I have total personal unsecured debts around €50K, all in arrears, not being paid for some months. Home mortgage with approx. €12K arrears, wasn't paid for 12 months but now being paid again since last month. Also, IBRC Buy to let which is unsustainable and I have now agreed to Voluntarily sell the house but will be left with a €150K+ shortfall.
The smallest of my debts is a former BoS Credit Card, less than €3K and has recently been transferred to Glas Special Situations Investments Ltd. and their Debt Collectors Buchanan Clark & Wells.
Received "Notice of Court Action" from BCW today requesting full payment by Friday or sign a DD for €100 per month, after Friday they will go to court and seek Judgment etc.
I don't have the money to pay them by Friday nor can I committ to €100 per month. In February I wrote to all my unsecured lenders and informed them that I was rebuilding my business and financial affairs and could make no further repayments for 6 months, this is the honest truth.
At the moment I have resumed mortgage interest on the home and am buying food and basic necessities, which earlier this year, I could not.
My Questions:
1. Am I right to assume that I have the right to pay my mortgage interest and survive within the recently published Reasonable Living Expenses, before being expected to repay any unsecured debts? Because I genuinely cannot afford to pay anything over and above that and I am not even meeting the Reasonable Living Expenses guidelines.
2. Is it reasonable of me to have asked each bank in February for 6 months breathing space until July/August when I actually might be able to resume some repayments? If I ask BCW to agree to this and hold off on their Court action until August, is this reasonable?
3. Why should I make repayments to one bank who bullies me the most when I cannot afford to make repayments to the others. Would it be fair that I make a proportional payment to each bank in line with what I can afford (when I get to that point)?
4. If they do pursue Court Action - how long before they get a Court Date? How would a Judge treat such a case, I can prove why I'm in this mess and I can prove that I have been as reasonable as I can and I can prove that I can't afford these repayments at the moment.income.
5. Any suggestions in general how to handle BCW.
The smallest of my debts is a former BoS Credit Card, less than €3K and has recently been transferred to Glas Special Situations Investments Ltd. and their Debt Collectors Buchanan Clark & Wells.
Received "Notice of Court Action" from BCW today requesting full payment by Friday or sign a DD for €100 per month, after Friday they will go to court and seek Judgment etc.
I don't have the money to pay them by Friday nor can I committ to €100 per month. In February I wrote to all my unsecured lenders and informed them that I was rebuilding my business and financial affairs and could make no further repayments for 6 months, this is the honest truth.
At the moment I have resumed mortgage interest on the home and am buying food and basic necessities, which earlier this year, I could not.
My Questions:
1. Am I right to assume that I have the right to pay my mortgage interest and survive within the recently published Reasonable Living Expenses, before being expected to repay any unsecured debts? Because I genuinely cannot afford to pay anything over and above that and I am not even meeting the Reasonable Living Expenses guidelines.
2. Is it reasonable of me to have asked each bank in February for 6 months breathing space until July/August when I actually might be able to resume some repayments? If I ask BCW to agree to this and hold off on their Court action until August, is this reasonable?
3. Why should I make repayments to one bank who bullies me the most when I cannot afford to make repayments to the others. Would it be fair that I make a proportional payment to each bank in line with what I can afford (when I get to that point)?
4. If they do pursue Court Action - how long before they get a Court Date? How would a Judge treat such a case, I can prove why I'm in this mess and I can prove that I have been as reasonable as I can and I can prove that I can't afford these repayments at the moment.income.
5. Any suggestions in general how to handle BCW.