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    • Hello,

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    • We have finally managed to obtain the transcript of this case.

      The judge's reasoning is very useful and will certainly be helpful in any other cases relating to third-party rights where the customer has contracted with the courier company by using a broker.
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      OT APPROVED, 365MC637, FAROOQ, EVRi, 12.07.23 (BRENT) - J v4.pdf
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Help with managing £90k+ debt


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Hi all,

I'm 24 years old and in a mess. I have set up a DMP with PayPlan on £800 per month.

Here are my personal debts - all in a DMP (which are still with the banks but will default anytime):

Barclaycard £1.3k

M&S £1.6k

Vanquis £970

NatWest card 1: £5.5k

NatWest card 2: £3.2k

NatWest loan £13.6k

NatWest OD £2079

New Day (Pulse, Fluid, Aqua) £3.5k, £2.9k, £3.3k

LTD debts with PG

Liberis £12.3k (defaulted with DCA)

Funding Circle £9k (nearly defaulted)

Capital on Tap (now Lowell) £9k

NatWest loan £5.8k (defaulted) - in DMP

Marketing company £19k 

No clue where to start. Ideally I want to pay the lot off as the LTD is still viable, just ruined by loan stacking. I have just been very bad with money since I turned 18 and some of these stacked up as a teenager/early 20s.

I heard a lot of DCAs offer discounts so is this the way to go? As there are a lot of creditors, it's going to be tough keeping in touch with them.

Many thanks

 

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I am still living at home and pay housekeeping.

I sold my car already to pay some of the debt off and have no other assets really.

In the past year I paid around £30k off so the debt level was already much higher. When LTD revenue peaks I throw as much as I can at business related debts but Q1/Q2 is slow.

The marketing debt is what tipped me over the edge, I'm just wondering if I can negotiate a lower settlement amount with them then that's a start.

Another hope is that DCAs discount the debts heavily and I pay these on plans.

NatWest/NewDay have been chucking loans at me since I was 18.

Business loans were my fault for signing PGs - big regret of mine.

I'd be happy paying £20k off this year but it's been a slow start to the year.

And yes, I'll never borrow a single penny again - I was just immature. I quickly realised how dangerous borrowing is.

Edited by JHall2023
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I've researched already over the past few months - it's not for me. I need to continue LTD co for income and keep building the business.

The debts have sucked the life out of me and the company but the business model itself is viable. 

DCAs buy for as little as 10p in the £1 in most cases, why not just settle with them some time after default? I'd never be harassed again and no legal action required.

Marketing debt isn't even enforceable if I negotiate settlement fairly.

Surely there is a plan B...

Looking forward to hearing from the team tomorrow

Many thanks

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Thanks for the advice.
 

Most importantly I set up a new bank account with an unrelated banking group last summer when things were taking a dive.

Do you suggest I ignore everyone for now but keep any letters that come through?

I don’t even know if any except COT have gone to DCAs yet.

Requesting a SAR from COT - don’t see how it benefits me? Can’t I just ignore Lowell altogether? They haven’t even got the debt amount correct like I said the other day

 

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I'd be tempted to pay any discounted offers that come due to ignoring... I've got another bank account open for cheap settlements.

Potentially I could settle most of this for £15-25k? It's easier and based on my income increasing it'll be peanuts.

I can see my income improving over the next year so any discounts I'd be welcome to. If I can afford it at some point why not?

On a side note, I'd like a mortgage before 30, I suspect I'd need a VERY high deposit and pay higher interest (if anyone even considers me in the first place with all these defaults).

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@Xerzes thanks for the heads up. I would never go BK, it would ruin everything and my reputation - I prefer dx advice above which is more of a strategy.

I'd rather just let these defaults fall off and move on. I'm sure I had a default when I was 18 which doesn't even show anymore, it can't be that bad (I never used to check my file back then).

Unfortunately no one would become director (family etc) they're not savvy enough to understand how business works or the potential risks involved - they've only ever worked in jobs.

Cheers

 

 

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I understand. What's the likelihood of a CCJ? Not going to end up with 10 CCJs or (how ever many there are) am I? That would be a lot of stress and faffing about responding to letters.

Can't be bothered doing anything in writing I just want to move on. I'll keep the letters sorted in a folder and that's it.

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Ok sounds good. Grateful for this forum. 

I'm expecting a lot of letters but hopefully they become less frequent if I ignore - right?

I'm just focusing on my future and increasing income, paying into a safe bank account. Will store away each letter as mentioned

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Update: NatWest Business loan and current account no longer showing in the app

NatWest personal cards (2) not showing

Just the OD and personal loan displaying as of now

Wonder if all the NatWest ones will be sold to the same DCA?

Edited by JHall2023
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