Advice Needed please !!!

[jokerdisco]

Hi,

 

Just spent a good few hours reading through sugerbabes thread. I got a letter from Go Debt this morning saying they wanted to declare me bankrupt for a debt they have bought over from Yes Car Credit. The account was opened in 2003, and they took the car back in Jan 05. this is teh 1st contact I have had from anyone since then. I have spoken to Go debt and they have offered a settlememt of £2k on the balance of £3.9k, but the want it by 31/12/08. there is not a cat in hells chance of me getting that sort of cash. The letter states that an OR would be appointed and my house sold.

 

I jointly own the house with my wife, and the mortgage and sec loan combined is £134k, with the house value at approx £127. I am very very stressed that I am going to loose my home. I spoke to someone from the national debt line and they advised me to send a CCA letter, which I have done.

 

Can anyone offer any further advice? When the car was taken back I asked the collection agent if i needed to do anything else. He said no, thats you done, all finished, sign here please.

 

How can they surface out of the blue like this after 4 years. also i asked Go debt if can could make an arrangement, the

[rory32]

The account was opened in 2003, and they took the car back in Jan 05.

What type of an agreement was this e.g. a loan or hire purchase? How much of the loan/hp had you paid off before the car was repossessed.

 

I have spoken to Go debt

Do not speak to them over the phone. They will tell you any old rubbish to frighten you into paying - whether you can afford it or not. Ensure from now on all communication is conducted in writing only.

 

Have you received a Notice of Assignment regarding this account?

 

Have they substantiated the amount owed or have they simply demanded that you pay them?

 

The first steps towards bankruptcy would be for them to issue a statutory demand. You can quite easily have this set aside if you in any way dispute the debt. It's standard practice for a DCA to threaten you with bankruptcy, etc. If you have no equity in the property though it would be pointless for them to do it as they would not get the account paid and it would also cost them about 1K to make you bankrupt which they wouldn't get back either.

[palomino]

First of all, stop panicking.

These people are known for not being very nice, and the approach they have adopted with you is typical. They intend to make you frightened, paniced and stressed but don't let them succeed.

Basically what they are saying is rubbish. While they might ultimately be able to make you bankrupt it is most unlikely and depends on lots of things that haven't happened yet.

For the time being don't answer any phone calls (or if you inadvertently answer the call then simply hang). Insist on all communications being in writing.

You have sent of a request for your credit agreement already on the advice of National Debtline (listen to them - they are good value). Wait for this to arrive, if it ever does, and then we can take it from there.

 

In the meantime just enjoy Christmas. There is no reason to panic or feel stressed, and you are in good company here.