Author Topic: What next?  (Read 1975 times)

unluckyboy

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What next?
« on: Apr 06, 2010, 11:46:07 AM »
Hi , I have at least £60 K debt nearly all of it to credit cards. I am in contact with the CCCS and have done an income and outgoings list. The problem is our outgoings far exceed our income. I am semi retired and still earning a small amount each month. This has been going on for at least a year now, I pay a token amount £1 , to each of the cards, Most of them now chase me via Debt management companies.It gets very depressing with the consant phone calls and letters and veiled threats.We manage to pay the mortgage utilities . What I want to know is how long do they keep this up and is there a reason why they dont take further action. Is there ever an end to these constant threats , Any help and advise much appreciated.

nubian1712

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Re: What next?
« Reply #1 on: Apr 06, 2010, 08:33:28 PM »
Hi Unluckyboy
I am in a similar position to you...I too went through the CCCS...even though I came to some arrangement with my creditors they STILL passed one of my debts to a debt collecting agency...in my experience some (MBNA) are worse than others, I have had as many as 7 phone calls in one day, even on Sunday morning at 8.30 am!!!!!

I am new to this forum, but in a strange kinda way its good to know I am not the only one in this situation....there is help available on here of that I am sure, but its really knowing what advice is best....I have had many many sleepless nights over my debts....good luck to you anyway I hope you find what you are looking for on here ???

unluckyboy

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Re: What next?
« Reply #2 on: Apr 07, 2010, 09:46:38 PM »
Hi, Thanks for your reply, I am sure there are answers out there but so far nothing happening on this entry.Regards  Unlucky boy   :-[

ALEXMAC

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Re: What next?
« Reply #3 on: Apr 11, 2010, 09:50:07 AM »
Have you got a formal arrnagment with them re paying a token £1 per month. I helped a 66yr last year to set up a £1 token arrangement, and has had no furthe hassel. Go back to youu creditors, and write to them. Explain that you are retired, no assets and have little income. You are only able to offer £1 per month. If an when they agree, then get this in writing.
Alex
www.the-debt-clinic.com
 

Sovereign

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Re: What next?
« Reply #4 on: Apr 29, 2010, 09:52:29 AM »
Hi Unlucky,
 
The simple answer is to go back to CCCS and explain what is happening. They have agreements with the majority of credit card and loan companies to stop precisely that which is happening to you. If you have made informal agreements for repayments of £1 per month then they should stop hassling you. It may well be however thatv the agreement with the creditors was for a fixed period, say 12 months, and thatv that period has now expired. Whatever the situation speak to CCCS again. They are good people and will help wherever they can without you being charged a fee.
 
Best of luck.
 
Steve
Sovereign Consulting

Steven Jackson

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Re: What next?
« Reply #5 on: May 11, 2010, 03:24:13 PM »
Hello Unluckyboy
 
Have you received any further advice from the CCCS? If you owe £60,000 and are paying just £1 a month to each of your creditors, you are never going to get out of debt by continuing to do what you are doing.
 
There are three main solutions available to you - a debt management plan, individual voluntary arrangement (IVA) and bankruptcy (although I know this sounds bad). How much have you calculated that you can afford to pay each month in total? How much equity do you have in your property? If you can provide a little more detail I am sure we can give you more advice.
Debt Expert
ivainformation.com

Sovereign

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Re: What next?
« Reply #6 on: May 20, 2010, 12:33:13 PM »
Hi unluckyboy,

Steven's advice is sound provided you have the income to  support any one of those plans save for BR where you risk losing your house and any assets that you have. A chat with a CCCS counsellor will put you on the right track. Best of luck.

Steve
Sovereign Consulting

unluckyboy

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Re: What next?
« Reply #7 on: May 16, 2011, 10:32:12 AM »
Hi, Its a year on and not much has changed, The main worry at the moment is an overdraft I had with the Nat West bank for £2000. They have chased me with several different debt companies ,What I want to know is if they take me to court  for this and they send a Bailiff in what will they take.
I have read via the forums that most things they seize only realise 10% of there value at auction, this means they would need £20,000 pounds worth of goods and they wont find anything likke that amount . Can anyone advise me on this. Many thanks  Regards.

James Falla

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Re: What next?
« Reply #8 on: May 16, 2011, 04:19:06 PM »
Hi unluckyboy
 
It is very unlikely that NatWest will instruct bailiffs. They are far more likely to apply for a CCJ and then either an attachment of earnings against you or charging order against your house.
 
Can you give a bit more info about your situation now. How much disposable income do you have each month available for paying your creditors? How much equity do you have in your property? If you cold let us have that information, I am sure that we will be able to advise further.
Debt Expert & Author
beatmydebt.com