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Massive Debt - 24 Years Old - Really no idea where to go from here =(


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Hello all,

 

I am not really sure about this post but I will give it a go! I have not sought help on this matter before as I didn't even know this website existed. If there is anyone out there who could give me a little advice it would be great !

 

I have done some reading, but it would be great if some people could just explain a little about exactly what to do, and whether its worthwhile etc.

 

I am in major debt, of around 15k-ish I think. Sadly my parents were never good with money and always had things on finance etc - (and paid all the time in full etc. but they had a good business going at the time, until it went wrong). So when I hit 18, I thought finance was completely normal and rinsed everything I could, so I took out a £10k loan about 3 days after my birthday and brought fancy cars and was completely careless. I have now learnt my lesson!!!!! I paid everything fine all the time, until I lost my job. Since then, I have had a nightmare between jobs all the time and its gone wrong, and for the last two years its completely messed up being self employed with no regular income.

 

I really need to get this sorted because it is completely hindering my life, and stopping me from saving up etc.

 

My debts are as follows -

 

Natwest Loan (with wescot credit services - not spoke to these about the debt yet) - £10700

- latest was taken out 04/2008, defaulted on 07/2011

Natwest Overdraft (also with wescot as above) - £950

- defaulted on 08/2011

HFC Hire Purchase - £450

- Defaulted 04/2010

Vodafone (with capquest) - £107

- Defaulted 07/2009

 

I also have a credit card with MBNA (balance of £1800), which went to experto credite. I have spoken with them on the phone and have an agreement to pay £10 a month now. HOWEVER, this account does not show up on my credit file report from Equifax, how strange? It mentions nothing about a credit card from them at all. Is that normal?

 

I now have a job (employed, with a salary + commission). My partner and I have just got a house (through her parents etc.) and now we have monthly bills to contend with aswell.

 

I have no idea where to go from here, I don't know what all this CCA or SAR is, or whether using them will benefit, or whether I should let some debts go, I don't know! One thing I cannot have on my credit file is a CCJ, insolvency, or becoming bankrupt (the line of work I want to go into won't let me).

 

Is there anything I should be doing, or should start to do ? Dear me =(

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Hi welcome to CAG . Taking a look now.

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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The most important thing first DO NOT discuss finances and debts on the phone it can cause untold problems unless you can record calls!!!

 

Let's look at the credit card not on CRA report, defaulted accounts are removed from credit files after 6 years paid or not, I suugest you check Experian (Credit Expert) as well

as all lenders/creditors do not report on all the agencies.

Send CCA request to Experto asap.

 

NatWest loan, if you have PPI on it you can reclaim missold premiums.

So a SAR is a good idea.

 

Overdraft is not covered by CCA so no regulated agreement is relevant.

are Wescott collecting on behalf of the bank or have they bought the debt??

 

HFC hire purchase were good returned on default and how much had you paid

at that time?

 

Vodafone smallest amount I suggest paying off straight away, gets the default

marked satisfied.

 

Now for your own information make out an income and expenditure sheet.

 

List all priority committments.

 

Rent Mortgage

Council Tax

All utilities and arrears if any

Food

Clothing

Travel

Insurances

TV licence

Priority Debts

Regular Payments.

 

Set this against your nett income

 

arrive at a figure for your disposable income,

set aside an amount for contingencies you

then lnow what amount you have to split amongst

your creditors.

 

You can the write to the creditors and TELL them what

you can pay, DO NOT LET THEM INSIST ON MORE!!

 

It's your money YOU are in CONTROL.

 

All your debts are unsequired and non priority.

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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Share on other sites
The most important thing first DO NOT discuss finances and debts on the phone it can cause untold problems unless you can record calls!!!

 

Let's look at the credit card not on CRA report, defaulted accounts are removed from credit files after 6 years paid or not, I suugest you check Experian (Credit Expert) as well

as all lenders/creditors do not report on all the agencies.

Send CCA request to Experto asap.

- Okay, will send one in asap

 

NatWest loan, if you have PPI on it you can reclaim missold premiums.

So a SAR is a good idea.

- Okay, will send one in asap

 

Overdraft is not covered by CCA so no regulated agreement is relevant.

are Wescott collecting on behalf of the bank or have they bought the debt??

- They have bought the debt (90% sure on that)

 

HFC hire purchase were good returned on default and how much had you paid

at that time?

- Goods not returned, had paid maybe half of it? A little more perhaps.

 

Vodafone smallest amount I suggest paying off straight away, gets the default

marked satisfied.

 

Now for your own information make out an income and expenditure sheet.

 

List all priority committments.

 

Rent Mortgage

Council Tax

All utilities and arrears if any

Food

Clothing

Travel

Insurances

TV licence

Priority Debts

Regular Payments.

 

Set this against your nett income

 

arrive at a figure for your disposable income,

set aside an amount for contingencies you

then lnow what amount you have to split amongst

your creditors.

 

You can the write to the creditors and TELL them what

you can pay, DO NOT LET THEM INSIST ON MORE!!

 

It's your money YOU are in CONTROL.

 

All your debts are unsequired and non priority.

 

Thank you very much for your help so far, been a really good help

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Do you have PPI on any of these accounts that you can rclaim?

We have excellent people here to help with that.

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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