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5 debts - 5 creditors


MrDebtyDebts
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For an easier answer you would need to maybe explain:

How old the debts are, are you currently paying the debtors, etc

 

If you are in financial troubles, you would need to create a Income -v- Expenditure for yourself, and see what disposable income you are left with. Generally speaking, say if you were left with £15.00 a month disposable income, then technically speaking each creditor given the fact the debts are of equal amounts, would be offered £3 a month for the rest of your natural life:)

 

Its a bit more complex than the simple explanation above, but you need to provide more info

I believe in Fair Debt - not chance

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Hmm, me gets a suspicious feeling about Mr Debty Debts from his three posts so far ... if genuine, please do details your problems - I'm sure you are very aware that this site is not about an easy life or debt avoidance for anyone, rather about empowering and enabling people to sort their finances legally to bring pressure upon DCA's etc. to act within the law.

All help is merely my opinion only - please seek legal advice if you need to as I am only qualified in SEN law.

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Hi, can you specify minimum monthly repayments, and interest rates please...

 

i take it, i/e is surplus earnings?

i will be off site for the next month or so. if you have any problems, feel free to report the post so a moderator can help you.

 

I am not a qualified or practicing lawyer.

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1. 3k - credit Card

2. 3k - DCA (ex card)

3. 2.5 - DCA (ex card)

4. 2.5 - bank loan - not defaulted

5. 3.5k - DCA (ex loan)

 

My rough i/e is around £150 - £200 month depending upon how honest I am.

 

My advice is as before. Write out a full income versus expenditure sheet. This would detail your total income over 4 weeks or a month, then in another column you write out all your expenses (DO NOT put in your credit debts here YET), which include:

Rent

Council Tax

Electric/Gas/Water/Food/Car Costs/Clothing/etc within reason

 

Take column A which is income and put a total

Take column B which is expenses and put a total

Deduct column B from column A and the

 

Remainder is Disposable Income

 

Then you list ALL your creditors and the balances outstanding on each one, and roughly speaking, you then allow each creditor a certain payment. Since your debts are roughly the same, then you would make an offer to EACH creditor equal to the proportion of their debt

 

You would then send a copy of your financial statement to every creditor so each one can see exactly what you have coming in, and what you have going out. At this point, each creditor should accept that the other creditors have their payments that you are offering. Example:

 

Creditor A cannot demand they have £50 whilst others who are more or less equally owed the same debt have 3pence:rolleyes: a month

 

If that confuses you just go here and fill in the form. It does it all for you, then you send off a copy to each creditor. DONT delay because they are entitled to some payments if these debts are yours and not statue barred

:)

I believe in Fair Debt - not chance

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My advice is as before...

 

Hope that helps

MrTWS:)

 

You can go to CCCS, PayPlan, or the Citizens Advice Bureau... they essentially do the same thing, but it might save some hastle.

i will be off site for the next month or so. if you have any problems, feel free to report the post so a moderator can help you.

 

I am not a qualified or practicing lawyer.

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So far so good!!

 

Worked out £200.00 spare, so said there was £150 and offered £30 month to all creditors.

 

 

1. 3k - credit Card - Agreed

2. 3k - DCA (ex card) - No reply

3. 2.5 - DCA (ex card) - Refused

4. 2.5 - bank loan - not defaulted - Agreed on a 3 month review

5. 3.5k - DCA (ex loan) - Agreed

 

Only two left. Fingers crossed no. 3 changes their mind.

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So far so good!!

 

Worked out £200.00 spare, so said there was £150 and offered £30 month to all creditors.

 

 

1. 3k - credit Card - Agreed

2. 3k - DCA (ex card) - No reply as yet. :evil:

3. 2.5 - DCA (ex card) - Refused:evil:

4. 2.5 - bank loan - Agreed on a 3 month review

5. 3.5k - DCA (ex loan) - Agreed

 

Only two left. Fingers crossed no. 3 changes their mind.

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Hrm, send the DCA another I&E form, with the first payment. Even if they refuse, continue repayments.

 

Make sure that all DCA's are halting interest charges / fees.

 

If they are, then work out how long it will take to repay,

 

Have you looked into ways to increase your income (e.g. benefit entitlements / tax credit etc).

i will be off site for the next month or so. if you have any problems, feel free to report the post so a moderator can help you.

 

I am not a qualified or practicing lawyer.

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