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Halpert87

31 overwhelmed with debt and scared

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budget sheet is in the mortgage section of the library

you don't need and shouldn't have to send any proof with it.

 

 

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I don't see how it would affect your current tenancy , 

 

Do you have anyone, like parents who could guarantee any future tenancy?

 

Pers I'd ditch the car, I think it's penalty free after a certain point. Plenty of cheap reliable run arounds available for OIRO 5 or 600 quid.

 

 

 

 

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It's a PCP agreement and I think that would rule me out of a DRO as it would take me over the £20k and I don't have any third party who'd be able to take on the debt for me.

 

If I sent the letters off with the pro rata agreement, I would still be able to keep the car wouldn't I??

 

I'm thinking that although a DRO and IVA would be more immediate for me, that sending the letters off first and seeing what the creditors say and agree too may be a better and more suitable move for me x

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19 minutes ago, London1971 said:

I don't see how it would affect your current tenancy , 

 

Do you have anyone, like parents who could guarantee any future tenancy?

 

Pers I'd ditch the car, I think it's penalty free after a certain point. Plenty of cheap reliable run arounds available for OIRO 5 or 600 quid.

 

 

 

 

I don't have any parents. Which is why my main concern will always be my tenancy as I am petrified of going homeless and having no one who cares for me to help.

If I simply send off the pro rata letter though it wouldn't affect my tenancy or car would it? x

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no neither

how would they know?

 

but...defaults appearing on your credit file.. might cause problems getting a new or extending the car lease as it would require a credit check.

butIMHO the registering there of a DRO or IVA would 100% kill PCP in the future.

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Posted (edited)

@dx100uk That's made me think even more that the original idea of contacting the creditors myself and entering into a pro rata agreement must be my best move. I know I am in a bad financial state but I really want to reduce the restrictions for my future credit status.

 

So I now need to sit down work out my finances and how much spare money I have per month, then individually contact my creditors and ask them to freeze the interest and accept a lower monthly repayment.

 

The downsides to this are:

1. They could refuse to accept my offer (but I will only go back to the position I am in now).

2. It will affect my credit scoring (but not as bad or as long as a DRO or IVA would?)

3. The debt will not be written off but I'll just be allowed to repay it over a longer time scale and a more manageable rate.

 

The upsides are:

1. I will not have the risk of my tenancy ending or my car agreement being revoked.

2. I will be able to breathe financially and not have to worry all the time.

3. The payments I make will actually go to reducing the debt not just hitting the interest.

4. I will have a better chance or getting a mortgage in the future with this option rather than an DRO or IVA.

5. I can keep my bank account.

 

Is the above all correct?

Edited by Halpert87

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D1.tough you send letter two... no change in your overall situation.

d3..but you could change things later.

 

u1 you might have issues eitherway with the car upon renewal.

u4.possibly

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Posted (edited)

As an aside, when it comes to PCP's or monthly payments on cars there are nearly always options, no matter what your credit. Bear in mind you don't have any CCJ's either.   However the payments will be more expensive.

 

The same goes for mortgages, defaults become less important as they age, also having a higher deposit can compensate for a multitude of sins. 

 

All the above is my own personal experience, it's never the end of the world.

Edited by London1971
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Thanks guys,

 

Is there any helpful Budget forms you know of that will help me work out what I can and can't afford?

 

x

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I am filling out the form now so that I can send it to my creditors. My question is when filling it out do I put both mine and my boyfriends income and outgoings or just mine?

 

A lot is joint? A bit confused.

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if some are joint debts by that i mean joint card or bank accounts they you will have too

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Single Premium PPI Q&A Read Here

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Reclaim Bank Account, Loan & Credit Card Charges Read Here

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If the debts are in your name alone...no reason to mention a boyfriend unless its obvious your out goings do not match your income ? 


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its a mix and match. The debts are all in my name but we have a joint account and some bills are joint. If I list all our incomings should I list his debt too?

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You could...if your inflating the income..inflate the total debts.....I doubt it will make any difference in the long run or whether they will even read it.......thats why Im not an advocate of using this system...what ever you offer what ever you request will be rejected...and they will default you.....but they will have all your personal information by that stage.

 

DRO or CCA request...stop payment with no response is the only way forward.

 

IMHO.


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Argh! I am so confused. So you don't think that they will agree to help in anyway? Do you think even requesting a freeze on interest will be rejected?

 

I am so confused as to what to do. I thought I had worked out the best option but your lack of faith in this system worries me.

 

x

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Ive yet to see it happen yet in my 13 years on this forum...even if hey did agree to freeze the interest...you have breached the agreement and will get a default marker/ notice .

 

Then they will assign it to a debt collector...debt collector will ignore any payment plan you had with the OC and hound and harrass you forever...some will even litigate and issue a Court Claim.

 

So before that happens why not request copies of the agreements per debt see who can comply and not and get in front and find out what is and not enforceable and likely to be litigated on.

 

Your in debt your in trouble..this will only get worse before it gets better....unless you land a windfall on the lottery.Creditors are not in the business of assisting debtors with debts they owe to them...your simply prolonging the process by trying to appeal to their better nature....or lack of it.

 

Just my opinion but you must do what you feel comfortable with .


Andy

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Thanks @Andyorch So I should contact them all and get copies of my contract and take it from there? x

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Agreements yes...section 77 for loans and section 78 for credit cards and section 79 for Hire Purchase

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Ok I will phone them all up tomorrow and ask for these. Thank you as always @Andyorch x

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:becky: I wouldnt...you cant request agreements over the phone...read here....1 per agreement

 

 

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@Andyorch I've still much to learn.

 

I am now thinking about if I can sell a lot of the things I no longer need or use like downgrade my iPhone to a basic one and sell my laptop and use my phone to bring in more money instead?

 

Also, I was thinking that maybe I could still find credit and move my balances around to be at the lowest rate and maybe see if I can do overtime at work to help bring the debt down as fast as possible. I would like to get a second job but no where is hiring at the moment.

 

I checked my credit score today and it currently stands at 356... Is that good? Bad? Average?

 

I think I work out the best way for me to cope but there seems to be no easy way out of this mess.

 

x

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Or , instead of prolonging the agony, just accept your Credit File is going to be trashed anyway, whatever you do.  The sooner you stop paying and ignore everyone, the sooner you get defaulted, the sooner the 6 year statute barred clock starts ticking. Paying a quid a month will run that for ever.

 

In a few years your defaults will be far less relevant to getting a mortgage etc, in 6 years it will be like they never happened. Sure you might get a claim form , but that could be years away, and therei s lots of help here.

 

but as the above poster says, please don't sell anything, non of this is anything to really worry about.

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