Hi guys. Having spent a few days reading countless threads in this forum, I’ve decided to just stop all payments in these unsecured debts in the hope it leads to quicker defaults. I’ve started an emergency fund which I hope to build up considerably over the next few months by withholding all payments (unsecured). I’ve created letters to send to creditors with my pro-rata offers ready to go. However, I get the impression I might be better off holding onto these until I’ve missed a couple of payments (again trying to expedite defaults). Does this seem like a good pl

Hi guys. Ok - so since I was last here I have set up a new basic bank account, which my salary and priority dd's will come out of from March. Just wanted an opinion on a couple of thoughts I've had - 1) I have just agreed with my mortgage provider a 3 month covid payment holiday, which will help for the short term - however, I have an overdraft is with this bank. Am I causing a problem if I contact them now about my financial situation, or should I leave it until the holiday ends? 2) My salary has recently come down, which is a contributing facto

So, I'm better off cancelling any dd's relating to debts, just to be safe?

Thanks for the quick replies and advice! I need to check the dates of these cc's, but i'd estimate: Bcard1 - 2001 Bcard2 - 2007/8 Lloyds - 2015 Tesco - 2016 Natwest - 2003 The loan was taken out in 2019. Regarding enforceability - this is part of the reason I want to manage any plan myself - I don't want to be cash cowed. I will open a parachute account this weekend, outside the RBS group and move dd's to this account! Seems scary to just stop making payments, but I agree, the sooner the defaults are a

Hi, I'm new to this forum and hoping for some advice! I have various overdraft, credit card and loan debts, which are all a bit of a mess: Barclaycard (2 cards) = £14,000 (1 card suspended, but not in arrears) Lloyds CC= £3,800 Tesco CC = £3700 Natwest CC = £650 Natwest Loan £17,000 Natwest OD = £1,400 Halifax OD = £1,500 Currently, I have not missed any payments, but I'm reaching a point where these debts are becoming unmanageable. I have just about kept up with repayments but now all 0% have ended and minimum paym