Hi everyone,

So I've hit my limit in managing my debts and cannot continue anymore. I owe around £20k credit cards and one loan, where over the last 6 months I've gone over my credit limits due to increasing the interest rates I've spiraled out of control and feel lost.

I have defaulted on one credit card already but am thinking of defaulting on the rest of them because i simply can't afford the monthly payments anymore. My question is, should i default on them all and then offer them / DCAs token payments or simply go bankrupt?

I've got no assets and am renting a property at the moment. I'm 29 and feel that going bankrupt will allow me to save so much money by the time a bankruptcy would be over.

Is there much of a difference to being able to obtain credit if i've defaulted on all cards as opposed to bankruptcy? I'm trying to look for the future to not have these debts hanging over me.

Barclays: £4,500

Loan: £2,900

Halifax: £5,800

Virgin: £5,500

RBS: £2,800

Natwest: £2,100

Your advice would be really appreciated.

Thank you

who owns them at the moment

all still with the OC's?

dx

Hey Dx, thanks for your quick reply.

Barclaycard is now with a DCA rest are still with OC's.

collecting or sold and who?

LInk or the hoist group [HPH2/robbers way]

Sold to Moorcroft Debt Recovery Ltd but the letter states Re: Hoist Portfolio Holdings-Ex Barclaycard.

Moorcroft don't buy debts they only chase for clients if you read their letter

so as guessed HPH2

send then a CCA request

might pay you to get an sar running to Barclays and get all the statements

there could be penalty charges and PI? to reclaim.

i'd be inclined to send everyone [bar hoist]

the letter in our debt collection section of the library

offering £XX for XX mts if they will freeze interest & charges to the rest see what they all do.

when did you take these cards etc out please

Sorry for not coming back on this

I'll get the CCA request and SAR sent out to all today! thank you.

I've spoken to all credit cards today,

majority of them have agreed a repayment plan and stopping the interest but that will still default my credit file.

Once they all default, and please excuse my ignorance here i may just pay them bare minimum every month of £1?

What difference would it make paying them more if the default is registered?

Apart from the obvious reducing the balance but i'm just no the position to pay more than £20 per card each month anyway.

I know bankruptcy is the last resort but surely if defaults are now registered, bankruptcy clears the debt and then i can start fresh in 5 / 6 years?

My oldest credit card is nearly 10 years old but others are around 5 to 8 years old.

Thank you

Sorry to add, do i send the CCA / SAR to the DCA or direct to the creditors?

its better to write to your creditor rather than phone

then you have a papertrail.

the letter in our debt collection section of the library

offering £XX for XX mts if they will freeze interest & charges to the rest .

no point in BK

once the debts are defaulted

then whatever happens wont make any difference

each will drop off your credit file as the default reaches its 6th birthday.

that happening doesn't mean the debt is not still owed mind.

Thank you.

I'll start working on getting back on track now then.

I hate how I've got myself into such a mess but it's nice to know you guys are here to help.

Rather than starting a new post on the PPI front,

i remember that i had a Natwest loan of around 22k about 10 years ago of which i was told i would have a higher chance of being accepted if i upgraded my current account to an Advantage gold, it'll also bring the interest rates down by 1% would this be means of a claim?

The charge of the advantage gold account was £12.50 per month and i only stopped paying that last year!

Lastly, last year i wrote to Natwest about PPI,

they swiftly replied saying there is no PPI attached to my account and at the time i accepted that and moved on,

how can i prove anything if nothing shows PPI on the statement of accounts?

I heard that banks have sometimes hidden the charges within the interest?

Thank you for your time.

that's not PPI its a packaged account fee.

which were deemed unlawful quite a while ago.

http://www.consumeractiongroup.co.uk/forum/showthread.php?459427-Reclaim-Packaged-Current-Accounts-Deal-Fees

Great, i've taken a read and just what i need.

Where does this leave me if they simply say we didnt advice it'll help you get it?

It was done over the phone and i can only presume they wont hold telephone records that long ago.

I've actually just found out that Natwest are still charging me a "Maintenance Fee" of £17.00. I'll be sending them a letter for this, i hope i'll get something back as it'll help massively with my financial situation.

you'll get all of they back

doesn't matter that they gave no advise or not.

its not like a PPI claim