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Moon phases


Planning ahead for 25k debt

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Planning ahead for 25k debt

Post by jims45 on Wed Jan 17, 2018 7:16 pm

Here is my current situation.
Following a messy divorce I lost my business and home. I moved to Asia and tried to set up a business but it did not work out. January 2014 I started to default on a credit card and two loans (unsecured). I did not give my current address and although I know the debts are being chased  (letters sent to old address) they have not managed to contact me directly. As far as I can see I have no CCJ's at my old address. I am now back in the UK and after a period of homelessness (staying with various friends) I have a job and living in rented accommodation.
Recently I was forced to register on the electoral roll so I am expecting contact from my creditors or an agency soon. I have not applied for any kind of credit since returning to the UK apart from a monthly paid SIM card for my phone. I have no assets or savings and at age 63 I will be retiring soon.
In the event of the dreaded letter what is my best response?
Thanks in advance Smile

OOPS just realized posted wrong place can you move mods please?
Sorry


Last edited by jims45 on Wed Jan 17, 2018 7:24 pm; edited 1 time in total (Reason for editing : posted wrong place)

jims45
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Re: Planning ahead for 25k debt

Post by Ausk on Thu Jan 18, 2018 7:49 am

Use the 3 letters. Should they persist tell them your circumstances. They cant get blood out of stone.

The only person with a debt is the person who worries about it.

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Re: Planning ahead for 25k debt

Post by daveiron on Thu Jan 18, 2018 9:25 am

Hi Jim,

Do the appropriate letters/notices to whoever contacts you.Additionally add to the bottom of them ;

'You may wish to note that I do not own this or any other dwelling,I do not own a vehicle.
All items,goods & property in or upon the land known as ( add your address ) or any other location are not owned by me and I hold title to nothing. Also that I do not now or in the future require credit.'

I look forward to your lawful proof of claim.

Its advisable to have a receipt from a trusted relative or friend showing they purchased everything ( must be dated before any bailiff involvement ,although thats unlikely).
It worked for me .The response I received was " We consider this debt to be uninforceable".

You are in a strong position ,& as Ausk said they cannot get blood out of a stone.

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Re: Planning ahead for 25k debt

Post by jims45 on Thu Jan 18, 2018 7:10 pm

Thanks for the replies, very reassuring to have advice here. In truth all my belongings were sold at auction just before I left the country so I genuinely own nothing except an old laptop and a cheap mobile phone. I have a company van and do not own a car.
My only concern is my salary is fairly good and it could be argued I could pay something off the debt. How easy is it for a debt collector to get an attachment to earnings?
Again ...Thank you Very Happy

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Re: Planning ahead for 25k debt

Post by daveiron on Thu Jan 18, 2018 7:38 pm

Hi Jim,
An attachment of earnings is your only obstacle that i can see. Would your employer agree to you becoming self employed until you retire ? and then get a good accountant.Also drag things out as long as possible if you are retiring soon.
I assume you will not have a private pension.

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Re: Planning ahead for 25k debt

Post by jims45 on Thu Jan 18, 2018 7:49 pm

Yes I could easily change to self employed in the future but not until 3 months time. I do have a personal pension but only 1k a year, not much to worry about.
I had a quick look at the letter templates and some of the editing required looks a little scary to me, not sure what bits apply to me. I guess by now the debts have been purchased and it will be debt purchasers contacting me.
If and when the letters start arriving can I post questions here to help me get my response right?

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Re: Planning ahead for 25k debt

Post by daveiron on Thu Jan 18, 2018 7:58 pm

Just keep a low profile ,ie; do not apply for credit etc.
By all means should you get a letter let us know ,folks here will give all the help they can,most of us have been through this ourselves.

regards dave

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Re: Planning ahead for 25k debt

Post by jims45 on Thu Jan 18, 2018 8:09 pm

I will indeed keep a low profile and hopefully get to age 65 before i am rumbled Very Happy
Thank you for taking the time to respond I appreciate it.

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Re: Planning ahead for 25k debt

Post by Ausk on Thu Jan 18, 2018 11:49 pm

I forgot to add that what you can also do when you have divested your self of your assests as daveiron suggests, is to write to them and offer them eg, 01 pound 50 P as full and final settlement of the debt. your offer is on condition that they sign your Debt Payment Offer and provide you with written documentry proof that any all negative remarks on credit reference organisations are removed.

At least then you are acting honourably and offering them something. If you dont hear from within a few weeks you will unlikly ever hear from them again.

cheers

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Re: Planning ahead for 25k debt

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