Credit Card and Overdraft

[Justloadit]

I had a similar situation recently, and I simply wrote a letter to the lawyer concerned, and simply stated, that I will be paying Rxxx.xx for 24 months, and the first installment will take place on 1st of each month into their trust account, using the respective reference number provided. To date I have not heard anything from them, and every month my payment is made. In fact I have set up an automatic payment every month for the respective number of payments via my FNB online banking.

Every month I make a print out of the EFT payment, and place it in my file and watch as my balance reduces every month.

What is important is to keep to your word, if you miss a payment, then the whole situation changes.

[Alice Rain]

Can someone please tell me how I go about declaring myself insolvent?

[Dave A]

Hi Dave, the company is a CC...registered in 2006.

Fair chance it was your debt review that actually sparked the OD facility withdrawal, I reckon.

Can someone please tell me how I go about declaring myself insolvent?

Alice, you probably should have a look at this thread on sequestration.

[Alice Rain]

I fully understand why people don't settle their credit card debt! If Standard Bank don't stop harrassing me I will not pay any further funds towards my outstanding account. Every single day some desperate person phones me from the bank and I have to repeat all the information over and over and over again. I'm still getting letters and whatever you call them messages that I cannot open on my cheap phone to say I must sort my account out. WHY DON'T THEY SORT OUT THEIR DAMM SYSTEMS and check to see if any payments have been made before wasting money on postage, paper and stupid bloody sms's and things.

Have a great weekend. Been so busy working have not had time to go online, sorry!

[wynn]

This is why it pays to have a backup account at a different bank, if you do get into a little financial wobbly and the bank gets snarkie and freezes your account, just move all deposits to the other bank so that you can keep on trading until the first bank is happy again.

[wynn]

Can someone please tell me how I go about declaring myself insolvent?

Simple answer, "DON"T" they have to apply to the courts to get you declared insolvent, they won't get it right if you are paying something no matter how small, it will cost them more than you owe them to do this so "SIT TIGHT UNTIL THE SHOE FITS THE OTHER FOOT" eventually you will be in a position to pay them back, in the mean time ignore the flack after all they can't charge you more than double the original amount so add all the interest you have paid in the mean time because they have to pay you back if there is more paid than double (OK they probably will reduce the outstanding amount by the over charge, but still)

Just make sure that they haven't piled on more than double the R20,000.00 odd you mentioned and make sure that the figure you owe them is not more than double what it was when you first approached them and they froze your account.