Debt problems

[Oldham lad]

Re: Debt problems

Cool - any chance you can scan up a copy of the agreement ? for the Nemo loan

I know its unregulated but will still help.

I will try Amethyst but my scanner is notoriously quirky so it may take a while lol

[Amethyst]

Re: Debt problems

right listen, you have just signed on and you are having a panic, which is completely understandable. I assume you are going to be looking for work shortly too so things will get better. You'll have a rough few months no doubt but you'll get through it and so far as I can see you are not an open shut case for bankruptcy.

Creditors can listen and negotiate frozen interest and lower payments, Nemo we'll look into, you have PPI on that loan so if you meet the criteria you are covered for the time being after the initial period, you own your house - so there is the option of selling it and paying off nemo and mortgage and renting, you're up to date on your payments thus far and you are taking steps to stop things getting worse before you fall behind.

I have asked someone else to have a look at your Nemo loan see what the options there are.


So talk to the jobcentre lady tomorrow and we'll go from there.
First step after doing that will be to do - the income expenditure sheet here Legal Beagleslike Pkea said. Will really help you get your head around where exactly you are at - might look a little scary but you're not giving up without a fight.


oh yes and (((((((((((((((hug))))))))))))))


(and btw would be a great idea to get the scissors on those credit cards now !)

[Oldham lad]

Re: Debt problems

Cutting as you speak Amethyst like you say I still feel like I been hit by a truck but at least by facing up to the problems I feel that I am making a positive move.

You guys on here have been a great help I'm really glad I took Mistie advice and came here

thanks all of you

[Amethyst]

Re: Debt problems

Am going through and editing this post so bear with me


Credit Card - balances
Yorkshire Bank Visa (PPI) £10219.17
MBNA Visa (PPI) ..............£3927.51
First direct Visa (PPI)...........£4363.79
Argos store card (PPI)..........£456.41
RBS MasterCard ................ £5119.55
Halifax MasterCard.............. £5340.62
Capital one Visa .................. £2556.89


PPIs - to claim on or to claim back premiums.
I think you need to contact each of these and claim on the policies...if you're not covered by any of them because of your self employed status then we can look at recaliming premiums, and negotiating lower monthly payments. Am just going through them if the docs are online seeing how likely it is you'll be able to claim.

ARGOS insurance - is this Argos Coversafe Insurance ?
covers you if you
''Have been Self-employed for at least 6 months and pay class 2 National Insurance''
so looks like you can claim. Policy document http://www.argos.co.uk/wcsstore/argo...df/PPPplus.pdf


Yorkshire Bank - i can't find policy docs online grrr - do you have them ?
MBNA - i can't find policy docs online grrr - do you have them ?#


First Direct -is it Balance Protector ? http://www.firstdirect.com/assets/pd...olicy_1107.pdf

To be eligible for balance protector you must be:
• Aged 18 or over and under 65;
• In paid work of at least 16 hours per week. This does not include temporary work;
• Resident in the United Kingdom; and
• The first named holder of a credit card account
If you are self-employed or work on a fixed-term contract you should read the policy document to
make sure it is suitable for your needs - you should pay particular attention to the ‘Employment
Circumstances’, ‘Unemployment Cover’ and ‘Things to Keep in Mind When Claiming’ sections.

WON'T PAY - If you are self-employed unless you have involuntarily ceased trading because you could not
find enough work to meet all your reasonable business and living expenses and have declared
this to HM Revenue & Customs

If you are self-employed you will need to provide the following to be entitled to claim for
unemployment benefit:
• Satisfactory proof that you have involuntarily ceased trading because you could not find enough
work to meet all your reasonable business and living expenses and have declared this to HM
Revenue & Customs; and
• Are registered as unemployed with the Department for Work and Pensions

Best thing I think is to give them a call and give them your situation - Phone: 08 456 100 100


To write to with income/expenditure sheet (once you know benefits) and ask for reduced monthly payments etc - we'll work out how much once we have done IE.
RBS MasterCard ................ £5119.55
Halifax MasterCard.............. £5340.62
Capital one Visa .................. £2556.89


Loans
same as credit cards - write to and ask reduced monthly payments and tell them situation
GMAC............... £9332.87
First direct Bank ..£12600.00



The GMAC Loan is that specific vehicle finance for the Van ?

MORTGAGE - what basis is the mortgage on Interest only/Repayment ? You might get some houisng benefit to help pay the interest element.

NEMO - grrrrrrrr think about them later once you have the agreement up (remember to blank out your name and addy)

We'll also do CCA requests for agreements just to check.

It's worth going through all this BEFORE you consider bankruptcy.

[Sapphire]

Re: Debt problems

Hiya Oldham Lad,

I'm sorry to see that you are in a bit of bother hun, but I promise you, you will get help in abundance on here.
I would have posted earlier but have been sorting out a few problems of my own, but am now here to help and support you along the way. So feel free to shout when you need a chat.
At the moment I have nothing new to add except to say try to relax a bit, you are not alone although right at this moment it probably feels like it.
(((((((((((((((hugs))))))))))))))))

[Xena]

Re: Debt problems

The GMAC Loan is that specific vehicle finance for the Van ?

If it is - then were you sold PPI on this?

PPI is such a minefield when it comes to being self-employed.

[Oldham lad]

Re: Debt problems

Morning Amethyst

Am struggling to get the Nemo agreement on the site I have scanned it and tried to copy and paste via word but it wont accept the copy will keep trying.

The other information regarding the PPI I will have to dig out Pretty sure I got some info regarding MBNA but unlikely to have any from Yorkshire bank as I had that Card a long time so will have to get in touch with them and ask for claim form.



My mortgage is a repayment mortgage that had been fixed for five years but that ended last year.

I have my appointment with the benefit advisor at 11.40am today so hopefully should be a little wiser to what I am entitled to this afternoon.

[Oldham lad]

Re: Debt problems

Hiya Oldham Lad,

I'm sorry to see that you are in a bit of bother hun, but I promise you, you will get help in abundance on here.
I would have posted earlier but have been sorting out a few problems of my own, but am now here to help and support you along the way. So feel free to shout when you need a chat.
At the moment I have nothing new to add except to say try to relax a bit, you are not alone although right at this moment it probably feels like it.
(((((((((((((((hugs))))))))))))))))

Hi Sapphire

Thanks for the encouragement, there are so many good people on this site I feel sure that with their help I am going to get through this a lot better than I expected.

[Amethyst]

Re: Debt problems

Good luck with the benefits thing today xxxx

Email your agreement to me as a jpeg or pdf if thats easier and I'll post it for you - Amethyst@legalbeagles.info

[Oldham lad]

Re: Debt problems

The GMAC Loan is that specific vehicle finance for the Van ?

If it is - then were you sold PPI on this?

PPI is such a minefield when it comes to being self-employed.

Morning Xena

Yes the GMAC loan is specific to the van but I did not take out any PPI cover so I imagine there will be no chance of negotiating with them and they will just repossess

[Amethyst]

Re: Debt problems

they wont repossess at all - we'll look at your agreement re returning it etc.

PROactive not REactive ! new mantra for ya

[Oldham lad]

Re: Debt problems

Hi all

Well I just went to see the advisors at the job centre and tbh they didn’t fill me with much hope.

The first person I spoke to basically went over the things I been through with the person I spoke to on the phone on Monday and seemed to not have much more idea than me as to how the procedure worked.

He did however feel that my wife would be eligible for family credit but thought that I would be unlikely to get any help towards my mortgage for 39 weeks and was unsure if we would get council tax reduction because my wife is working.

He has given me a form to fill in which asks me to explain exactly how I run my business and details of my accounts (I had my last years accounts with me but he didn’t seem to know how to read through it)

I was then handed over to a woman who job it was to help me get back to work, this lady although trying to be helpful logged her PC on to the job site (although I told her I had looked on there this very morning) to see if she could find me work.

When I asked this particular advisor about my wife claming income support she said that because I was claiming jobseekers allowance that income support would not be available but if I was to not bother signing on and manage to work for at least 16 hours a week then I would be eligible for WFTC

This lady also informed me that it was likely to be at least six weeks before any benefit would be paid to me and when I asked her what do I do to feed my kids untill then she didn’t seem to hear and began filling out my signing on form, .

So all in all the future looks a little bleak on the money front at least.

[WendyB]

Re: Debt problems

Are they all barmy? When i worked in the jobcentre we did actually have an inkling of how the system worked and tried to help. those days are obviously long gone.

And exactly why did he think that your wife would be eligible for family credit if she only works 10 hours a week, and then told you you'd have to work at least 16 to be eligible? Best thing to do with WFTC is contact them direct. Is there any way she could up her hours? It doesn't have to be in the same job, 6 hours a week in another job would do it. Its total 16 hours I believe.

With regard to council tax rebate, if the jobcentre mob have no idea, then I suggest the best thing to do is go direct to the council. local neighbourhood office (or whatever they have in your area) and apply direct through them. I can't imagine that you wouldn't be eligible for some council tax rebate. And anyway, the council are usually quite helpful with regards to paying reduced instalments etc. They have been with me, anyway (until i stopped paying them that was lol)

Keep your chin up

Wendy x

[Oldham lad]

Re: Debt problems

I did intend to get in touch with the council and tax credits people anyway Wendy I just thought if they could have done it from the jobcentre then all the paperwork/details would have been in the same place and it might have speeded things up a little.

One of the questions regarding the mortgage that the advisor didn’t understand made me laugh it was the question regarding who else has an interest in our joint mortgage it was obviously the building society but I had to point this out to him Hahaha

He was quite mature as well so I thought he must have been in the job a while but maybe he is a late starter.

[Oldham lad]

Re: Debt problems

Hi all

I have been in touch with the insurance company (Norwich union) that covers my Nemo loan and they are sending me out a claim form.

One down side is that I have to surrender my CIS card to the Inland Revenue and get a letter from them to confirm that my business is no longer trading before they will consider my claim.

This means that should I be offered work in the future on a sub contract basis I will be unable to accept it untill I have obtained another card, remembering how long my last one took to process this is not going to be seen as an ideal situation to any potential employer.

Considering that firms who prefer to employ people sub contract expect you to be available reasonably quickly and to have the necessary documentation by not having this I am effectively reducing my ability to get back in work by a considerable amount.

I always thought that the companies that offered PPI would want you to have every opportunity to get back to work so they would not have to pay out as much on your claim but this is obviously not the case.