Big debts, trying to find a way forward..

[welcome]

I’m not good at brevity but I’ll try.

I have unsecured personal and business debts about £70,000.

I am in the process of selling on the business, which after clearing all business debts and paying accountant, solicitor, inland revenue, sales agent, all business bills (required if I am selling as a going concern) leaves me maybe £8,000.

I’m trying very quickly to get a proper job and my husband works full time.

My debts are a confusing array of those that are accepting minimal payments with no interest, one that has been stopped at its tracks in court, and the big one which I am afraid of:

- Egg - £14,000 – defended and stayed at court (nasty people wanted charging order) no CCA produced, not paying anything now, being juggled between DCAs
- husband to Egg – £12,000 paying £1 per month to Moorcroft – no interest - no hassle, never asked for CCA or SAR
- both to Natwest – about £27.000 (including £1000 disputed charges) just passed to Instrum Justsicia (?) interest being added
- Tesco – about 4000 – no interest - accepting £1 per month – when asked for CCA produced blank agreement and terms
- Barclaycard – about £4000, no interest added – accepting £50 per month, never asked for CCA or SAR
- House of Fraser sold to CL Finance about £1200 never asked for CCA and– accepting £5 per month no interest
- Local business charity about £2000 – sympathetic- they get funds from banks but I feel obligated to pay them first as it could affect other local businesses if I don’t put funds back in the pot,

I have only about £20,000 equity in the property and if I get a good job about £280 per month to spend on debts . And being over 50 have only really about 10 – 14 working years ahead of me.

I’m wondering if an IVA would work, or if Natwest, being the biggest creditor would refuse that option.

It’s only now that the business it being sold I can try to look forward.

Thank you to everyone who contributes.-

[Tools]

Re: Big debts, trying to find a way forward..

Hi Welcome .............and welcome........to Legal Beagles.

Probably the best thing you can do to get the best help possible is separate each account you have listed and start a thread in the relevant forum.

From there you will be able to get the best possible help and advice for each debt.

Good luck ,

Jules

[Amy]

Re: Big debts, trying to find a way forward..

Welcome, have you tried writing to any of these companies to see if they would be willing to write some of the debt off?

[welcome]

Re: Big debts, trying to find a way forward..

I'm about to bite the bullet and write individually.

The last year has been very difficult, but I want to try to take control.

Thank you everyone who is contributing.

[Amy]

Re: Big debts, trying to find a way forward..

The last year has been very difficult, but I want to try to take control.

It sounds to me as if you are perfectly in control.

[Sapphire]

Re: Big debts, trying to find a way forward..

Hello Welcome and welcome to the forum.
Sorry to hear that you have a bit of trouble, first thing to remember is never to panic there is always something that can be done. My first advice to you is to make out an income and expenditure form so that you can see exactly where you are with things here is a guide General Debt - A Self Help Forum - Legal Beagles.
Once you have done that then write to each individual company and make offers to pay and include a copy of the income and expenditure form in with the letter so that they can see where you are coming from.
There are template letters here Template Letters for Debt Issues - Legal Beagles you can use these and adjust them to suit your needs.
Buy yourself some folders and make one up for each company and file everything away, that way when you get replies you can get your hands on what you need and start to get on top of things.
If you need anything else just shout and one of us will be along to help you, I will keep an eye on this thread for you and support you along the way.
Good luck with your quest.

[Delta]

Re: Big debts, trying to find a way forward..

Is it worth sending a CCA request to all of these people? and then if any come back unenforcable that should give a bit of breathing room? Especially the ones being dealt with by DCAs, and I would definately CCA Intrum Justica (sp), I had a run in with them in that we were struggling and went on a reduced payment plan (this was years ago). I started off with owing them about £500, I paid close to £1000 to them and according to them still owed them over 1k. One day I had had enough, and with my debt counsellor there to witness it, I phoned them up and told them that I had more than paid the debt and if they wanted another penny out of me, then they had to carry out what they were threatening and take me to court..... never ever heard another peep out of them! (and all this was before I knew my rights!)

[enaid]

Re: Big debts, trying to find a way forward..

Hello Welcome and welcome to Legal Beagles.
I am glad you found us and hope the help you need is here.
Just letting you know we have a social side here too and when you have settled in, if you feel like a chat we have the Legal Beagle Chatroom, or there is The Lamp Post for off topic threads. Hope to speak soon Enaid x