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Hello all,

 

This is probably going to be quite a long post, so I hope some of you will bear with me to the end, as I could really do with some advice as to what I need to do regarding a large amount of debt,

 

Firstly, I should point out that everything I tell you in this post refers to both myself and my wife.

 

We have outstanding debt worth approximately £55,000. It has slowly built up over the past few years and unfortunately neither of us has tried to take control of the debt, but now, we know we have to as the debt is becoming less manageable.

 

All of the debt is in unsecured credit cards, and some catalogue, store cards . There are no loans,and we have never defaulted on any payments.

 

I was diagnosed with Cancer a couple of years ago and unfortunately I have been unable to work since, due to treatments, hospital appointments, tiredness and feeling generally unwell. My wife also doesn't work as she is my main carer.

 

We receive benefits, this includes PIP, ESA, Carers Allowance, and Child Benefit, and up until now we have just about managed to pay the debts each month but it is now getting to the point that it is becoming a struggle.

 

Bills are always paid on time, Gas/Electric, Water, TV License, Sky (minimum package) and BT for phone and internet.

 

We own our house outright so there is no mortgage or rent to worry about and we are exempt from council tax.

 

So my question to the forum, is should we now consider a DMP, as we know that in a few months, our outgoings will surpass our incomings, and we would be in the situation of not being able to pay all of the debts each month.

 

The other option we are looking at is to sell our house, however, we would need to be able to buy somewhere at a reasonable price, so that we could use some of the sale money towards paying off the debt.

 

If we start a DMP now, and say in 6 months we have £25000 left over from the sale of our house, can we stop the DMP and try to arrange full and final settlements with each of our creditors?

 

Would the credit card companies be willing to accept a reduced final settlement figure or because we have always paid on time, they do not see us as a bad debt?

 

Any advice will be greatly appreciated, and for the DMP we are thinking of using Stepchange.

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Are all these consumer debts still with the original creditors??


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Hi, yes these debts are all still with the original companies, we have never defaulted on any of them. All consumer debt

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ok thanks

I've popped you into the debt self help forum

there are lots of like threads here for you to read.

 

pers i'd no go doing anything silly like equity release. dro.iva.bk and all that stuff

just puts a bigger millstone around your necks that you cant get out of and typically legally formalises all the debt .

 

are all these of recent time or do they stretch back many many years.

I e

when was each taken out?

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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no worries have a good read here at some other peoples troubles

comeback with questions

 

might pay you to write to each creditors but you'll see that

 

give us an idea of the takeout dates as pre / post 2007 can be important here


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Thanks for this information, I will look into every card and get dates, but at present I do know that 2 cards in my wife's name were taken out in 2002 and 2004 respectively.

 

At the time she was not working, and she has had some credit increases over the years. One of these cards was sold to her while shopping in Tesco

 

The cards from 2002 and 2004 are still active, but would it still be possible to CCA these?

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Yes you could


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Can this be done now, before a DMP? And also, due to the fact neither of these have gone into default, will that make any difference? Thanks again for your help

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Yes as i said you cca anytime


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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