NFT are saying I will be paying no less than 100% of my debts & re-mortgage

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1
User avatar
gary958
Posts: 2
by gary958 » Sun Feb 25, 2018 2:03 pm
I was looking for a little advice on my debts please? I admit I am not brilliant with managing money and have been in debt for 20+ years, for the last 8 on debt management/iva’s. Over the years I have tried so hard to get out of this situation but to no avail, cards kept being offered to me and kept building up, in the end I was taking large amounts of cash out just to pay the minimum charges. On one occasion Lloyds called me in to the branch to look at my £2,000.00 O/D and when I left they had topped it up to £10,000.00!! Everytime I reached my maximum on a card the vendor would just up the limit?? In 2004 I took out a 35k loan to try and sort out all my debts which were paid off, still the phone calls and letters about new cards kept coming and I foolishly fell into the trap again. The following year I tried again and took out a 70k loan to pay off the previous one and the new cards I had stupidly taken out. In 2008 I was called by Sterling Green offering to help with my debts, I was promised to be debt free within 5 years and foolishly believed them. In 2011 I asked about an IVA but was told I didn’t qualify?? 3 months later Sterling Green passed my Debt Management on to ABACUSF and I was told none of my debt had been paid off even though I had paid £1000’s into it.... The following year I was told Tudor Kirk was looking after my case and they said I was perfect for an IVA (4 years after first asking about it)?? I was sold this and I would definitely be free of these debts in 5 years and would probably have to pay back anything from 40% to 75% of my debts. I was then put on a scheme with NTF and they are now saying I will be paying no less than 100% of my debts and will have to re-mortgage, if there is no equity I will be expected to run with the IVA for at least 1 more year.
User avatar
Foggy
Forum Expert
Posts: 27117
Contact
by Foggy » Sun Feb 25, 2018 2:09 pm
Check the equity clause -- usually, if there is no equity (less than £5k) there is no extension to the term. Also, if less than £5k equity tere is no need to attempt to remortgage. If you haven't yet started the IVA I would be tempted to speak with another firm, or maybe two.
User avatar
gary958
Posts: 2
by gary958 » Sun Feb 25, 2018 3:15 pm
Like I said earlier, I am rubbish with money but I feel I have been given bad advice/exploited by these companies for a number of years and seemed to have paid a hell of a lot back to these corporate banks etc with interest/charges/loans and so call help!!!

4 yrs after joining the IVA I have now received a letter from Lloyds saying my wife owes over £1.4k which was our joint account?? This was part of the IVA so how can they now target my wife for what they describe as a sole account?? I feel these banks very much helped me get into a bad situation over the last 20yrs but don’t seem to want to assist in any way now and with all the added stresses and strains my health and my family have suffered, Is there any way I could take legal advice to highlight this and stop others from doing the same???
User avatar
Foggy
Forum Expert
Posts: 27117
Contact
by Foggy » Sun Feb 25, 2018 3:35 pm
Was the Lloyds account joint or sole -- you describe it both ways ? If a joint account she is liable for the debt even though it went into the IVA (that only lets you off).

With the history you describe and self-confessed inability to deal with money I think legal proceedings would be foolhardand expensive, to no good end. Your situation with banks giving you an umbrella while the sun shines and taking it away when it starts to rain is common to most of us. We have all fallen into the consolidation trap at one time or another and the IVA is usually the line in the sand.

You can't keep abdicating responsibility -- yes the banks didn't help and often made things worse, but, at the end of the day, we signed the applications, not them ! Until you recognise that the answer now lies with you and what you do matters will not be resolved.
User avatar
Lisa Thomas
Industry Expert
Posts: 6957
Contact
by Lisa Thomas » Mon Feb 26, 2018 10:03 am
I’m surprised LLoyds took so long to call the debt in from your wife but if it’s a joint debt she will need to deal with it I’m afraid.

If she pays them off she will likely be able to claim as a subrovated creditor in your IVA.
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”

Who is online

Users browsing this forum: No registered users and 27 guests