Hi, new signup and background before help request.

[Ant80]

Hi folks, Just wanted to say hello and thanks for all the info I've read so far. I need to post on the debt collectors section for some specific advice but wanted to post here instead of copy and pasting into each thread.

I am mainly here for advice because I am in debt. I had a small business which got totally rinsed in the recession/depression. What was touted as an "18 month dip" turned into 4 years of total mess, I had access to (personal) credit via several HBOS products (loan, overdraft and credit cards) which I used to keep myself going against the busines shortfall hoping things would turn around, and HBOS were only too happy to keep extending the credit limits, loan terms and jacking the interest rates. Things finally ground to a halt in 2011, I had to stop all my payments as there was simp,y no money to pay them, and I was unable to work for a long period of time to to severe depression from the business failure and fallout in the relationship with my former partner.

Since then I've been through the first part of fishing letters from HBOS via a variety of agencies which went through all the roundabouts of going back to HBOS and then out to other new agencies. It didn't take much to figure out that they were all connected! I ignored all the phone calls and letters. It went quiet at the start of this year, but in the last two weeks it appears that my debts are part of a group that have been sold to DCA's and I think I need to take action rather than continuing to ignroe them now the status has changed.

I am in no position to pay anything at the moment - whilst I have been able to start working again, I have only a modest income, and my wife has a baby on the way so things will get stretched further once her maternity pay drops back to statutory. I have no lump sum of cash, and I have no assets with which to raise money (property, car etc). I do have opportunity within the work which should result in better income in a few years time and I'd like to get off the home rental ladder for family security, so I wish to avoid BR if at all possible - as for the debts, I would like to find a way to freeze them so I can deal with them in FFS when I am able to in the future, but I must admit I wouldn't be heartbroken if they ended up being uncollectible/statute barred (at the end I was paying 35% on the bulk of the debt, £700 each month on interest payments and no reduction of debt amount, and HBOS had already received far more back in interest than they ever lent me in the first place...)

Any general advice about options to deal with my predicament would be welcomed, but I'll start seperate threads in the relevant sections for each party I need to sort out. Thanks for reading!

Ant

[FlamingParrot]

Re: Hi, new signup and background before help request.

Hi and welcome

Did you take out the loan(s) and credit card(s) before April 2007? It may make a difference. :thumb:

I'd say your first step should be to send a CCA request for each account, with the exception of the overdraft, because the CCA request doesn't apply. That's always a good start, but I'll say no more till you post up more. :typing:

OK, I will say something else: BR is a last resort and we'd look at all the alternatives first.

[ostell]

Re: Hi, new signup and background before help request.

Was the business a limited company? Where some of the loans to the company? Did you stand as guarantor of the loans?

[FlamingParrot]

Re: Hi, new signup and background before help request.

Was the business a limited company? Where some of the loans to the company? Did you stand as guarantor of the loans?

If I read it correctly, the OP used personal credit to keep the business going.

I am mainly here for advice because I am in debt. I had a small business which got totally rinsed in the recession/depression. What was touted as an "18 month dip" turned into 4 years of total mess, I had access to (personal) credit via several HBOS products (loan, overdraft and credit cards) which I used to keep myself going against the busines shortfall hoping things would turn around, and HBOS were only too happy to keep extending the credit limits, loan terms and jacking the interest rates. Things finally ground to a halt in 2011, I had to stop all my payments as there was simp,y no money to pay them, and I was unable to work for a long period of time to to severe depression from the business failure and fallout in the relationship with my former partner.

[Johnboy007]

Re: Hi, new signup and background before help request.

Hi,
Welcome to LB.
I would think the vast majority of people visiting this site are in debt, or at least will be when the Credit Companies, Loan Sharks and such like have finished with them.
There is still a stigma about being in debt, and some people find it hard to discuss the topic.
You could try Citizens Advice and ask to see a debt councillor.
They will go through all your debts and contact the creditors on your behalf with an offer of what you can reasonably afford.
You would have to complete a statement of means form.
It also make it very difficult for creditors to pester you while you are consulting with the councillor.
If the creditors accept your offer, then both parties are bound by it.
It is a good way of taking the pressure off you and your wife.
No assets means they can't take your home.
So the only alternative is to accept the offer, or wipe off the debt.
Good luck my friend.:tinysmile_grin_t:

[Ant80]

Re: Hi, new signup and background before help request.

Hi and welcome
Did you take out the loan(s) and credit card(s) before April 2007? It may make a difference.
I'd say your first step should be to send a CCA request for each account, with the exception of the overdraft, because the CCA request doesn't apply. That's always a good start, but I'll say no more till you post up more.
OK, I will say something else: BR is a last resort and we'd look at all the alternatives first.

Hi, thank you! I'm just about to start separate threads with the relevant info.

Was the business a limited company? Where some of the loans to the company? Did you stand as guarantor of the loans?

The HBOS debts were in my own name - however a lot of the money did end up in the business (yes, Ltd co.) in the Directors Loan account. It was lost when the business was dissolved. Might this have an impact on anything?

I do have another loan from RBS which WAS to the company but backed by myself as guarantor. However, I have been in contact (albeit very slow) with RBS and they seem to be sitting on it at the moment, it doesn't have the urgency of the HBOS debts which have been sold off to DCA's. Again, might this have an impact on anything?

Hi, Welcome to LB...
You could try Citizens Advice and ask to see a debt councillor.
They will go through all your debts and contact the creditors on your behalf with an offer of what you can reasonably afford.
You would have to complete a statement of means form.
It also make it very difficult for creditors to pester you while you are consulting with the councillor.
If the creditors accept your offer, then both parties are bound by it.
It is a good way of taking the pressure off you and your wife.
No assets means they can't take your home.
So the only alternative is to accept the offer, or wipe off the debt.
Good luck my friend.:tinysmile_grin_t:

Thanks also. I did see a debt councillor last year, they didn't think that any repayments I could afford would be large enough to be accepted by the creditors. They suggested going BR if I am forced into it, but seeing as there would be no result for the creditors he also suggested that if the creditors aren;t forcing it I could wait over time to see if my circumstances improved enough to make settlement offers, or if any of the debts would be written off/statute barred as uncollectible. Good or bad advice?

[FlamingParrot]

Re: Hi, new signup and background before help request.

Hi, thank you!
The HBOS debts were in my own name - however a lot of the money did end up in the business (yes, Ltd co.) in the Directors Loan account. It was lost when the business was dissolved. Might this have an impact on anything?

Not if the accounts were in your name.

Thanks also. I did see a debt councillor last year, they didn't think that any repayments I could afford would be large enough to be accepted by the creditors. They suggested going BR if I am forced into it, but seeing as there would be no result for the creditors he also suggested that if the creditors aren;t forcing it I could wait over time to see if my circumstances improved enough to make settlement offers, or if any of the debts would be written off/statute barred as uncollectible. Good or bad advice?

I should think you could get more help from sites like this than the official organisations. When it comes to debt, the CAB will want the story of your life and if you haven't got enough to offer repayments, they will suggest BR!

I know someone with debts up £150k who has successfully avoided BR so it can be done.

My suggestion would be to forget about the official organisations and insolvency solutions for now and tell us more about your debts. :typing:

[Ant80]

Re: Hi, new signup and background before help request.

...My suggestion would be to forget about the official organisations and insolvency solutions for now and tell us more about your debts. :typing:

Thanks again. More details on Lowell/HBOS Loan here: http://www.legalbeagles.info/forums/...-debt&p=456467

and on Cabot/HBOS Credit Card here: http://www.legalbeagles.info/forums/...-debt&p=456482

Please let me know if these are in the right place (DCA-specific sub forum) or if there's a better place to move them to.

[FlamingParrot]

Re: Hi, new signup and background before help request.

Don't worry too much about the location, if they need moving I'm sure Amethyst would oblige :yo:

I'll take a look shortly :thumb:

[FlamingParrot]

Re: Hi, new signup and background before help request.

Have replied to your other threads. http://www.legalbeagles.info/forums/...580#post456580 AND http://www.legalbeagles.info/forums/...577#post456577 :thumb: