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| The independent answer to your debt problems | login join |
| uptomyeyeballs | 04-03-2008 02:16 PM |
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Joined: 04 Mar 2008 Posts: 10 My Profile | irresponsible lending.Does a bank that gives me a 5k credit card and 6k overdraft to gamble over the internet make this irresponsible lending?What will happen at court when it gets there.I was been told ot will go court as i have had my last chance at monthly repayments. |
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| DW George | 04-03-2008 04:03 PM |
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Joined: 01 May 2007 Posts: 148 My Profile | Hi uptomyeyeballs Could you give us a bit more detail about your situation. I do believe that banks are culpable in their irresponsible lending business model. (follow the link for more info). Communication is vital to your situation and I would therefore suggest speaking to the banks and try and come to sort sort of arrangement. Post back with more info. Regards George |
| uptomyeyeballs | 04-03-2008 05:00 PM |
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Joined: 04 Mar 2008 Posts: 10 My Profile | hi, i have had several paymeant plans and have got behind again.They say unless i get up to date the solictors will be handling it.I asked for another chance but i thing the answer is no.I say think because i know they could change their minds.I was stupid in gambling all the money over the net but i wonder if the bank could of done something.They must of known and thats why im thinking about irresponsible lending as i know a law has been past. |
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| paladin | 04-03-2008 05:57 PM |
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Joined: 06 Jun 2007 Posts: 55 My Profile | Hi uptomyeyeballs Firstly welcome to the forum. Secondly, is your spending under control. Draw up an SOA and will look at your expenditure. If you present to the creditors a reasonable payment plan based on what you can afford the courts will not over rule this. So lets see if we can stop the court action. |
| uptomyeyeballs | 04-03-2008 06:29 PM |
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Joined: 04 Mar 2008 Posts: 10 My Profile | hi, ty for answering yes my spending is under crotrol.I owe them around 12k.They say the count action will take a few months.I am ment to pay back 130 a month.Will the courts ask for a simlar amount?Can they get a detachment of ernings straight away?My bills come to around 1400 i ern 1800 so will that be all taken into account? scott |
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| uptomyeyeballs | 04-03-2008 06:32 PM |
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Joined: 04 Mar 2008 Posts: 10 My Profile | one more thing i tried to close my account to stop interset but they wouldn't let me. |
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| uptomyeyeballs | 04-03-2008 06:34 PM |
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Joined: 04 Mar 2008 Posts: 10 My Profile | ps sorry for the spelling i have some trouble will my eyes and jumbled letters. |
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| DW George | 04-03-2008 08:49 PM |
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Joined: 01 May 2007 Posts: 148 My Profile | Don't worry about your spelling. Post your SOA and we'll see where we can help. Are the creditors taking bankruptcy proceedings against you? Questions we need answers to. Are you married or single? Where do you stay, Scotland, England etc? G |
| uptomyeyeballs | 05-03-2008 01:59 PM |
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Joined: 04 Mar 2008 Posts: 10 My Profile | hi, im married live in england no one had said anything about bankruptcy . |
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| helpmenow | 05-03-2008 03:26 PM |
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Joined: 15 May 2007 Posts: 30 My Profile | Hi We need more information regarding your circumstances for us to help you. Can you do an SOA, make it visible/public and we will take a look at it. HMN |
| fred333 | 05-03-2008 03:33 PM |
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Joined: 05 Mar 2008 Posts: 10 My Profile | That is a tough place to be. |
| uptomyeyeballs | 05-03-2008 03:43 PM |
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Joined: 04 Mar 2008 Posts: 10 My Profile | whats an soa |
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| uptomyeyeballs | 05-03-2008 05:39 PM |
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Joined: 04 Mar 2008 Posts: 10 My Profile | i have done that now |
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| DW George | 05-03-2008 09:41 PM |
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Joined: 01 May 2007 Posts: 148 My Profile | Hi I have had a look at your SOA, (sorry meant to post a link to SOA). There is some room for savings. -Your fuel bill of £300 a month is quite steep, is there any way you can cut this? -electricity and gas at £175 a month definitely can be reduced. Have you shopped about? -Cable TV has to go -telephone £60 is way to expensive, you have to cut this to £20 -travel £300. This means that your family spend £600 a month on travelling, this needs to be reduced. -car insurance for £200 car is astronomical at £75. Shop about for cheaper insurance around the £30 mark. -TV licence is £11.30, a small point but accurate Currently you are servicing a debt of £84k with £103.75 a month. This means that you'll never pay off your loan. There is some room for adjusting your SOA but it certainly is not enough to cover the £890 a month just to cover the debts. Since you don't have any assets, ie own a house, the best option for you would be to consider bankruptcy. For more information on bankruptcy see this article. G |
| uptomyeyeballs | 06-03-2008 01:27 PM |
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Joined: 04 Mar 2008 Posts: 10 My Profile | can you tell me when a company can aply for detachment of ernings? |
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| uptomyeyeballs | 06-03-2008 02:04 PM |
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Joined: 04 Mar 2008 Posts: 10 My Profile | 60k is to family.Travel you can take off as i thought that was fuel.All i want to know is where i stand with the one loan as its the only one im behind on.I owe them 11k.Can someone tell what the courts will do.Im willing to carry on paying at the rate i am doing now but the bank want me to catch up for the last few months or they say it will go to court. |
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| paladin | 06-03-2008 03:58 PM |
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Joined: 06 Jun 2007 Posts: 55 My Profile | Have you spoken to the creditors? If you make them a reasonable offer, backed up with evidence, ie a Statement of Affairs, (SOA) which is fairly tight then it is unlikely that the creditors will take you to court. |
