Slowly drowning in debt please help!

Hi guys and gals,

I'm new to this forum and joined in the hope that someone could help me getting out of a sticky situation I have found myself in with regards to mainly a couple of high interest loans.

So to summarise, I owe approximately £6500 to Loans2Go as well as just over £700 to Aqua on a credit card. My debt levels have spiralled sky high over the last two years as due to the costs of living rising as well as some costly vehicle repairs I needed to carry out on a car, also on finance with Advantage finance. I recently attempted to complain to the FCA ombudsman regarding the Loans2go account under the unfair lending term however the ombudsman have recently replied stating that unfortunately they were not upholding my complaint. Also, the Aqua credit card debt has recently been sold to Lowells, having received a letter confirming this dated 31/1/22. To date, Loans2go still have ownership of the account and I have previously made payments to both, the last for the Loans2go account being around a week and a half ago, the Aqua account I haven't made a payment to for approximately four months.

These two debts are creating the biggest problem for me as, once I have paid out my monthly outgoings, I have only around £60-70 a month left over. I have looked at an IVA as an option but as I have a HP vehicle, I would have been required to refinance the car in a couple of years once the vehicle was paid for in full. I have also looked at a DRO but again, due to having a HP vehicle which is over £3000 in value, I wouldn't qualify (I also sometimes earn a bonus from work but this is not a contracted bonus and is not guaranteed.)

Am I understanding correctly that my first port of call would be a SAR to both Loans2go and Aqua or seeing as Aqua have sold my debt to Lowells, would I need to issue them with the SAR? Also, what other template letters would be applicable in this case? I have watched the video linked in the forums about the questions asked in the template letters and have a good understanding of the reasons behind the questions, in that it is myself as a borrower who has created the credit line in the first place. Any other information you could provide would be much appreciated and if you need any further information from me then please let me know.

Thanks

Welcome to the site.


Ok ,try to maintain payments for the car finance.

I note you have started to look at the NoCA route ,please study all the
links there until you fully comprehend ,this is important.
Yes send the SARs
We will gladly guide you through the process if you are prepared to put
in a bit of time and effort.

Thanks for your reply Daveiron. Just to clarify, should I be sending the SAR to Aqua or Lowells seeing as they have purchased the debt or does this not matter?

please research for yourself, I heard sometime back that where a car is >75% paid the creditor may have quite a difficult time getting the car off you, something to do the amount of equity you would have at that point.

scotty1981 wrote:Thanks for your reply Daveiron. Just to clarify, should I be sending the SAR to Aqua or Lowells seeing as they have purchased the debt or does this not matter?

Send to Aqua first. Although it would not hurt to send to Lowlife as well.
How many accounts do you intend default on  ? If its more than one at a time
please start a thread  for each account.

Also get a seperate folder for each & keep them seperate.
Go to post Office and get some Recorded delivery labels ,you can then
quote the tracking number on each notice  or letter you send.

good advice already given

but i would like to ask the reasons given by the financial ombudsman for not upholding your complaint , please be aware that the FOS are as bent as a butchers hook and i recently challenged them in a BIG way and in the end the original creditor bailed out and paid up, the FOS never did come back after the final letter.

Waylander62 The reason they gave was that they believed that Loans2go had performed adequate enough checks with respect to affordability as well as credit checks. When I applied for the loan, Loans2go actually fudged my earnings figures so it appeared as though I actually earned more every month and clearly didn't do a thorough credit check as if they had done they would have discovered that I had recently taken out another loan as well as a credit card, had vehicle finance and had two CCJ'S and a couple of defaults on my credit file

well there you go, there is your argument !! did the FOS give you any detail as to their decision ? they have obviously contacted loans to go and took their word at face value !! i had the same issue

do not accept their findings, e mail with the FOS is fine and quicker initially to ascertain how they arrived at their decision it seems to me that they have taken loans2 go's word i will bet NO PAPERWORK was provided by loans2 go they will have just told the FOS well we did this and that etc just like it says in your own rules etc etc. fos attitude will be "ah well thats ok then"

WELL IT ISNT !