What now? Please help

[pink22]

Hi, I have just been reading through this area and wondered if anyone could give any advice.

 

To cut a long story short my dad got himself into a mess with CC and a loan I manged to get some to accept full and final and i have eventually got most most of them to agree a repayment plan. Trouble is my dad is 60 next year and his paying his mortgage til he is 65.

 

He is paying the mortgage fine and we are paying CCs and loan the agreed amounts, but being realistic we are never going to pay all the debt back in 6 years at the amount we are paying. He owes around £50 000

 

I just wondered what my real options are, my mom is devestated at the thought of losing their house (we didnt know about these debts till 18months ago) the problem is there is equitity in the house.

 

I was wondering if they would agree to an acceptable amount to pay back without going through any insolvancy, but I suppose then they can change their minds at the end

 

Can anyone help I would really appreciate it

Thanks

[saintly_1]

Have you checked that the CC and loan are enforcable? If not you could send CCA requests.

 

Also are there any charges added onto them ? If there is then you should start to claim them back send them each a SAR claiming any charges back should reduce each debt.

 

Hope that helps

 

saint

[pink22]

Hiya,

 

Yes the majority of the cards and the loan is enforceable, one of his credit cards is before the act so we have to go with that one. I have statements for one of his cards with lots of charges on but dont know where to start with that do I just add up the charges?

 

I have been looking again today and an IVA is not a option I dont think not enough disposable income, we are paying through our own agreements but tried to do it through national debtline as they are struggling a bit with the payments we are making. But they say there is not enough disposable income for that!!!

 

I was considering writing to them all and asking what they would accept as full and final and then looking into raising the cash then at least we will just have mortgage and one loan then when it is paid it is all over but dont know if that will work due to how high the debts are.

 

I am really lost but need to sart looking at again I was sorting things and manged to get rid of a few but as I dont live with them and other things happen this took a back burner as they all went quiet when we paid agreed amounts but know the loan has issued a default notice even though they gave us until 23/05 to go back for a new agreement so I have written to them reagrding this.

 

Sorry if this goes on a bit

what do you think?

[sequenci]

one of his credit cards is before the act

 

What do you mean by this? I'm a little puzzled, we should be able to help a little more for you

 

Best wishes,

 

Seq

[pink22]

Hello,

 

What it is my Dad signed the agreement in 1970 therefore as the credit act was 1974 it is not covered by those conditions. The letters we received about the barclaycards are on another thread if you wanted to look see what you think? I think I have pasted the link below

 

His other cards have provided the correct docs and have been quite good touch wood about payment it is barclaycard we have had the trouble with, and the loan company are starting a fight so it is getting pressurised again

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/122081-story-so-far-more.html

 

We would really like to find a end solution as due to the amount of debt he has got they wont accept these payments forever.

 

thanks so much for any advice you can give us

[powelll]

There are options other than IVA / Bankruptcy ( which would both have implications for the property ). I would really recommend you speak to a professional debt adviser as they would be able to get more detail on the circumstances from you and go through all relevant options. If you are up to date with priority stuff like mortgage / council tax / utility bills / TV licence then the position isn't too bad. Unsecured creditors are in a weaker position.Call national Debtline on 0808 808 4000 for some detailed advice - they are happy to speak to 3rd parties if this is something you are helping your parents with.Best of luck

[pink22]

Thank you I will give them a call this week see what they think.

 

Thanks again.

[PriorityOne]

That's an interesting one.... pre-1974 Agreements. I assume they would still need to provide some kind of enforceable paperwork though. I would post this query in the Legal section to find out any differences in their obligations before you do anything else here.

 

In any case, you can still re-claim the charges through a S.A.R - (Subject Access Request), but getting them to send statements/info. going back to 1970 will prove difficult. Having said that, the chances of them producing any signed paperwork from 1970 will be equally as difficult....