Day 1 facing up to my debts

[meepatme]

Debts to hand:

 

HSBC Loan 4,408

Sainsbury Loan 22,271

MBNA 6,453

Overdraft 5,000

Barclays 3,400

 

Never defaulted historic I have now cancelled all DD and moved some funds to a neutral bank account. Overdraft already sent first message of daily fines etc etc.

 

I have been doing my research and had already applied to SC DMP plan.

 

After further reading I intend to delay this for 4 months to allow

 

one a emergency egg to build and

two allow some room for some of these lenders to default.

 

Am in a position where I could be saving 1k a month while not paying fee's

.

Most of the debts are less then 5 years old

I don't think the consumer credit requests will help much.

 

one cc is 2005

I will issue them all with consumer requests in the next day or so.

 

LI will also send a letter over the next few days advising of difficulty, asking for interest to be stopped and to have some speedy defaults.

 

I will outline a 4 month window and that am working with SC in this matter.

Ideally I want to get into a position where they all default to stop this AR stuff I have heard of stretching this out for 13 years.

 

Hope to freeze this interest off fairly quickly I will also put in my not to make this journey by mail no phone calls thanks you etc.

 

All my debts are unsecured, I live with my partner whom mortgages this house.

We are not financially linked.

Trying to get in a position where these debts go to the debt collectors for F & F down the road.

 

Thanks for hearing rambles

I think I have come up with the best option atm.

 

I reviewed IVA or bankruptcy but felt this route could be the best one if all lenders can default within 6 months so this isnt stretched out more then 6 yearrs

[fkofilee]

Hey Meep

 

Welcome to CAG Glad to see you have some idea already in mind... So it's close to 30k?

[meepatme]

Close to 42k

[unclebulgaria67]

It is not normally advised to send an original creditor a CCA request, because they are more likely to produce it, than a debt collection agency in a few years time.

 

With that amount of debt, if you own no assets and bankruptcy would not affect you e.g employment, then i think you should have a chat with someone who is qualified. I am sure you can arrange this local to you. Stepchange might be able to put you in touch with someone to talk about it.

 

A DMP would just extend the debt hassle over a very long time, making you feel unable to move on. Remember your personal

circumstances might change and having these debts hanging around might just make it very complicated. Many people go onto these DMP's and at some point stop paying. They then risk court claims or bankruptcy much later on, when the debts could have been dealt with earlier.

[dx100uk]

Doing good

[meepatme]

Looking to use the library templates for the

ASK YOUR CREDITOR FOR A COPY OF YOUR CREDIT AGREEMENT UNDER THE CONSUMER CREDIT ACT and also will modify REQUEST TO MAKE £1 TOKEN PATMENTS FOR X MONTHS.

 

 

Will modify the last template to advise of a 4 month break, plans to DMP with SC already in talks and request for interest to be frozen and timely defaults

 

Due too a self managed pension pot I wish to keep bankruptcy or IVA as a last resort odds are it would be an IVA as this stops any issues in that area.

a DMP and IVA would both last 6 years.

 

The budget i did with SC was looking about 6.5 years to clear the debts.

As the DMP is not a binding legal process the budget put forward would allow me to save 500-1k each month to try and position myself for F & F matters.

 

If the world would play nice, lenders default and move the debts onto DC am hoping I can knock off 50% on average which would beat the 6.5 years estimated to get out of this pickle jar

 

Noted re the consumer credit letters I will hold them back for sold on debts then

 

Well battle starts, ty for the letter templates hacked together letter advising DMP to start in December please stop interest contact only by phone etc etc.

 

Will send that out today. I spoke too SC advised of the late starting time of the DMP they would of preferred now but said call them in November and that should be ok.

 

DMP set for December, 4 lenders advised no more payments dmp to start in december please stop interest. Objective is low DMP payment squirrel away saving to one day FF them on dc acquirement.

[dx100uk]

no harm in firing a CCA request off to all bar the OD debt.

 

 

dx

[meepatme]

ty