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Thread: Debt help!

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  1. #1
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    Default Debt help!

    Right
    I got myself into a financial mess with lots of debt.
    The quick version I owe approximately £11,000 on 11 different accounts. Around 6 of these are with Lowell, One with Robinsons Way. One is with Cabot who attempted a CCJ however I sent them a request following advice and this is unenforceable in court at the present time.
    I have had an offer of a loan from a relative to see if I can settle these debts by requesting full and final settlements.
    These debts date back to 2012 and I have paid nothing since 2013. I would like to settle these if I am able and I am after some advice.
    Cabot have offered me a discounted offer of around 50%
    Lowell offered me 40% discount 1 year ago however I was not in a position to settle at that time.

  2. #2
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    Default Re: Debt help!

    more info i.e. when taken out with whom last payments any further acknowledgment

    - - - Updated - - -

    they are begging you???? something wrong for them to do that! you CCAd them did you??

  3. #3
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    Default Re: Debt help!

    Which one Cabot? Or all of them?

    - - - Updated - - -

    Cabot was originally Capital One
    I sent a CCA request and they wrote back telling me it was unenforceable in court but this doesnt mean i dont owe it.........
    This was around 3/4 months ago and i have heard nothing from them until now.
    All the debts were opened in 2012 and defaulted with no further payments being sent in sept 2013.

  4. #4
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    Default Re: Debt help!

    Hi Geoff
    At the risk of being too nosey
    A quick list might help us to offer advice
    name of debt ...type of debt...when opened...approx balance...who owns it now....any actions you have taken, last communication

    e.g
    Halifax , Credit card, May 2008, £2K, Lowell, sent CCA request 2015 not replied , letter offering discount.


    I would be very wary at the moment of offering any F&F's , it will make little difference to your credit file

    If you have not paid anything or acknowledged the debts in writing then in about 2 years they will be statute barred

    Even if you do decide to go down the F&F I would never ever start at 50%

  5. #5
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    Default Re: Debt help!

    Different types of debt (ie credit cards, loans, utility bills etc) usually require differing approaches, so it is unlikely that a 'one size fits all' solution can be given.
    @Debt Camel does offer some general guidance.
    https://debtcamel.co.uk/debt-options/
    CAVEAT LECTOR

    This is only my opinion - "
    Opinions are made to be changed --or how is truth to be got at?" (Byron)

    You and I do not see things as they are. We see things as we are.
    Cohen, Herb

    There is danger when a man throws his tongue into high gear before he
    gets his brain a-going.
    Phelps, C. C.

    "They couldn't hit an elephant at this distance!"
    The last words of John Sedgwick

  6. #6
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    Default Re: Debt help!

    I think there's
    -Catalogue accounts- littlewoods, very
    -Bank/overdraft account
    -Credit cards- capital one, aqua
    -Store cards- new look, argos

    - - - Updated - - -

    Thanks I'll have a look

  7. #7
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    Default Re: Debt help!

    I have the offer from a relative to offer f&f settlement but do i make each letter debt specific or do i explain to them that I have 11 debt accounts and explain what I am offering everyone?

  8. #8
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    Default Re: Debt help!

    Well I suggest offering nothing to the Cabot one they can't produce the CCA for.

    You could also consider asking all the other ones except the overdraft to produce a CCA... if they can't, cross them off the list!

    Once you have a list of ones you want to offer to settle, I would send them all the same letter, saying your uncle (or whoever) has offered you £x to setle the following accounts - list them all - whoch is an offer of 43p in the £ (or whatever) so you are offering them £x in full and final setlement. You attach a letter from your relative saying "Dear Geoff, as we have discussed, I am happy to offer you £x if this will enable you to settle your outstanding debts which are enforceable."
    Last edited by Debt Camel; 16th April 2017 at 17:35:PM.

  9. #9
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    Default Re: Debt help!

    Im just gathering all the info, thanks so much for your help so far, what do i do with the overdraft one then? Thats currently with lowell too and has been since 2014. They've sent me letters asking me to pay it then one saying its escalating about a year ago but nothing since. There has been no payments made to lowell Ive made no contact with them and the last payment I made on that was when they closed the overdraft facility in september 2014.

  10. #10
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    Default Re: Debt help!

    Well it's not statute barred and there isn't a CCA for an overdraft... one of the ones you will have to make an offer to settle.

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