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Need help with huge amount of unsecured debt


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Hi, I have found this group very helpful hence I am here seeking help and advice.

I got myself into a situation where I have now more than £50k in unsecured debts (personal loans & credit cards) and things are now getting out of control as I am struggling to make payments.

This is purely my own created situation and I am taking 100% responsibility for it.

I am keen to get out of this situation as soon as possible hence I would appreciate any help and advice in this process.

I am employed at the moment and don’t want to risk going into IVA or bankruptcy as this would risk losing my job.

Being sole bread earner of my family, I cannot afford to lose my job.

I have been trying to keep up with the payments so far and had few missed payments instances until 3/4 months ago but got caught up with missed payments somehow using my savings.

All my debts are still with original lenders.

However I know I am getting into same situation again shortly and won’t be able to get out of it again.

I have started exploring Debt Management Plan (DMP) option through StepChange but haven’t submitted it yet.

Based on budgeting, I have around £820 available to make payments to all lenders after taking care of all other essential expenses.

 This is definitely lot more affordable than what I am currently paying to different lenders.

1. Is DMP right option for me in current situation?

2. what are the negative consequences of availing DMP?

3. is there something else that I can do to get out of this situation? I’m determined to clear out all my debts but need bit of breathing space and time.

Let me know please if you need any additional information.

Thanks in advance for all your help and guidance.

MM

 

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If you look at some of the other debt related threads will see that one of the first things which will be asked will be for you to list out your debts in a brief chronological order,

including date of debt,

amount,

creditor,

amount outstanding,

defaulted – yes/no –

date of default,

date of last payment made,

have you acknowledged the debt at all to the creditors.

That lot at least.

I expect that my colleague @dx100uk will be along but will meet to know at least that information

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as this situation has now come up again for you, how confident are you that if you get on the straight and narrow with having a respite of 60days (Options for dealing with your debts: Breathing Space (Debt Respite Scheme) - GOV.UK (www.gov.uk)...

would you then be able to resume ok?

if not quite honestly, the very best thing you can do is to get ALL your debts defaulted by the issuance of and the registering of a Default Notice from each creditor. this is done by stopping ALL PAYMENTS, it wont hurt you short term, esp as all the debts are still with the Original Creditors.

this of course will kill credit for 6yrs, but, will cause the debts to vanish from your file (paid or not, paying or not) on the DN's 6th B'day, but of course that wont mean the debts are not still owed, legally, just your file will be clear of them all.

if you read a good 10-20 of the stories in this very same forum you found to start yours, you'll soon get the idea behind the advice given.

as for things like IVA/BK etc NEVER EVER do those, that secures unsecured debt.

just contact one of the free DMP providers and get breathing space implemented, that gives you a 60 day buffer to firm up your future actions. but DO NOT enter into a DMP, do one yourself. they can be a bit pushy, but simply insist you just want breathing space invoked,

i would only be giving them enough info to achieve BS too, don't give them anything you don't need too, they are funded by the banks and debt collectors and can sometimes be over intrusive and nosy wanting info that is better not revealed.

dx

 

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Thanks for responding promptly. 

To be quite honest with you, applying for breathing space might not really help except some short term relief.

I don’t want to default either as I might lose my job too and I cannot really afford it.

Sorry for sounding bit stupid but is there something I can do to stop them charging interest and agree on reduced payments?

Can I use pro-rata payment letters to get out of this situation without too much impact?

I am working on information that @BankFodderhas requested and will be sharing it later today.
 

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thats the idea of BS get short term in place then 2 mts to work out the best going fwd.

pro rata will mean defaults, best to simply stop now and default ASAP then await DN's then repay.

defaults dont harm your job., never heard of that, court judgements (CCJ's) yes but not defaults.

and any CCJ (or attempts at one) will be YEARS away as OC's dont do court themselves, they'll even tually sell the debts on to debt buyer who MIGHT. but that YEARS away if ever.

dx

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Just want to also point out that dx is really quite right that if your situation is not going to improve beyond 3-6 month period you may as well just stop paying them all for now and get the DNs

I called Barclays up who I am about to stop banking with and they let me know that irrespective of payment or discussion they just auto default after 4 missed payments and they consider any less payment than agreed as missed.

some do operate a bit more lenient but all it will do is stagger and delay your defaults..

really don't see much point in even sending them even £1 if the situation is more medium term than short term.

I have come to accept we are going to have to default and go from there.

 

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Hi,

Thanks a lot for your valuable advice and apologies for bit delay in providing some additional information as requested before.

I was also looking at other threads to get some more knowledge, apologies if my questions have already been answered in some other threads and I have missed them.

I would appreciate if you can guide to relevant thread to help navigate easily.

  1. If I opt to go down the route of availing BS option, I'd find it more convenient if I do it in parts i.e., applying with 2/3 creditors at a time. Is that even possible in my case?
  2. I understand that DN might be the best option for me but I am trying to avoid this route as much as I can. I am currently living in a rented property with wife and 3 kids and I am not how this is going to play out in future if we decide to move to some other area.
  3. How will DN impact my intention of getting house on mortgage (dream as of today) after 6 years?
  4. If I go for DN strainght away, do I have to do it for all debts? for example, can i leave one active credit card out of this DN?
  5. what can i do if I go for DN right now but my financial situation improves in 1-2 years due to better job or promotion etc.? 

Here are the details of my debts. Let me know please if you have any questions.

Regards, MM

Overdraft

Halifax - £2,500

Starling - £500 (I can settle this immediately to keep this account active as back-up for salary and other priority expenses like rent, council tax etc.)

 

Personal Loans - Outstanding Amounts - No defaults or missed payments

Plata - approx. £27,000

BetterBorrow - £3,450

Zopa - £14,000

Reevo - £2,800

Updraft - £2,230

 

Credit Card - Balances - No defaults or missed payments except those noted

Virgin - £6,100 (This card is suspended.)

Halifax - £5,474 (This card is suspended.)

Barclays - £5,400 (I am currently on a fixed monthly payment plan of £232 for almost a year now and missed last month's payment.)

Aqua - £3,100

Fluid - £2,100

 

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Pers I'd stop paying the lot and get each defaulted by a dn issuance. 

Defaults can't hurt future renting no

Only ccj's

Can't keep saying the same answers. 

 

Dx

 

 

 

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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well you've been here for +2yrs. 

CAG is also selfhelp.

so a good read of a good few threads in the debt selfhelp forum here wouldn't go amiss

then you'd know all these things and not keep not understanding and worrying.

dx

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Cant hurt it but expect to pay 6 months up front and some still do a credit reference check.

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

Have we helped you ...?         Please Donate button to the Consumer Action Group - The National Consumer Service

If you want advice on your Topic please PM me a link to your thread

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