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Best way to reduce large (£70K debt)


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Hi

 

I have a significant amount of debt (just under 70K) that I have been paying off via a DMP through the CCCS. Since I started paying it off, ive paid just under 22K (over 5 years)

 

With the help of this forum, I am just about to recieve nearly 17K in PPI back from Barclaycard - one of my larger creditors. Unfortunately, Barclaycard will be using most of this to settle my accounts with them and so will only be actually returning 7K back to me.

 

What I would like to do is use this 7K wisely to make offers to my creditors to see if I can get any more of this debt written off. Im not trying to get out of paying it - I do owe it to them at the end of the day, I just want to reduce it as quickly as I can.

 

Details of the debt are

 

Barclaycard - 4K (Settled through PPI)

Barclaycard - 6K (Settled through PPI)

Barclaycard (Sold from Egg) - 6K

Barclayloan - 9K

Barclayloan - 3K

Barclays Overdraft - 1K

Cahoot - 7K

Drydens (Egg), Charging Order - 16K

RBS Credit Card - 4K

RMA (American Express) - 5K

Transcom (Shell Visa), CCJ - 2K

RBS Credit Card - 7K

 

What is the best way to procede? Should I make them all an offer based on the balance? Should I just forget the offer and just put the cash into the DMP? I dont want to do anything that is going to get them to all start chasing me again. They have been very quiet for the last 5 years and seem happy to accept payments via the DMP.

 

There is no equity in the house (10K negative equity) so I was thinking about offering the whole 7K to Drydens to see if they would accept and remove the charging order. Is this sensible/likely?

 

I dont think there is any PPI (or other charges) I can claim back from anyone else. I do have an application form from Natwest that showed a tick box to say I would take it, but I (and they) have no records of any payments actually being made.

 

Any help would be greatly appreciated.

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Hi rk

 

Have you got Penalty Charges on any of your credit cards? You can claim these over 6 years plus with interest. Send them a SAR request, they will send you all the data they hold including credit card statements. Have a read of 1,2 and 3 in my signature.

 

Heres a spreadsheet for Credit Card Charges: - http://www.shweb.pwp.blueyonder.co.uk/interestcalcs.xls

 

This could amount to quite a bit.

 

Also read No 9 in my signature. But you need to be very careful with F & F to make that they are exactly that.

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Hi

 

Yes, done a SAR to all of the creditors. Only one left is Natwest, who have been very unhelpful. Sent SAR in September, still no response. Reported to informsion comissioner. Ive gone as far as I can go with regard to reclaims. What I would like to do now is work out what the best thing to do with the 7K is in regard to the debt.

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