Being Made Redundant . Help lots of debt

[Badtimes123]

Hi Skint, firstly and most importantly, relax friend, there's no rush here. Before you think I don't understand or it's easy for me to say - I've much much more debt than you and almost 1.5 years since I flat out stopped paying a penny across 8ish accounts, to 5+ different lenders. Nothing bad happens, nor will it to you!

 

No one here will judge you, it's not immoral to be in debt!

 

Forget DRO's and Bankruptcy - you will NOT need it. That was before and when you were less informed and likely not on CAG

 

Make a large cup of your favorite drink, sit back and spend the evening having a read through the debt  self help forum threads, as dx suggests, you will soon see what your options are, return here with questions and we will absolutely help you.

 

Once you have a better understanding of your options you will be able to make the best informed decisions and we will help you with those.

 

dx's advice in post #2 is absolutely, 100% THE advice to follow right now, consider it while reading other threads.

 

Stopping paying your loans will not affect your credit cards for many many months, likely until such time you stop paying those as well..

 

BT

 

 

 

 

Edited May 18, 2022 by Badtimes123
after thoughts

[Badtimes123]

Hey SB, I do know for certain that CAG would always advocate paying your debts and not getting into more debt if possible.

 

I can however comment on my own experience and you will take from that what you will:

I made cash withdrawals on my CC's everyday to the maximum, until I was happy my buffer was sufficient. No one checked/asked or anything about it, because why would they?? all they care about is whether you'll pay or not, not where the money went before you couldn't pay. Then I used the cash to pay the min payment a couple of months.. The reason I chose to do this was, I either default on 50k or 55k.. no brainer, FOR ME that is...

 

Let me come back with another hypothetical scenario

 

Let's imagine you didn't know you were about to have financial issues, you could absolutely use your Credit Cards to buy WHATEVER you want *cough*

 

Fraud - the only people involved in fraud is the financial institutions, in my opinion.

Edited May 19, 2022 by Badtimes123
more after thoughts sorry :)

[Badtimes123]

I'm no professional, just a guy still sweating at the grind stone making other people rich while trying to afford staying alive haha

 

Forget your morals! Banks have lied to us all and keep us ignorant to their scams and how currency really works..

 

Anyway, don't get me started

 

Basically, do whatever you need to do, nothing bad will happen whether you owe 1k or 50k, same processes, same DCA's blah blah blah

 

One thing you will not be able to avoid will be letters though SB - many trees will be harmed during this process

[Badtimes123]

Hey SB

 

Did you make that large drink and have a good read up?

 

Re-read your thread, everything you need is in here already, try not to complicate things just now.

[Badtimes123]

Post #2 and Post #11 are what you need to do for now, this will prevent DCA's getting involved for many months/years/if ever and will also limit the letters landing on the doorstep.

 

Direct question - Not sure what 'attaching' means, but it doesn't sound good, do not do this and forget that line of thinking all together.

 

"I've read around the site, there is no answer." - I said re-read YOUR thread, everything you need right now is already here

Edited May 23, 2022 by Badtimes123

[Badtimes123]

No SB, just no..

 

I'm not sure you ever made that large brew and spent a night reading, if not then make tonight the night, read up on threads here until you fall asleep on your keyboard. There are many reasons why what you just said highlights a lack of fundamental understanding.

 

Posts #2 and #11 remain the only thing you need to do right now, use the rest of your time to learn and stop going inwards, you don't have the knowledge yet to make informed decisions by thinking too much

 

We will still be here when you need more guidance

[Badtimes123]

You'll know by my previous posts that I have no morals when it comes to financial institutions.

 

The reality is that if you follow the advice provided which is to default them, then pro rata them all to £1PCM, the OC's would eventually sell the debts and the DCA's who purchase them will 9 times out of 10 be unable to provide enforceable paperwork, then 6 years later... poof! all gone.. could be 7 or 8 years away from having the slate wiped clean, regardless of how much debt you have or whether they are 'maxed' or not..

 

Re-read our posts in your thread, we've answered your theoretical questions already, I know oldrouge and I did for sure.