Jump to content

dealing with masses of debt..


style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 4153 days.

If you need to add something to this thread then


Please click the "Report " link


at the bottom of one of the posts.


If you want to post a new story then


Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 



Recommended Posts



I have masses of debt, which I am managing just now, but in a few months I'll be losing part of my income. I won't have enough income per month to keep up after that but realistically in a few years I'll have a fairly decent income and don't want to jeopardise my credit any more than I have to. I'm a homeowner and have a few assets but not enough to clear everything.


I've arranged to see a debt counsellor at CAB to discuss my options. What should I be looking out for?


My debts come to around £70k not including mortgages, and if I managed the payments it would all be paid off in 7-8 years from now. RBS group has the biggest chunk. If I had to with help and without selling my house I could probably get my hands on £20k or £25k.


The options I'm thinking of are:


- debt management plan - I understand it will decimate my credit file for 6 years, but maybe make the payments manageable.

- trying full and final settlement letters - do companies go for this and do I have enough to go for it?


Also I'm considering moving into a rental house but keeping my own house and renting it out - would this help things if I could declare I was in a rented property?


Formal routes are not an option.


Thanks for any advice!

Link to post
Share on other sites

Welcome to the site.

Bit late today but someone will answer later.

I will flag it up for you.

Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.



Link to post
Share on other sites

Please contact a member of the site team if you are offered help off the forum for a a paid or no win no fee service.


Please consider making a small donation to help keep this site running

Click here to donate through PayPal (opens in a new window)

Link to post
Share on other sites

Hi there, I've written 9 parts to my blog now but based upon the basic info you've provided the Debt Arrangement Scheme is certainly the way to go. It's very similar to the DMP route but


a) Your interest & charges are frozen

b) the arrangement prevents the enforcement of court orders (this is called dilligence) and bankruptcy petitions being brought against you!


If you need a hand with anything drop me a line!


Best wishes,



Link to post
Share on other sites

  • 2 months later...

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?

  • Create New...