Iv came to the conclusion I'm stupid

[sharron22]

Well, here I am again in trouble due to helping my daughter. (i feel so stupid) firstly I was a guarantor for an amigo loan to consolidate some debts she had, second, a Tesco loan to get her husband a car loan, third a Currys card to get her ipads for the kids for Christmas. I was reassured these debts would not be missed they are in my name. and they didn't they paid because they came to live with me to sort out their debt. they lived with me for 7-month rent free. I paid all the bills, food, everything( I'm A single parent on part time income, with my tax credits as I have a 16 years old who left school in June and going to college September well having them in my home became a little over crowded and got me their total disrespect for my home and me. so they moved out. then came the blow they couldn't pay the debt. now again I am at my witts end. I CAN'T afford to pay it. the payments are around £700 a month that's all of my monthly wages. I asked CAB for help and they said bankruptcy. I can't believe I have had a clear mind and score for 12 years and I'm here at my age I wanted to go to college this year something I wanted to do when she left school but then I fell with my second. now they are both up I wanted to do councilling and learn to drive I earned it I brought my kids up and this was my time. anyhow I looked up the bankruptcy £680 the CAB said the fees are not wavered now. but I can pay in instalments how? so I was wondering if you had any advice I already know I'm dumb please don't shoot me

thank you
sharron

[Kati]

Re: Iv came to the conclusion I'm stupid

tagging [MENTION=48934]Debt Camel[/MENTION] xx

[warwick65]

Re: Iv came to the conclusion I'm stupid

Hi
Just to reassure you, BR need not barred you from going to uni or getting student finance.
If you want to be a counsellor make sure you understand what qualifications you need.

I am sure you are not the first and won't be the last parent to go into debt for their kids. Try not to beat yourself up.

[MIKE770]

Re: Iv came to the conclusion I'm stupid

just look at Trumps records says it all

[sharron22]

Re: Iv came to the conclusion I'm stupid

I actually can't believe I'm in this mess. I have no debt my bills are paid on time every time, and I'm lumbered with £35,000 worth of debt I got in to help her now I have to go bankrupt, I was also taking driving lessons which I probably won't be able to do once bankrupt. its good news on the uni advice thank you.

[warwick65]

Re: Iv came to the conclusion I'm stupid

Student Finance can not be included in BR and hence is not affected . If you have doubts talk to either SFE (or whoever funds you) or student funding at the Uni you are thinking of attending.

I know I spoke to the Union and student funding at my uni where I am almost a final year student.

I do hope your daughter is showing some remorse but please do not beat yourself up about it, I know lots of parents who have helped their offspring out and disadvantaged themselves at the same time, I know mine bailed me out several times in my 20's and 30's and even now when I should know better.

[Debt Camel]

Re: Iv came to the conclusion I'm stupid

£680 the CAB said the fees are not wavered now. but I can pay in instalments how?

It sounds a mess and if CAB suggested bankruptcy, that is almost certainly the best option for you.

The Insolvency Service has now set up a method where you can save up the bankruptcy fees, putting money aside each month u til the fees are saved up. See https://debtcamel.co.uk/pay-bankruptcy-fees/ for how to do this.

But how can you get the money? Well the first thing is you stop making ANY payments to the debts themselves. Nothing. Not even £1 a month. Tell them the debt is unaffordable and you are taking debt advice.

If you could save up £100 a month, that would be just over 6 months till its all done.

I suggest asking your daughter & husband to also give you say £100 a month.

And I think you need to tell everyone in the family that Xmas is cancelled this year. perhaps £10 each for something for the kids, max.

Any chance that you could reclaim PPI? That could give you some money for the bankruptcy fees.

[seduraed]

Re: Iv came to the conclusion I'm stupid

it sounds like the car needs to be sold and the proceeds attached to the debt to reduce it's impact. Does your daughter have any income and can she make any payments to the debt? You need to have along talk. Do you own the house or do you rent. The problem is that is you rent you could find yourself homeless. if you can get the debt low enough and don't have any assets maybe a debt relief order is the way to go .

[sharron22]

Re: Iv came to the conclusion I'm stupid

I cancelled the direct debit for Amigo loans back on March 17, I went to check my bank this morning 9/9/17 and Amigo have gone in taking £290 from my bank. I'm beside myself cos that was my rent for Monday. I am not entitled to housing benefit now so in arrears with that cos I went from 16 hours to 22 a week. things are falling apart and I can't get them sorted

[ostell]

Re: Iv came to the conclusion I'm stupid

Contact the bank and ask them why they continued to pay on a Direct Debit that you cancelled and request the money back.

[sharron22]

Re: Iv came to the conclusion I'm stupid

I rang my bank this morning, the payment was taken this morning and still to be paid. they also said I had to wait until the payment shows on my bank statement before they can try to recover the money. Amigo may have gone to visa for the payment. I have heard of that before... can they do that?

[charitynjw]

Re: Iv came to the conclusion I'm stupid

Maybe a CPA?

Stopping a CPA

Information:

know your rights

The Financial Conduct Authority (FCA) has a simple guide to your rights and bank accounts. It’s called Know Your Rights: banking.

On the FCA website it states your right to cancel the CPA.
“In most cases, you should be able to cancel by contacting the company taking the payment and asking it to stop. However, you do have the right to cancel directly with your card issuer. Once you have done this, it must stop payments immediately – it cannot insist that you agree this with the company taking the payment first.”
Information:

cancel or withdraw?

Technically, you need to withdraw your consent for payment to be taken, rather than cancel the CPA. However, the result is the same, so don’t be put off if you hear different terms used.

To stop your continuous payment authority:

• write to, or email, the payday loan company to tell them you are withdrawing your permission for money to be taken from your card. See the sample letter Withdraw your continuous payment authority from payday loan company and
• write to, or email, your bank or card issuer, and tell them you are withdrawing your permission for money to be taken from your card. See the sample letter Withdraw your continuous payment authority from your card issuer.

Information:

in financial difficulties

The FCA's Consumer Credit sourcebook(7.6.12) states that, where a customer is in financial difficulties, a firm must not request payment on a continuous payment authority more than twice on the same agreement once it has already been refused. If the customer later agrees that more payments can be requested, this rule does not apply.

If you withdraw your continuous payment authority and the money is still taken from your account, this is an ‘unauthorised transaction’. Your card issuer should give you a refund. This should include any interest or charges added to your account because the payment was taken. See Complaintslater in this fact sheet.

Stopping payments to the payday loan company may help you pay your essential bills and living costs, but it does not mean you no longer owe the money. You need to get full advice on how to deal with the debt in the long term. Contact us for advice.

https://www.nationaldebtline.org/EW/...loan-debt.aspx

[sharron22]

Re: Iv came to the conclusion I'm stupid

does this go for Amigo, because they are the ones that have taken the money? leaving my account empty for my rent and bills on monday

[slainte caragh]

Re: Iv came to the conclusion I'm stupid

Hiya just seen this.
Firstly, you are NOT stupid and mustn't call yourself that! You are a mam who tried to help her child. Simple (please add the words BLOODY GOOD before the word Mam!)

Secondly, with regards to Amigo taking funds, if this was done via DD you can claim DD indemnity and have the money back in your account within 24 working hours. On a visa card it's called Chargeback It's an agreement Visa, Mastercard, Maestro and American Express have signed up to. The scheme enables you to claim a refund from your card provider if a purchase doesn't arrive or is faulty. It works by the card company trying to claim your money back from the company you've paid, by reversing the transaction.

Speak to the card issuer and say the payment was not authorised.

Don't give up your dreams, I nearly gave mine up and I am so glad I didn't

[sharron22]

Re: Iv came to the conclusion I'm stupid

thank you Slainte, I was thinking all night go bankrupt, wipe it off get rid. it's not my debt why should I have to deal with this, Iv been in a mess along time ago when I was younger with my ex. but the thought of it now after kills me. but I guess I have to get it done