Author Topic: stuck  (Read 961 times)

grabur

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stuck
« on: Sep 13, 2011, 07:43:56 PM »
Hi,
 
I have 23K debt (10K credit cards, 10K loans, 3K overdraft). I am in the process of selling my flat (mortgage 210K, selling for 285K). I have accepted an offer on the flat but the process is taking longer than I hoped and now, without income I am running out of money and will not be able to pay my current debt payments (not to mention living expenses). Also, if the sale falls through and I have to start the whole selling process again I will be in even more trouble.
I was hoping you could give me advice as to what my options are in this situation.
Thanks

James Falla

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Re: stuck
« Reply #1 on: Sep 14, 2011, 10:33:22 AM »
Hi grabur
 
Given that you have no income, the best thing for you to do is to speak to all of your creditors and be up front with them. Tell them that you are no longer in a position to pay their normal payments each month. Explain that you are in the process of selling your house and then you will be able to pay them all in full. However until then ask if they will accept reduced payments or even token payments of say £5 a month.
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Saviour80

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Re: stuck
« Reply #2 on: Sep 30, 2011, 06:53:56 AM »
Did you know that once your debt is sold to a debt collector that you Lawfully do not have to pay it back? Probably not! They like to keep this from you :) Its contract law. once your debt is sold to a collection agency i can clear for you and get them off your back...guranteed! :)
 

James Falla

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Re: stuck
« Reply #3 on: Sep 30, 2011, 10:00:05 AM »
Saviour80, can you give a little more information about why you feel debts which have been sold are not enforceable? Perhaps point us to the part of the law that you are referring to. As far as i am concerned these debts are absolutely enforceable under the law. Debt sale and purchase has actually been part of the UK economy for hundreds of years. It it could be successfully challenged I think that it would have been by now...
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poly

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Re: stuck
« Reply #4 on: Sep 30, 2011, 01:29:04 PM »
Saviour am sympathetic....If i were you i would try doing what falla said talking to them..but there is one thing i do not understand. That once your debt is sold to the debt collectors you can lawfully not repay the debt....Falla explain that to me please.

James Falla

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Re: stuck
« Reply #5 on: Oct 05, 2011, 04:57:21 PM »
I would love to be able to explain it poly. Unfortunately I have absolutely no idea what Saviour is talking about....
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