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Hi there,
I've read through all the threads I could find on the forum on cases such as mine and just have a few of my own questions to ask if you don't mind?
Firstly I'm based in Northern Ireland and secondly I don't deny I borrowed from The Lending Stream. I only had one loan with them but did have several with other lenders, none of which were paid back. Defaults have been registered accordingly. I therefore see no grounds to contest the case even if their "interest" & charges have not been laid out on the form, I still borrowed the loan principal of £490. Asset Collections are now looking £1390. The loan was taken out in 2014.
I worked out my finances via an Income and Expenditure form from CAB and I could afford £15 a month to keep them at bay but I was advised by CAB that as I owed other creditors, 'each creditor must be treated equally' so whilst paying £15 a month to The Lending Stream, if accepted, might keep them off my back that doesn't solve other potential court filings from other lenders which makes sense.
Here are my questions:
1. I assume it's common for these guys filing court claims for small amounts?
2. I am in receipt of state benefits and therefore unable to pay off the debt. What is the likely outcome in this scenario?
3. Is it likely that even though I am receiving state benefits Asset Collections will still pursue the debt?
4. On the "Notice of Acceptance of Liability" - Should I note my financial situation, supply evidence of my benefits and enclose said Income and Expenditure form?
5. What happens when the court receives my evidence?
You may ask why I didn't ask these questions of CAB when I was speaking with them and the answer is I did. Whilst the girl was brilliant trying to help me there was clearly gaps in her knowledge in this area. I say that with the greatest of respect to her and CAB.
Any help/advice would be greatly appreciated.
Thanks
PS: The best solution for me is bankruptcy but unfortunately it's a cost I cannot afford at present but I am working on trying to get the money from a good samaritan.
I've read through all the threads I could find on the forum on cases such as mine and just have a few of my own questions to ask if you don't mind?
Firstly I'm based in Northern Ireland and secondly I don't deny I borrowed from The Lending Stream. I only had one loan with them but did have several with other lenders, none of which were paid back. Defaults have been registered accordingly. I therefore see no grounds to contest the case even if their "interest" & charges have not been laid out on the form, I still borrowed the loan principal of £490. Asset Collections are now looking £1390. The loan was taken out in 2014.
I worked out my finances via an Income and Expenditure form from CAB and I could afford £15 a month to keep them at bay but I was advised by CAB that as I owed other creditors, 'each creditor must be treated equally' so whilst paying £15 a month to The Lending Stream, if accepted, might keep them off my back that doesn't solve other potential court filings from other lenders which makes sense.
Here are my questions:
1. I assume it's common for these guys filing court claims for small amounts?
2. I am in receipt of state benefits and therefore unable to pay off the debt. What is the likely outcome in this scenario?
3. Is it likely that even though I am receiving state benefits Asset Collections will still pursue the debt?
4. On the "Notice of Acceptance of Liability" - Should I note my financial situation, supply evidence of my benefits and enclose said Income and Expenditure form?
5. What happens when the court receives my evidence?
You may ask why I didn't ask these questions of CAB when I was speaking with them and the answer is I did. Whilst the girl was brilliant trying to help me there was clearly gaps in her knowledge in this area. I say that with the greatest of respect to her and CAB.
Any help/advice would be greatly appreciated.
Thanks
PS: The best solution for me is bankruptcy but unfortunately it's a cost I cannot afford at present but I am working on trying to get the money from a good samaritan.
