which comes to just over £2,000. It is on hold though because of the test case.

GeorgeUK

CC charges aren't part of the test case so hopefully you could reclaim them - if there are any.

I'd also check the reclaiming PPI and any endowment mortgage for misselling. If they're puting you through the wringer it's only fair you return the favour
http://www.moneysavingexpert.com/reclaim/