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  • #1

    Shedload of debt - what to do....

    This is Grassy in the house, here for hopefully some advice and assistance. So due to some very poor spending decisions on my part, a failed attempt to start a part-time business and a horrible divorce, I'm pretty much washed up with well over 50k of unsecured debt and a big mortgage to take care of, although hopefully reducing soon thanks to some family help.

    Now, I could spend the next 15-20 years paying a big chunk of money back every month and living in poverty, which I am sure would make the banks and DCA's very happy, but I do not intend to ruin the best years of my life just because of a couple of serious mistakes in the past - the banks got bailed out very nicely when they blew everything, so I guess I will have to make my own bailout

    Now, at the moment this lot are in a holding pattern with Payplan, and a very low £78 payment, which seems to be keeping the wolf from the door and my name out of Northampton County Court - which is fairly remarkable given the amount of debt. At this rate I would have to live to over 110 to pay it off!

    Barclaycard £5K, - sold to "IDR Finance II c/o Link Financial"

    Egg VISA £9K - Sold to Barclaycard, now sold on to Link Financial

    Egg MasterCard £9k - Sold to Barclaycard, now sold on to Aktiv Kapital

    MBNA - £600 - Aktiv Kapital

    MBNA - £1700 - Aktiv Kapital

    Marbles (previously Goldfish...) - £2000 - still with lender

    HSBC Online Card - £6600 - still with lender

    Lloyds Platinum Card - £5000 - was with Robinson Way - continual harassment whilst on DMP, complained formally, account returned to lender

    Co-Op VISA - £3500 - still with lender

    MINT - £3500 - still with lender

    Halifax - £9850 - with Aktiv Kapital

    All these accounts are pre-2007, which leads me to think maybe one of the biggest UE operations ever might need to kick off shortly But I would like some feedback (esp. from the kind site staff here...) what would you do in my situation.. it's tempting to just keep everything ticking over on low repayments, limited hassle, but I will never be rid of it. An IVA is far too strict and stringent. I can't risk a CCJ due to the damage to future career prospects / risk of charging order on house (when it might have some decent equity in the near future) etc. All advice welcome. Thanks very much in advance.

    Grassy
    Tags: 1st, account, accounts, advice, apr, arrangement, arrears, banks, barclaycard, calls, card, cca, ccj, con, court, courts, credit, credit card, credit cards, creditors, date, dca, dca's, debt, default, divorce, dmp, family, financial, free, homes, information, life, list, loan, mas, money, mortgage, online, paid, pay, phone, poor, rate, size, stop, ue diary, unsecured
  • #2
    Re: Shedload of debt - what to do....

    There are quite a few members who have far more debt than you...and also own their own homes.

    I would send off cca requests to all the creditors and see what they come back with, especially as these are pre-2007.

    If you decide to go down the UE route then start a diary in the UE diary section, using a separate post for each debt and giving the following information. I know you've given a lot of this but separate posts make keeping track a lot easier.


    • Type of account (credit card/loan)

    • Date commenced (ideally before Apr 2007)

    • Approx balance

    • Date last paid (approximate date you last made a FULL payment)

    • Are you on arrangement or not paying

    • Status (default/in arrears/up-to-date)

    • Account owner (who is writing to you, a DCA or the lender)
    Let your smile change the world but don't let the world change your smile

    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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    • #3
      Re: Shedload of debt - what to do....

      Thanks Pixie, that sounds like a good first step to take. I'll give it a go.

      Comment

      • #4
        Re: Shedload of debt - what to do....

        UE isn't easy but, like you say, on the dmp you're never going to pay it...and the £78 is better in your pocket
        Let your smile change the world but don't let the world change your smile

        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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        • #5
          Re: Shedload of debt - what to do....

          You will get a flurry of letters to start with, dont let that put you off, they will get fewer and far between, so stay strong.
          I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

          If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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          • #6
            Re: Shedload of debt - what to do....

            Welcome Grassy!

            I'm sure the advice you'll receive here will stop the unsecured debt being magically converted via the courts into secured debt.

            UE is what many of us on here have been pushed into by the greed and behaviour of the banks and DCAs so here's to the start of your UE journey!

            Comment

            • #7
              Re: Shedload of debt - what to do....

              Welcome Grassy.

              hubby and I had over £100k owing when we first decided enough is enough in 2002, did our own dmp(well I did hubby leaves me to it) was paying small amounts to 23 credit cards/store cards and a loan, dealing with sh1ty DCAs threatening letters,receiving endless phone-calls then found this site and boy have i learned a thing or to, 1st one being you are never alone on this site, there is always someone around to help you out, cheer you up, and buy you a virtual pie and a pint in the Statute Bar, feel free to have a look at my diary, Nightwatch and Hubbys Diary of debt, but make yourself a sandwich and a drink first, it's a long read

              Good luck x nightwatch (mrs)
              I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

              If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

              Comment

              • #8
                Re: Shedload of debt - what to do....

                Hi grassy_knollington,

                Welcome to the Forum.

                You really are in good hands here.

                Although it can seem daunting at first; as already said its a bit like a bottle of pop. They will go mental at first, but it will soon drop off.

                All the best, and here is to another (hopefully!) UE Diary.

                Best of luck with it.

                SA Gold
                When Gold isn't enough, there is SA Gold! New to the forum and find the UE route a bit scary? Take a look at my diary here and judge for yourself. I am now saving the money each month that was making little difference to the balance and not a bit of difference to my credit file as a result of finding AAD.


                I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                Comment

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