Can't see light and the end of the tunnel

[prideuk]

its capital one and its a credit card. So do you think, that as im am having to go for sequestration that they might reconsider the trust deed. I have already been paying my trust deed for 2 months now. What happens to that money?

 

Confused john

[nunnyrose]

I'm not sure what to say to you ?

sequestration is a Scottish bankruptcy yes?

As you have already told us, you have no mortgaged property so you cant lose your home.You said you have nothing, so therefore you can't pay anything. Is it just the thought of standing in front of a judge that worries you?

It might be worthwhile having a look in the bankruptcies forum, as I have no knowledge where that is concerned.

The reason I ask about the the credit card is that you may well be able to challenge the enforceability of the cc by firstly requesting a copy of the CCA -have you read up on this yet? It seems to me that you are trying to take control of your financial situation but Capital One are not allowing you to do this and I don't think that they are playing by the rules.

I'll try and alert some more help for you but meanwhile, don't panic - nobody is going to turn up on your doorstep and kick you out onto the street, it really doesn't happen like that. meanwhile, don't answer the phone, you don't have to!

[nunnyrose]

Ok John, I've asked for more help for you,somebody with more knowledge should be along shortly.

[IdaInFife]

Hiya,

 

You say the trust deed was rejected yest you then state you have made 2 payments to the trust deed.

 

Can you clarify the exact status please?

 

Ida x

[prideuk]

Hi, Thanks for you advice in advance. I signed the trust deed on 20th April and 20th may & 20th June they took 100 pounds from my account by standing order. Its been in the paper edinbough gazette. When I called them yesterday they said that more than 1 3rd of my creditors had refused the trust deed offer and therefore it has been rejected.. They then told me that I had now to go for sequestration and thay would send the forms. there told me all this would mean is that I would be free from responsibility of the creditors in 1 yr instead of the full 3yrs that the trust deed would run... I do have money to offer them but its ot enough.. after I had done my budget sheet I had 136 left for all my creditors but the trust deed said that I would only have to pay 100. oh I dont really know where im going with this anymore.. Maybe I should just go back to them all and make another offer. its so hard. but i can say that Mums are good at cheering you up... but she doesnt really understand that things are not like when she had credit problems yrs back..

 

Cheers anyway

 

john

[IdaInFife]

ok understand now - you will not be able to retrieve the monies you have paid as this woul dhave been distributed to the creditors.

 

You only have 2 options

 

1 to make a new payment proposal but i cannot see this being accepted if the TD failed.

 

the other would be sequestration.

 

National Debtline Scotland | Debt Advice | Factsheet 01 Bankruptcy

 

the one good thing going the BK route is after 1 year you feel free again and learn tio live without credit which was a godsend for me

 

 

you may lose the car on HP - that would be a downfall - it's dependandt on it's value and how long hp is left and how much of your income this uses

 

ida x

[prideuk]

Hi, thanks for the advice, the car is on a type of finance that means 2yrs time I can pay the remaining and the cars mine or I can give it back and owe nothing or i cantake out another car and start again I pay 182 a month and its value is around 5000 pounds. but its not mine to give away to the people who want the cash...Its the standing infront of the judge thing that I couldn't cope with.

 

John

[prideuk]

Hi, Just one other thing, does this mean they come to my house and take all my stuff.. ie tv, computer etc..

 

John

[lexis200]

Can I just ask John, did your trust deed company (I assume this is the same as a DMC in England?) just make one offer to the banks and then accept it when they said no?

 

Speaking personally, some of our creditors took several letters before they'd accept anything, but we did end up on plans with all of them whether they liked it or not as we simply couldn't afford more.

 

Logically looking at it, if the creditors accept your trust deed they get paid x amount for 3 years. If they force you into bankruptcy they get x amount for 1 year. Am I understanding that right? If so, they may be more willing to accept if you ask again and state that the majority of your creditors have accepted (which is true), and that they will lose money if they force you to go bankrupt.

 

It's only a thought, and obviously I'm not sure how things work in Scotland so it might not be possible. Also I got onto plans myself rather than using a company so I don't know if you can alter stuff or ask them to do what you want (as opposed to what they normally do)?

 

With your last point, I'd assume it's similar to here and they can't touch your stuff unless you ignore court orders and don't pay, and seeing as a court would only order you to pay what you can afford this wouldn't happen.

 

Keep your chin up though, it will get better.

 

Lexis

[prideuk]

Thank you, i've been up since 6am, worrying.. thanks for he lift. I dont have much in my life, but what I have i didnt want to lose.. I dont drink, dont go out, dont go on holidays... not much of a life eh!! Sometimes it just makes you want to give up. I cant help whats gone on in the passed. Im under the hospital for psoriorsis which is caused by stress... Which was getting a little better... but guess what? Just a few days of worry has brought all of it back. Sometimes i feel its just a waste or maybe i deserve all of it. Its really ahrd writing this with a tear on yur eye. Maybe one day it will all be gone.. sorry to go on but never seems to get any beter.

John

[lexis200]

We've all been there, you're not alone even though it might feel like it, so never think that you are 'going on' as no-one else will think you are!

 

It may well be worth getting a letter from the hospital/your GP to state that stress exacerbates your condition which you could send to the creditors to try and get them to lay off.

 

In addition, definitely get a letter out to them about phone calls. If possible include a letter as above about stress. Tbh one letter probably won't stop calls, but if it doesn't you just send another out. Some of our creditors took 3 or 4 before they cut down, but we did reach the point where we now only have a few every so often. Even those ones are not exactly an issue as we are lucky enough to have a Trucall machine which screens them out, but last time I checked we'd had maybe a dozen this year.

 

If you haven't already, next time they phone up tell them you do not discuss financial matters over the phone and everything must be in writing. It is your right to request this and as long as you keep the lines of communication open (ie have an address they can write to) they must respect this. Personally I do go through security before I tell them this so that they have to put it in the notes, but I do simply tell them that I don't discuss it on the phone and that they will need to write. If they try to carry on with any sort of threat I very politely tell them I've said all I'm going to and that I will be hanging up now.

 

I just found that this method made me feel more in control that simply not answering the phone, as if I just left it I was a complete wreck every time it rang. This way I found I was more annoyed than worried which just worked better for me. And as long as you absolutely do not enter into a conversation with them you should be ok.

 

In addition to the phone letter, I'd be tempted to send off a doorstep caller one too. This simply tells them you do not grant them permission to visit you, and they should abide by it. I wrote this to all my creditors a couple of years ago when they all started threatening that they would turn up, and I kept a copy by the door so that if on the off-chance anyone did turn up I could just hand it to them and shut the door in their face. That letter is still sat somewhere among the shoes next to my front door, covered in dust and foot prints. I doubt I'll ever have to use it.

 

Please try not to worry too much about it (easy to say I know). To have your Psoriasis made worse by the stress they are causing is awful. It's a horrible thing to have to cope with anyway, and you should not have to cope with it getting worse because of idiots in the financial world.

 

If you need templates for any letters just shout. There is a library on here that you can use, and I think I'm safe in saying we will all have our own versions of those knocking about too. For my part my doorstep caller letter informs them I'll charge them for the use of my private footpath if they do dare to turn up;)

 

Lexis

[prideuk]

Thank you

[IdaInFife]

you do not stand in from of a judge - all done via paperwork

 

they won't come and lift your stuff