Hi, I don't know if you can help me understand or maybe just point me in the right direction..
I went bankrupt on 21/4/04 and as you are aware it is all of my record now but I am struggling still to get finance.. I would like to get a loan to help me move out, I have no bad credit I have a credit card (which I will come back to) an overdraft contract phone but all has been paid each month on time every time.. I am also in a steady good job which I have been for the last 5 years last year I earnt £41000 my credit report looks good so what can I do to help me all I want is £5000 to move and buy a few bits for the home I could easy afford £200 a month so could pay back in three years no problem at all so why would i have a problem????
Now back to the credit card I joined unsecuredloancompany.net who promised the earth ie: they could get the loan but have failed so far.. but my credit card flagged up on their system (or should i say their sisters company claimpeople.co.uk) for a breach of contract and they said they could get the debt on that wiped off and I wont have to pay a penny as it will all be charged to that card, I'm now wondering if I just got mugged off a treat, do you know them are they ligit can they do that?
Any help would be most appreicated
Many thanks
Tom
Hi
I would run a mile from companies promising to have debt written off due to unenforceable contracts.
There is little evidence of success, the largest company dealing in this area had it's licence revoked by the Ministry of Justice. There is also the moral argument that if you borrowed the money you should repay it if you are able to.
Regards
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I'd like to say thanks for the replies, its too late to stay away now as it should be going through as for the moral high ground the way i see it yes I did have the money and have allways paid it back on time and they have had more than enough in intrest so lets face it if you had £2500 in your hand would you honestly give it away if you didnt have to..
Melanie Thanks for the welcome I did try my bank and they said no but i still do not know why[?] Is there life after bankruptcy????
I'd like to say thanks for the replies, its too late to stay away now as it should be going through as for the moral high ground the way i see it yes I did have the money and have allways paid it back on time and they have had more than enough in intrest so lets face it if you had £2500 in your hand would you honestly give it away if you didnt have to..
Melanie Thanks for the welcome I did try my bank and they said no but i still do not know why[?] Is there life after bankruptcy????
Thanks again
Tom
Dont think Andy was taking any high ground,and you arent really giving money away,you are repaying what was owed.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Paul,
what you are sort of forgetting is that some people on hear never paid money they owed themself's so how could they say that (pot kettle???) its to easy to judge someone when you dont know them..
That card has had more than what I owe in intrest alone and if I can stop paying it I will and I think I would be stupid not to. I look out for number 1 and my money is better in my hands than theres simple.
So yeah I do think the moral high ground is trying to be taken by some people who are no better them selfs even an IVA means the company that lends you the cash or what ever they dont make anything out of it at least my card has there money back and made intrest.. i didnt want to be judged I just asked for advice
No one is judging, but do you really want to risk damaging your credit file again by not paying your credit card? Even if it's written off I seem to remember reading somewhere that the credit card company don't have to clear it off your credit file.
Having been BR myself I wouldn't want to take that risk.
I quite agree with Skippy that no one is judging anyone, but you won't find many people on here that will agree with the writing off of debts.
As Andy said, it is rare they are successful and I know that some firms charge an amount per card/loan and that's upfront.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Is the credit card showing as a default ? or any late payments.
Other thing to look at is credit utilisation / affordability. Even if you pay each month if you are using a high % of the credit available most lenders will not entertain.
Lender focus is on propensity and ability to pay at the moment.
As a consequence of this judgement and others it is very rare that these debts are written off. This has meant a number of high profile claims management companies either loosing their licenses or going out of business.
Its also worth noting that when an agreement is deemed unenforceable the debt remains and will be reported to the Credit Reference Agencies. By declaring it unenforceable the court simply states that it can not be used in enforcement process.
Last edited by Storm on Tue Jul 13, 2010 1:05 pm, edited 1 time in total.
Things have been really busy over the past 12 months just not where we expected.
Most of our financial services and insurance clients have put projects on hold or scrapped them completely. Fortuanately being so integrated into the industry we could see the wheels coming off probably 12 months before the recession hit so we had an opportunity to diversify into other sectors which has worked for us.
Business is really good.... I keep saying "when" the financial services sector turns we can concentrate on that again but I have to say I don't see any sign of the sector returning any time soon. The work we have done over the past 18 months has indicated lenders are and will remain risk averse.
And because I am not busy enough already I decided to take on an LLM part time which helps satisfy my interest in all matters legal.
Last edited by Storm on Wed Jul 14, 2010 10:16 pm, edited 1 time in total.
Hi
Just want to clarify my statement "There is also the moral argument that if you borrowed the money you should repay it if you are able to."
People going into IVAs or Bankruptcy can't pay their debts, if you can pay your debt but don't want to then this forum will not support you
Regards
Well said Andy. We will never support anyone trying to get out of paying their debts.
We don't judge people who genuinely have trouble paying their creditors.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
