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  1. 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 plan, or am i overcomplicating it all?!
  2. 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 factor to my plight - However, my income over the last few months will not reflect this. On my budget sheet, I have put in the new ongoing i and e. Is my bank likely to turn down my request of freezing interest etc. on this basis? They can see what has been coming in and going out. I'm concerned they'll think I've been creative with my income sheet?! Or can I simply refer to this new situation in the pro-rata letters? Thanks again. A
  3. So, I'm better off cancelling any dd's relating to debts, just to be safe?
  4. 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 applied to my file the better. I haven't taken advantage of the covid payment holiday on the loan, but i assume that would be fruitless for the same reasons - can Natwest insist I take this to avoid defaulting the account Thanks A
  5. 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 payments are increasing making it impossible. I am considering a debt management plan... Reading through other people's experiences, dmp's seem to have mixed opinions and I'm also unsure if I should use a company like Step Change or Payplan whether I'd do better approaching the various creditors myself. My wife also has debts, but much less (approx £10k and up to date, but struggling). Is it prudent for us to both start a dmp, or will that effect our long term plans if/when we want to remortgage/move down the line? (i know it'll be 6 years after default before these will disappear from our files). As it stands, my min payments next month are approaching £1k, which is absurd. What kind of level of min payment would I expect to pay in a dmp? Also, there seems to be a lot of advice on obtaining CCA's. At what point should I be asking for these, or is this something best left until the debts are inevitably sold on? Sorry for the multiple questions! Thanks in advance, A
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