Hi all,

I'm new to this forum and hoping for a little bit of help and advice, if possible.

Briefly,

I owe cira £20k on credit cards and loans.

All were taken out within the last 2 - 3 years and, as yet, I have not missed a payment on any of them.

The breakdown is as follows:

Nationwide Loan 8k (taken out 2015),

Nationwide Credit Card 5k (taken out 2014),

Virgin Money Credit Card 4k (taken out 2016),

Sainsbury's Bank Loan 3k (taken out 2015).

Like I said, to date I have not missed a single payment on any of the cards/loans (I'm frightened to do so)

but due to a big change in circumstances I most definitely will be missing payments soon.

I suffered a heart attack a couple of years ago and have been struggling in my job ever since as it was a very physical.

Unfortunately I had to give it up in June this year as it was affecting my breathing.

At the time I lived in England but moved to Northern Ireland to be near family last month and for a new start and less stressful life.

I am not currently in employment and as yet,

I have not tried to claim any benefits (I struggle with that concept).

Up until now I have been living on what little savings I have but these will be exhausted in the next few weeks.

I've read through a lot of the threads on here but am getting very confused.

I guess what I am asking is for some advice on what to do first.

Should I let the debts default?

Or should I contact the lenders now, before that happens?

I'm in Northern Ireland so I know the rules regarding debt is slightly different.

Any advice would be greatly appreciated.

Thank you.

Worried51

well you are going to default so the quicker it gets marked as a such

the quicker it will be removed from your file.

get your benefits sorted use the entitled.to website.

look in the library

undar the debt collection forum

and send each accounts owner the hardship letter offering £XXPCM for 6mths if the freeze interest and stop all charges.

if they don't then use the £1 offer letter and stick to that.

dx

Thanks dx100uk, for your very prompt reply.

I will get those letters off asap.

There is one issue that complicates things slightly...

...last year a close family member tried to get a car on finance but was refused.

He came to me asking if I would apply for the finance and, stupidly, I agreed.

He has been making the payments in full to date and fully intends to continue to do so.

I believe this is known as an 'accommodation deal' and although not illegal it would be frowned upon.

I'm worried that when I default on my debts and try to negotiate with creditors,

they might note that payments are still being made in full for the car finance.

Is this likely?

And what would be the consequences of that?

its called fronting

I doubt any creditor would even bother to look nor would it effect their decision anyway

Original Creditors don't do court

so the only issue you might have is when they sell they write the debts off and sell them to DCA's

the bottom rule is a DCA is NOT A BAILIFF.

dx

Thanks dx100uk. It certainly is reassuring that there are decent, knowledgeable people on here that are kind enough to offer advice. Very much appreciated.