After 10 years in relatively good finances in the last 6 months I ended up giving up my rented flat and moving in with brother due to things really hitting the fan. Below is a basic idea of my finances.
I'm self employed with no dependants or mortgage etc.
Rent, c tax, bills, food etc paid direct to brother, has been flexible till now but thats sort of part of the issue. £400 a month so can't argue it but its been a bit £50 here and there and tbh I want to be giving him solid payments.
Council tax arrears from last year with Bristol and sutor. Only £280 remaining and they are accepting £15 a week while Cv19 going on.
Roughly £1200 income tax arrears from a few years back, have heard nothing in a while but am aware that will be going up.
£600 owed to accountant from last year.
No national insurance paid for a good while.
Car currently off the road as needs money spending for mot etc but still paying £18pm insurance
I have about 7 unsecured debts totaling roughly £3500 owed to various creditors, all but 1 are 2-3 months+ in arrears. Jacamo will default on the 16th of April unless I pay £160 which I can't see me managing. I'm seriously considering letting these all default, maybe keep the Capital one card with £400 limit.
I'd say in the last 12 months I've had 15 default notices and on each occasion I've found the cash at the 11th hour yet all are still maxed out. The record must be Aqua with 4 notices yet it sits £300 over its limit despite not being used.
I just wondered what peoples views are on me just letting these unsecured debts default asap so to hopefully freeze the balances and repay them as a set amount rather than chasing the balance constantly?. Maybe keep the Capital one as it has the best rate.
I want to be paying off the priority stuff and get paying my brother on time + get my car back on the road and put some money back into the business. I just can't see any way out of the unsecured debts. I think it would cost maybe £600 to get them all up to date which is honestly out of the question. I fully intend on repaying them and from past experience debt collectors will be more flexible.
I think also from a psychological point it would be good for me but I just want some opinions on this. I realise my credit report will be thrashed for 6 years and I can live with that, I can't see me getting through 6 years anyway without defaulting atleast 1 so figure best do them all now.
Thank you all for your replies.
I have checked my insurance and under the glass section it does not cover panoramic roofs.
It does come under the damage to car section though, so I think the sensible option at the end of the day, and if Mercedes dig their heels in and wont help me, then that is the Avenue I have to go down.
I know how difficult it would be to prove that it is a fault, by design or whatever else, I have already took screenshots of it happening to other people, some in the UK, but mainly in America.
I agree that you have to pick your arguments in these difficult times.
Thanks again for all your help.
I was looking for advice. I have no money. This has been dormant for several years as you can see on Page 1. Am I better to go to mediation, or to carry on and fight the case ? They still have not provided the documentation I requested ? With coronavirus can I email a scanned N180 ?
See the document in the following link. Parts 2048 and 2049
By declaring the capital asset correctly, you are then enabling the disregard action to take place.n
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