"after repossession" advice needed on DCA's

[hector-a-go-go]

Hi everyone

After fighting off repossession for some time we finally had to give up our home earlier this year. As we needed every penny we had, to find somewhere to live, ( & the costs of moving - big thanx to family & friends for helping out ) we have stopped paying our Debt Manangement Plan ( seems a bit pointless as we have lost our only asset )

So, where do we go from here?

Can the DCA's come after us for our possessions? or the secured debt companies? - just wanted some idea as we try to re-build our lives. Don't have any valuables by the way - no diamonds or antiques - just usual household stuff.

thanx

Hector

[sillygirl1]

It would be pointless for the DCAs to chase you now you have no assets, the secured debts are questionable now there is nothing to secure them on, I presume you mean the mortgage shortfall by that - in which case you probably will not be liable anyway due to insurance, misselling and the reposession...

 

Where you go from here is that you need to sit down and take stock of what you acutally need on credit, if it was used on daily living expenses due to high mortgage repayments then you should be able to cut that down to size, if it was used for things like tv, fridge, washing machine, holidays, cars then that again needs to be looked at.

 

Lifestyle 'adjustments' may have to be made for a while, but if you intend to get back on the credit bandwagon as soon as possible then there isn't much I can help with. The site in general can help if people come chasing but otherwise it is up to you to manage your affairs in a more streamlined way - a bit like the diet websites - plenty of advice and tips but if you only read them you will get nowhere.

[twofoot]

Have a look at going bankrupt. If you have few assets and lots of debts it will get them off your back. Bear in mind that if you had any secured debts like a mortgage or secured loan they can chase for 12 years before they are statute barred. As a bankrupt you'll probably get discharged within a year although it will stay on your CRA file for 6 years. Not saying it's the best way forward but well worth looking at.

[hector-a-go-go]

Hi sillygirl1 - no , have no interest in getting credit, & we have made the relevant lifestyle changes for the past 4 years. Cars, holidays, toys all went a long time ago.

Unfortunately, we were just too far down the line, having gone from very high wages to very little. A very humbling experience.

Just looking for some peace of mind which we feel is priceless.

[hector-a-go-go]

Hi twofoot - thought about it but was under the impression that it costs me more than if I left it alone. I assume someone could make me bankrupt but would it be worth their while as I have no real assets now - 20 year old car - 6 year old computer /tv etc - & no money in the bank?

[spamheed]

Bankruptcy isn't a step to take lightly, but if it really is the right way forward for you, then it can put an immediate stop on any contact with the DCAs and remove any liability to settle the remaining balances of the debts.

 

But it should not be entered into lightly

[hector-a-go-go]

Hello everyone

If we go bankrupt or there are unpaid CCJs against us - do we get a baliffs visit to take what little we have left?

just need some peace of mind.

Hector

[angry cat]

Hello everyone

If we go bankrupt or there are unpaid CCJs against us - do we get a baliffs visit to take what little we have left?

just need some peace of mind.

Hector

 

 

 

No!

 

Please read the follwing link:

If I Declared Myself Bankrupt Would That Include Any CCJ'S? - Becoming Bankrupt (UK)

 

For further information contact; National Debtline – Free, Confidential Debt Advice – Call 0808 808 4000

[babybear39]

Subscribing to add my help and support if needed...

[jed52]

Just adding my support hector, we've been down the repossession road.

Not nice.

Good luck for the future.

jed

[hector-a-go-go]

Thanx for the help & support people.

It is interesting how quickly you become a pariah, even among people who you had considered friends. The true ones are like family, they help you no matter what.The others drop you like a stone.

It has been a very sobering experience, especially trying to rent a home, or get help from the council. It certainly has made me angry towards some areas of society, (& much more tolerant of others)

 

Onwards & Upwards........

Hector

[babybear39]

When times get bad we find out who our true freinds really are

[hector-a-go-go]

update - new problems

a couple of DCA's (Link / MBNA & SCM / Lloyds) have obtained judgements against us - we are in no postion to pay - will bailiffs be knocking on the door soon? or when checking records, that now we have lost our house (our only asset of worth) they will give it up.

Just wondering what to expect next.

[Ell-enn]

Hi there, a few questions:

 

Did you receive court papers for any of the CCJ's?

Did you send in a defence?

Have you received the judgement orders from the court? if so are they asking for "forthwith payment" or a payment each month?

[hector-a-go-go]

yes- received court papers

no defence entered

one forthwith - one payment each month

[Ell-enn]

OK, you can apply to have the payments reduced to as little as £1.00 per month if that is all you can afford - once you apply for this it will stop any bailiff action.

 

The N245 form you need is affixed (you will need one for each CCJ), fill in the income and expenditure part and make sure that the amount you can afford to pay each month is the amount left over after everything else has been accounted for.

 

There is a fee to pay when you take the forms to court but if you are receiving any benefits you may be exempt (I have also affixed the application form for this and the leaflet detailing exemptions).

EX160.pdf

n245_0204.pdf

ex160a court fees.pdf

[hector-a-go-go]

thanx very much for the advice - Hector

[harrassed senior]

Hi Hector, Just adding my support to all the good advice above. You are in a very 'dark' place right now, and you know what they say, the only way is up.

 

These platitudes are not going to help right at this moment, but you are amongst friends on here, in one way or another many, if not most of us have been through similar experiences, and, for the most part have emerged happier and more secure in our own self worth.

 

If you are in receipt of any benefits there is some help to be had there, so just ask.

 

One piece of advice, is if anyone, apart from a Court (Judge) requests details of your Income and Expenditure, do not let them have it as this is personal information and no-one but a Judge is entitled to it.

 

Do you still have a bank account, and do you own that bank any money for Credit Cards, Loans etc. if so, I would recomend that you open what is called a parachute current account with another bank to pre-empt any 'attack' on your income.

 

Hopefully others will have more snipits of help along the way.

 

Look upwards - the sun is shining, not just for a few, but for you and your family too.

[spamheed]

Once you realise what rights you have and that they don't have the powers they claim to have, life will seem an awful lot calmer and stress free.