Over ｣40k in credit card debt

[Brooklyn999]

Hi, I知 just wondering if I could get some much needed help with my credit card debts. In a nutshell, I知 just in a mess with it all and I don稚 know what to do?

I can explain much further but I知 initially just teaching to see if there is any help out there?

[echat11]

HI BROOKLYN999

Welcome to LB

Try not to worry.

Place all your debts on a spreadsheet.

How old are the credit cards?

How many credit cards/?

What's the situation with each credit card?

[Brooklyn999]

Hi, is it possible to email this information over as opposed to this thread?

[echat11]

Hi, is it possible to email this information over as opposed to this thread?

Were the Credit Cards opened more then 6 years ago?

How many Credit Cards?

Just refer to them as Credit Card 1, Credit Card 2 etc.

[Brooklyn999]

Hi, Less than 6 years I recall

CC1 - ｣6,959.00	Sainsburys CC	Link Financial
CC2 - ｣8,552.00	Bank Of Scotland	LC Asset 2 S.a.r.l
CC3 -｣10,030.84	Lloyds Bank	LC Asset 2 S.a.r.l
CC4 - ｣6,291.00	HSBC	Credit security
CC5 - ｣7,115.16	Halifax	Halifax

[Brooklyn999]

CC1 - Payment plan of ｣60 per month

CC2 - N9 Submission form returned. CCJ Imminent

CC3 - Nothing setup as of yet

CC4 - Request for payment plan for ｣60 per month

CC5 - Payment plan of ｣60 per month

[echat11]

Will take a look.

[Brooklyn999]

Good evening, is it possible to receive an update please?

[echat11]

a) CC1 - ｣6,959.00Sainsburys CCLink Financial

Payment plan of ｣60 per month

Has this been accepted?

Did you fill in an income and expenditure form?


b) CC2 - ｣8,552.00Bank Of ScotlandLC Asset 2 S.a.r.l

CC2 - N9 Submission form returned. CCJ Imminent

They made a claim, what did you say in your N9 form?


c) CC3 -｣10,030.84Lloyds BankLC Asset 2 S.a.r.l

CC3 - Nothing setup as of yet


Did you want to set up a payment plan?


d) CC4 - ｣6,291.00HSBCCredit security

CC4 - Request for payment plan for ｣60 per month

Has this been accepted?

Did you fill in an income and expenditure form?



e) CC5 - ｣7,115.16HalifaxHalifax

CC5 - Payment plan of ｣60 per month

Has this been accepted?

Did you fill in an income and expenditure form?


These aren't priority debts, can you afford the ｣60?

If you are left with ｣5 each month, then a Court would only ask you to pay ｣1 each month for each debt.

Especially with the 'Cost of Living crisis?

Have they frozen the interest?

[atticus]

Have you sought debt advice from Citizens Advice or StepChange? If not, you should. But make sure you avoid the many sharks and parasites you will find online.

[Brooklyn999]

CC1 - ｣6,959.00 Sainsburys CC Link Financial

Payment plan of ｣60 per month

Has this been accepted?
Yes

Did you fill in an income and expenditure form?
No, This is my offering




CC2 - ｣8,552.00 Bank Of Scotland/LC Asset 2 S.a.r.l

CC2 - N9 Submission form returned. CCJ Imminent

They made a claim, what did you say in your N9 form?

I admitted the amount of ｣7,701.38 but not the additional fees/interest they have added (｣851)

I also filled out the expenditure form




CC3 -｣10,030.84 Lloyds Bank/LC Asset 2 S.a.r.l

CC3 - Nothing setup as of yet


Did you want to set up a payment plan?
Unsure



CC4 - ｣6,291.00 HSBC Credit security

CC4 - Request for payment plan for ｣60 per month

Has this been accepted?
Not let. Registered online through the portal and requested to setup ｣60 per month.

Did you fill in an income and expenditure form?
Not yet


CC5 - ｣7,115.16 Halifax

CC5 - Payment plan of ｣60 per month

Has this been accepted? Yes, I have been paying this amount by standing order from July 2021

Did you fill in an income and expenditure form?
Unsure


These aren't priority debts, can you afford the ｣60?

I can afford about ｣50 per week for all 5 debts but that's going to take over 15 years to repay?



If you are left with ｣5 each month, then a Court would only ask you to pay ｣1 each month for each debt.

Especially with the 'Cost of Living crisis?



Have they frozen the interest?

The only one that is adding interest now I think is CC2

In the particulars of the claim, states a rate of 8% per annum from03/08/2023 to 10/01/2024 of ｣245.98 and thereafter at a daily rate of 1.63 to date of judgment or sooner payment. Date 10/01/2024

As the three CC now sit with Link financial/LC Asset S.a.r.l. Could I offer them something?

CC1 - ｣6,959
CC 2 - ｣8,552
CC3 - ｣10,030

Total - ｣25,541

[echat11]

CC1 - ｣6,959.00 Sainsburys CC Link Financial

Payment plan of ｣60 per month

Has this been accepted?
Yes

Did you fill in an income and expenditure form?
No, This is my offering

Are you comfortable paying this each month? Is it affordable?




CC2 - ｣8,552.00 Bank Of Scotland/LC Asset 2 S.a.r.l

CC2 - N9 Submission form returned. CCJ Imminent

They made a claim, what did you say in your N9 form?

I admitted the amount of ｣7,701.38 but not the additional fees/interest they have added (｣851)

I also filled out the expenditure form

O.K. so you've agreed to most of the debt (less ｣851), have you offered an affordable monthly payment?





CC3 -｣10,030.84 Lloyds Bank/LC Asset 2 S.a.r.l

CC3 - Nothing setup as of yet


Did you want to set up a payment plan?
Unsure

You can fill in an income and expenditure form, then see if they will accept a monthly payment.



CC4 - ｣6,291.00 HSBC Credit security

CC4 - Request for payment plan for ｣60 per month

Has this been accepted?
Not let. Registered online through the portal and requested to setup ｣60 per month.

Did you fill in an income and expenditure form?
Not yet

As above.


CC5 - ｣7,115.16 Halifax

CC5 - Payment plan of ｣60 per month

Has this been accepted? Yes, I have been paying this amount by standing order from July 2021

Did you fill in an income and expenditure form?
Unsure

As above.


These aren't priority debts, can you afford the ｣60?

I can afford about ｣50 per week for all 5 debts but that's going to take over 15 years to repay?



If you are left with ｣5 each month, then a Court would only ask you to pay ｣1 each month for each debt.

Especially with the 'Cost of Living crisis.



Have they frozen the interest?

The only one that is adding interest now I think is CC2

In the particulars of the claim, states a rate of 8% per annum from03/08/2023 to 10/01/2024 of ｣245.98 and thereafter at a daily rate of 1.63 to date of judgment or sooner payment. Date 10/01/2024

Hopefully you can do something regards negotiation during Mediation.

As the three CC now sit with Link financial/LC Asset S.a.r.l. Could I offer them something? How do you mean?

CC1 - ｣6,959
CC 2 - ｣8,552
CC3 - ｣10,030

Total - ｣25,541

To settle, you could make Full and Final settlement offers, start with low offers 'see if they bite'. Start with 10%, but write 'Without Prejudice' on the letters.

The accounts are fairly new I expect them to have the required documentation.
You can CCA all the creditors, see if they have the requested documentation.
Have you CCA'd the Creditor that has filed a Court Claim?

[Brooklyn999]

Thank you.

I have requested the CCA from CC 2 that filed the court claim. I received a credit agreement back but does it require certain things like signature etc?


I will write to all three creditors to see if they will settle on a full & final settlement.

Do you have a template letter I could use please?

Thanks

[echat11]

Read the following, amend the template with your personal circumstances, remove anything that doesn't apply.
Mark the offer letters with the following, 'Without Prejudice',

https://nationaldebtline.org/fact-sh...ent-offers-ew/

https://nationaldebtline.org/sample-...tlement-offer/

Some information on 'enforceable agreements'.

https://lawzone.legal/when-is-a-cred...unenforceable/