£25k to eight creditors - getting to me - help!

[SabreSheep]

For each debt

 

1) Who is the original company

2) What type of debt? EG Loan, Credit card, Overdraft

3) When was the account opened?

4) Is the account been sold to a debt collector? If so Who?

5) Rough Amount

6) Was there any PPI?

7) Credit cards - Any overlimit charges or late payment fees?

 

The first step is information.

 

So for credit cards and loans I would read up on CCA requests

I would also read up on Subject Access Requests and send one to every original company.

 

The second step will be to minimize the balances - Reclaiming PPI and charges.

[SabreSheep]

OK looks like a lot but really not as bad as you may feel it is.

 

One thing I would do is open a new basic bank account and switch bills to it. This will help stop those charges on the overdraft. THEN inform the bank that you are in financial hardship and that they are obliged under BCOBS so consider your position and treat you fairly. Back that up with a I+E.

 

Also use that I+E to work out how much you can afford to pay. Total up the debt and then total up yoru disposable income after priority debts have been paid

Devide that amount by the total debt to get amount X

For each debt you times X by the amount owed. THAT is the figure you will be paying them. See the CAG library for templates for token payments and I+E templates.

 

Some of these may be in the process of being sold to dcas which is why they show as satisfied even though the balance is outstanding.

 

VERY - Probably loaded with insurances and charges I bet.

 

In summary this will take some time to sort out but remember, noone can do anything to you or take your stuff or take you to prison. To get bailiff involved you have to lose in court first. AND if it ever came to that we have people here that can help you defend.

 

As for assetiveness, it grows on you after your first few victories, speaking from experience

[SabreSheep]

Only a court can demand an i+e

 

what iis the balance?

 

any late payment charges + overlimit fees? ppi?

[SabreSheep]

Personally as others will advise, you TELL THEM what you will be paying.

[SabreSheep]

Also DX advises in 23 NOT TO SEND the I+E to anyone

[SabreSheep]

Before you use a DMP, you really should check if the debts are legit and if there are any unfair charges etc to reclaim or contest. Thats because many DMP's dont do that, and just take the creditors word for it.

 

 

Cannot agree more.

 

CCA request those Loans and Credit cards