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Need advice please
Hello All
I am a newbie to Legal Beagles and I’m nervous of telling you my sorry story but here goes.
I am 61 and currently have a pension pot of £1156 per month and a part time job which pays approx £600 per month. My house is up for sale as I can no longer keep up the £950 per month mortgage. I can just about meet my priority bills in the short term, including the £1 per month to my creditors, with a little left over for food.
I have 95K worth of credit card debt obtained over the last ten years. I am in default with 9 credit card companies and after a lot of hassle I am paying them £1 per month – not sure how long they will allow me to do this.
This level of debt is shocking I know and I cannot justify how I got myself into this nightmare, except to say as a contractor I used credit to maintain my life and pay the bills and tax when I couldn’t get work and then I found was working to service the debt. I have no excuses, I spent the money and I was stupid.
I also have a personal overdraft with the NatWest for £6,660.37 which I continued paying interest on up until the money ran out in May.
I am now receiving letters from Incasso on behalf of NatWest threatening court action if I do not pay back the full amount.
I have received two other letters from them the first of which I responded to by phone. During this they said if I paid in full they would reduce the amount to ££4665. I told them I could not pay and would pay £1 per month. They said this was not acceptable and they would take a charge out on my house.
I put together an income and expenditure form using the CCCS website and sent it to Incasso with a letter saying I would pay them £1 per month in line with my other creditors and I have made the first payment.
Yesterday I received a financial statement form from Incasso asking for details of mortgage, property value, bank and building society accounts, car value, employer name and address and asking me to sign to acknowledge liability for the outstanding debt – are they entitled to ask for this information?
They also wrote:
It is essential we hear from you within seven days of the date of this letter otherwise the matter will be referred to our legal department for further action. If legal action is taken then it will include a claim to interest before Judgment is obtained and legal costs payable by you. Also, a County Court Judgment registered against you would affect your ability to obtain credit in the future.
My credit rating is already shot but a CCJ will make it very difficult to rent a flat – if I manage to sell my house. My hope is to downsize and free up some money each month to set up a long term payment plan through CCCS and to offer the £15K equity in the house.
Any help or advice from you guys would be really appreciated – I know being in debt doesn’t make me a bad person but Incasso are making me feel sick with worry.
Best regards
RioRita
I am a newbie to Legal Beagles and I’m nervous of telling you my sorry story but here goes.
I am 61 and currently have a pension pot of £1156 per month and a part time job which pays approx £600 per month. My house is up for sale as I can no longer keep up the £950 per month mortgage. I can just about meet my priority bills in the short term, including the £1 per month to my creditors, with a little left over for food.
I have 95K worth of credit card debt obtained over the last ten years. I am in default with 9 credit card companies and after a lot of hassle I am paying them £1 per month – not sure how long they will allow me to do this.
This level of debt is shocking I know and I cannot justify how I got myself into this nightmare, except to say as a contractor I used credit to maintain my life and pay the bills and tax when I couldn’t get work and then I found was working to service the debt. I have no excuses, I spent the money and I was stupid.
I also have a personal overdraft with the NatWest for £6,660.37 which I continued paying interest on up until the money ran out in May.
I am now receiving letters from Incasso on behalf of NatWest threatening court action if I do not pay back the full amount.
I have received two other letters from them the first of which I responded to by phone. During this they said if I paid in full they would reduce the amount to ££4665. I told them I could not pay and would pay £1 per month. They said this was not acceptable and they would take a charge out on my house.
I put together an income and expenditure form using the CCCS website and sent it to Incasso with a letter saying I would pay them £1 per month in line with my other creditors and I have made the first payment.
Yesterday I received a financial statement form from Incasso asking for details of mortgage, property value, bank and building society accounts, car value, employer name and address and asking me to sign to acknowledge liability for the outstanding debt – are they entitled to ask for this information?
They also wrote:
It is essential we hear from you within seven days of the date of this letter otherwise the matter will be referred to our legal department for further action. If legal action is taken then it will include a claim to interest before Judgment is obtained and legal costs payable by you. Also, a County Court Judgment registered against you would affect your ability to obtain credit in the future.
My credit rating is already shot but a CCJ will make it very difficult to rent a flat – if I manage to sell my house. My hope is to downsize and free up some money each month to set up a long term payment plan through CCCS and to offer the £15K equity in the house.
Any help or advice from you guys would be really appreciated – I know being in debt doesn’t make me a bad person but Incasso are making me feel sick with worry.
Best regards
RioRita
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