Hi there, I can't really advise you, as I'm trying to figure things out to - but a bit further down the line, as my credit is now defaulted. I can't get a DRO as I've got a mortgage. I can also only pay £1 a month at the moment, and don't know how long this will last until I start getting CCJs etc. And its not sustainable paying of £1 per month forever is it! So, I was thinking of BR too. It's really confusing I know, but some people are helping and advising here which is really great. Sorry I can't be of help though, just in a similar boat!

Hi DX, I am going to send the SAR letters as you suggested. Thanks.

thank you! I have put my SoA now.

ps. The other income (300) is currently from a lodger. The overall picture is awful

Hello - I have done my SoA (below). DX - I did acknowledge the Barclays loan - paying £1 token a month - I meant I don't think I ever paid the full monthly repayment amount. The default date is July 2011. Thanks again. Statement of Affairs and Personal Balance Sheet [tt]Statement of Affairs and Personal Balance Sheet Household Information Number of adults in household........... 2 Number of children in household......... 0 Number of cars owned.................... 1 Monthly Income Details Monthly income after tax................ 1431 Partners monthly income after tax....... 0 Benefits................................ 0 Other income............................ 300 Total monthly income.................... 1731 Monthly Expense Details Mortgage................................ 305 Secured/HP loan repayments.............. 53 Rent.................................... 320 Management charge (leasehold property).. 11 Council tax............................. 105 Electricity............................. 45 Gas..................................... 40 Oil..................................... 0 Water rates............................. 15 Telephone (land line)................... 15 Mobile phone............................ 24 TV Licence.............................. 13 Satellite/Cable TV...................... 0 Internet Services....................... 25 Groceries etc. ......................... 200 Clothing................................ 30 Petrol/diesel........................... 60 Road tax................................ 12 Car Insurance........................... 40 Car maintenance (including MOT)......... 25 Car parking............................. 5 Other travel............................ 20 Childcare/nursery....................... 0 Other child related expenses............ 0 Medical (prescriptions, dentist etc).... 22 Pet insurance/vet bills................. 40 Buildings insurance..................... 10 Contents insurance...................... 20 Life assurance ......................... 0 Other insurance......................... 0 Presents (birthday, christmas etc)...... 20 Haircuts................................ 15 Entertainment........................... 17 Holiday................................. 0 Emergency fund.......................... 0 Total monthly expenses.................. 1507 Assets Cash.................................... 0 House value (Gross)..................... 62034 Shares and bonds........................ 0 Car(s).................................. 400 Other assets............................ 0 Total Assets............................ 62434 Secured & HP Debts Description....................Debt......Monthly...APR Mortgage...................... 62034....(305)......1.09 Secured Debt.................. 1500.....(0)........1.09 Student Loan...................4000.....(53).......5.3 Student Loan...................3209.....(0)........5.3 Total secured & HP debts...... 70743.....-.........- Unsecured Debts Description....................Debt......Monthly...APR HSBC Overdraft.................1976......1.........0 HSBC Loan......................2240......1.........0 Barclays Loan..................7977......1.........0 Total unsecured debts..........12193.....3.........- Monthly Budget Summary Total monthly income.................... 1,731 Expenses (including HP & secured debts). 1,507 Available for debt repayments........... 224 Monthly UNsecured debt repayments....... 3 Amount left after debt repayments....... 221 Personal Balance Sheet Summary Total assets (things you own)........... 62,434 Total HP & Secured debt................. -70,743 Total Unsecured debt.................... -12,193 Net Assets.............................. -20,502 [/tt]

did you have any thoughts about using my secured overdraft/requesting a debt settlement with each creditor?

Hi Dx, yes my salary for the last year has been over £15k - it was less then this previously hence getting into all this debt (and I wasn't paying the 2nd student loan either, as I wasn't earning enough). I will do my SoA this afternoon. The SAR link that you have given me - is that to see if I can claim back for any charges that may have made against me?? Do I send that direct to HSBC (rather than the DCA)? and Barclays. The only thing is with Barclays that I don't remember ever actually starting to pay it off (it was a career development loan - which I needed to start paying 2 months after my couse finished) which I haven't been able to do. thanks again. I don't know why they offered me a discount, as I didn't ask for one - it was during a phone call when i said I was talking to CCCS - maybe because its a career development loan maybe?

Hi dx, can I ask what you mean by thinking there is something 'wrong' re: HSBC O/D and Barclays loan - and what kind of 'digging' do I need to do? and how do I do it?....Sorry if I sound stupid, but I really don't understand what you mean? re: student loans - the first student loans were in the 1990s - I have been deferring on these ones for years. the second one was in about 2001-2002 - this is the one that comes out my salary now. Thanks!

....or a completely different option. perhaps:.......: Hello again. I have just read about settlement offers in a link. And I was wondering if I should use some of my current secured overdraft (available amount about £8000) to use as of a settlement offer? Ie. I offer £4/5000 divided up between all three creditors , and see if they will accept this. I have no idea if they would or not. And most people have said that i shouldn't use a secured overdraft to pay off the debts -BUT- I am not in default in this overdraft - it is available for me to use. I have used some of it (£1,500) and it shows up as a clear on my credit report. I planned NOT to use it again. And if I did this, I would then put a regular direct deibt payment to pay it off gradually. (IF) the creditors accepted an offer (are they likely to?) - then I wouldn't have to do a DMP or BR, or token payments, letters, CCCJ's etc etc. I would retain my house (possibly wouldn't lose it anyway, I have been advised due to low equity). My credit file will be clear in 5 years from now, and then I may have more equity in house to obtain another mortgage (so I could have a plan to move then). I would just need to make sure I set up a monthly direct debit to pay off my overdraft and not touch it ever again (it is separate to my day to day bank account so should be doable). I need to check the interest rate on it, but it seems to be low, as I don't appear to get charged much (a few pounds in November for eg.). Things would still be tough financially generally, as I need to buy a car. But my stress levels and emotional health might be considerably better, as I have so many triggers for depression etc, and it really affects my day to day functioning - I need to be really careful I don't slide off the edge and end up getting really ill again (as I've been in the past - when I've been unable to work at all for long periods). I know people have advised me not to use this secured overdraft (and you may do so too!), but it seems to make sense (possibly in my unwise financial mind!!) - as I'm thinking more about mental health to be honest - not having to deal with creditors, DMP, BR etc; but only if I can get a good settlement offer - a big if I know. Does anyone know about settlement offers and if they get accepted and what a reasonable offer is to make? I will thinking of offering £4000 or £5000 as a total offer split between all 3 creditors, as per the calculations in the link. Not sure if this is reasonable or not. Comments gratefully received. Of course this might be a completely rubbish idea! Thanks again.

Hi dx and ida. Thank you for replying . Would it be useful if put up my statement of affairs? I can do this tomorrow as its 3am now! I really need to calm down and get some sleep!! I'm doing this alot lately and not concentrating very well. Anyway, to confirm my creditors are: HSBC loan £2240 - I have had no communication or letters about this since I defaulted at the same time as my HSBC overdraft about a year ago. It is on my credit file though. I don't think I havee any kind of /PPI on this loan, - I have the original document, and there is nothing on there about PPI. - this is still with HSBC according to my credit file. Not sure why the loan and overdraft (below) have been treated so differently. HSBC overdraft £1976 - which has been sold on to a debt credit agency - they have written to me under 2 different names: MK Rapid Recoveries and Raven Recoveries (they are the same company as they told me they use different names!!). Debt charity lady has written to them to offer £1 as a token payment. I was originally paying HSBC a token payment of £1. I don't see any penalty charges - its the same amount as when I defaulted on the original overdraft. Barclays career development loan £8093. This month they offered for me to pay £6000 to settle, which I obviously don't have. They have accepted £1 token payment and said they will review in 6 months. They said they don't intend to send it to a debt collection agency (...yet, anyway). I also have a secured overdraft of £1,500, plus student loans. I just want to know how get out of this situation as soon as possible by DMP or BR - I don't want to be paying £1 per month for years with all the stress that would entail. The only problem is I need a new car for work as mine (worth £400) will going to heaven before too long, and its a requirement of my job to have a car. I therefore was planning to go through a vehicle assisted purchase scheme via my employer - however, this would now mean I won't have any money to pay creditors as part of DMP - which is why I'm now considering BR. I spoke to CCCS today and they went through some BR information with me, and suggested I call Insovency Service to ask if they would allow me to pay a monthly payment for a car as part of BR agreement, as I need it for work - he said it would be a good reason. My options as I see them: - wait until my car actually dies - and in the meantime do a DMP myself (CCCS said they wouldn't do it at the moment, as my circumstances may change before too long). CCCS have sent me the forms/calculations to use. According to CCCS I have about £200 to split each month between creditors (but I won't have this if I need a new car). - continue paying token payments until I have paid off the car scheme (12 or 24 months, depending on what I go for), and then do a DMP or go BR. This will just delay things even more if I do eventually go BR, and be quite stressful with potoential for more letters, CCCJ's etc. - go BR now - there are lots of implications that I need to make sure I'm clear about first though - especially about trying to get a mortgage again - as I'm desparate to move out of the area I'm in, but know that won't be possible for a long time I will be put up my SOA tomorrow. Thank you!!!!!!

So it seems the best course of action would have been for me to have not acknowledged the debt at all, as if i can't pay it off, it would have been statute barred after 6 years; but I have acknowledged it, so that won't be relevant to me. I have no idea what to do with the debt now - surely I can't continue to pay a token payment of £1.00 forever? God this is confusing, and i feel like just throwing it all in, leaving work (whats the point of working so hard for so long and just getting into such a mess). I only got into a mess as I was trying to improve my prospects by studying to get a better job, and buy a house (alone), as that's what you are 'supposed' to do. I have never been irresponsible with money or anything...I haven't been on holiday for 5 years, what the hell is the point? Apologies. you don't have to reply, and probably won't want to now. I just don't what the hell to do, and don't really see the point of trying to do anything anymore.

sorry, didn't finish the post....... ..........You can take charge and tell........what you can afford and send that with the letter and then any court will want to know the reason you have been brought if you are already paying.............. I didn't understand this bit....could you explain again? Thanks again.

thanks Conniff. re: statute barred - this wouldn't be the case for me (?) if I have acknowledged the debt and offered regular token payments? I believe (from what I've read) that it can only be statute barred if you haven't made any payments at all or acknowledged the debt and they haven't chased you for the debt within the 6 years. Not sure if this is correct. What actually happens to a debt after 6 years if you can't pay it off in full and it is not considered statute barred (if the above is correct?) - I'll need to be paying token payments for more years that I will be alive,

Thanks for your reply. Yes, I realise she said 'should', but that was the advice I was given. Thanks, but that's why I have written this help thread, to see if there is someone who can help me determine what my options are, as I don't know!! Yes, I know I'm in debt, I'm not proud of it - I though this was a 'support forum' - pls don't rub it and make me feel even worse than I already do! Can I ask what 'waiting in the wings' means:?: They will bring court action - they won't, they might or is there no rhyme or reasons if they will or not....

Hello, I have recently been to see a debt advice charity again, and they have written to 2 of my creditors, offering on my behalf a token payment of £1.00, as that is all I can pay. Previously to this I was also offering a token payment of £1. (for about a year). One of the creditors (Barclays) have accepted and said they will review it 6 months. The other (a debt collection agency sold on by HSBC (from an overdraft I had with them) has yet to respond/accept). The third creditor (HSBC from a loan I had with them) has never actually written to me to ask for any payment at all since it was defaulted on my credit report about a year ago - why would they have not contacted me in all this time, should I contact them? I have therefore never offered them a token payment (yet). Should I ? I have just got hold of my credit report (on advice from the debt charity), and this debt is on there, and was defaulted at the same time as the HSBC overdraft (which has now been sold onto the debt agency) - both of these were linked to the same HSBC bank account, so it's a bit confusing why there are being treated so differently? As it seems v. unlikely that my financial situation is going to change significantly - I'm unsure how long I can go on paying only token payments for? If this is the case, what do I do? Will I receive county court judgements at some point ? Shall I go bankrupt ? Can I just continously pay £1 per month for 6 years if my circumstances don't really change, until the default comes off my credit rating ? What happens to the debt if I can never pay it off ? Will I need to go bankrupt ? Barclays offered me a settlement figure, which I can't pay either. I have a shared ownership mortgage with a housing association (with little, or no or negative equity), and the debt advice lady said they I should be protected from loosing my house, as it is shared ownership. My debts total about £13,000. Thank you for any advice . tpltpl