Severe Debt Help Needed ........ :(

[btcc_racer]

Don’t know where to start I’ll keep it brief any details just ask.


Firstly I’ve been hiding behind my debt for years and afraid of legal action etc and this has affected my confidence im o.k now, ive finally realised that I’m not the only one...but everyone I speak to for advice, debt advice line citizen advice bearu etc don’t seem to help.


In a nut shell I made a HUGE mistake in my younger days of running up debt furthermore I went self employed just before the recession with a view to earn more money and clear my debt and for a short time i was paying off lump some and felt great as i wanted to be debt free.

Soon as the recession hit I relied on using my personal credit cards to get by as i couldn’t find work and was hopeful business will get back to normal (it didn’t) and incurred over £30k of debt. I managed to pay a 6k loan of but I still owe over 20K. Since then a few years have passed I’ve defaulted and my debt has been passed to companies which I’ve made arrangement to pay of debt in small payments.

I’m at the stage in my life where ive got a reasonable job and would like to get a mortgage in the coming years ive learnt from my mistake im currently living at home with parents (but pay more than my fair share as my father has his own debts) i’m not sure what my best options are. Is there a way to start over again? Because I can’t see myself paying 30K as im only left with £250 a month max and half of that goes in small payments to the companies which have bought my debt?

CapQuest 4300
Moorcroft 8813
Clarity 1105
Westcot 73009
Mercers 5000
B Carter 4400
My overdraft with Barclays is at£4300 over two account

I also have a vanquish card which im paying off its not alot of debt just £700 and i tend to only use it in a emergency, not used it for a while and the balance is coming down.


They may be more but thats pretty much it.


Jay

[kilasuit]

Re: Severe Debt Help Needed ........

welcome to AAD

hopefully a few others will see this in time and we can start to piece the picture together


but just checking that this figure below is correct?

Westcot 73009

[Never-In-Doubt]

Re: Severe Debt Help Needed ........

Are you paying these? When did you last pay?

[btcc_racer]

Re: Severe Debt Help Needed ........

ha ha good spot, not on that figure yet lol.

its 7300 ish

[btcc_racer]

Re: Severe Debt Help Needed ........

my objective if possible is to wipe my debt clean if possible and rebuild my credit file, i dont own anything other than a £1500 car might be worth less now.

Ive got some savings around £700. im keep that for a really rainy day again i can take it out and keep it as cash if need be.

im really struggling and the worst part is that it affects me in nearly every way.

Jay.

[PlanB]

Re: Severe Debt Help Needed ........

Hello and welcome!

£30k may sound like a lot now but take a look around and you'll find many people here owe a lot more, some even over £100k.

Do take a look around the forum and if you have any questions just shout!

^^^^ That'll be me then

£85k+ admitted unenforceble by the creditors and another £65k probably UE

[Never-In-Doubt]

Re: Severe Debt Help Needed ........

Woah. We're not gonna tell you to pay this.

We're gonna utilise legal presedent to help wipe it clean for you. If you're interested of course, first you must start a diary as per flowers post with links above. Then we'll help sort this little blip but remember - stop stressing.

Read some diaries to see mice become elephants and vice versa; ie we as users tend to boss the bullies into place. No longer are we the poor victim.

Read and read more then you'll understand what we do; why we do it and why we're the best at it.

Welcome to our stress free abode

[btcc_racer]

Re: Severe Debt Help Needed ........

roger..

i'll have a read tomorrow at somepoint and post back.
early start tomorrow

most of all im glad for all your help so far.
nice to know that there is some light at the end of the tunnel.

[BBoo]

Re: Severe Debt Help Needed ........

£30000 is not a huge debt, though I understand it may seem it.

There are formal ways you could get rid of it all and get a fresh start, and I could tell you what they are. However, I'm not going to as I honestly think you've nothing to lose by trying the UE route first - I would if I were in your shoes.

Give it a go and see what happens. If it turns out not to be for you, you've lost nothing, come back to this post and send me a private message (pm) reminding me I said what I did at the start of the post, and I will do all I can to help you through formal ways. It would be likely to be much much slower and far less satisfying for you than the route you're considering taking.

[alland]

Re: Severe Debt Help Needed ........

Hi btcc_racer,

If you look at page one of my diary, you will see your experience of trying to prop up a business with personal credit cards mirrors mine, the only difference is my foolishness notched up £130K of debts !
But £130K or £3K or whatever the amount is pretty Irrelevant when you are not in a position to pay.
Many of us here have felt the despair and isolation that there is on one to help you through this.

Well congratulations on finding your way here, because you will soon begin to realise, there is hope and lots of support here to guide you through the system, hopefully some if not all of your debts can be challenged with UE, if not all are UE, then least a major part of the burden can be lifted off your shoulders as you learn how to deal with the DCA's threats,and you will see light at the end of the tunnel.
As suggested earlier, start a diary and list out the debts individually and the current status ect.

So get ready to get your life back on track..and don't be afraid to ask anything at all, we have all had many experiences of most debt related issues here, so someone will be able to relate to what your concerns are and offer you some support to help you deal with your issues.

Good Luck

[greymatter]

Re: Severe Debt Help Needed ........

Hi btcc_racer,
Welcome to you and the beginning of a stress free life.This is some site believe me .With out a doubt you will soon be in attack mode!Read as much as you can in the Forum dairies,it will be a bit mindblowing at first ,but you will build your confidence up and the stress(what stress?) will start to disappear.
Greymatter

[PriorityOne]

Re: Severe Debt Help Needed ........

Hi btcc_racer....

Just letting you know I'm glad you found your way here from a different place...

Please try not to worry.... you're in safe hands now.

[jon1965]

Re: Severe Debt Help Needed ........

Hi racer
First off I want to say hello
Now the good bit, no one on here can be more dense than me, I ask stupid questions and ALWAYS get real answers that help.
I have been helped step by step, letter by letter phone call by phone call (don't talk to them)
The guys on here are great, some odd senses of humour (guilty) but no one is malicious and if they ever were then they would be gone.

This really isnt like other internet sites, no one judges you , please believe me on that all people want to do is help.

Have a look at some UE diaries , I would guess that sosad and myself are probably the most demanding,(no offence so sad) as we need support but we are learning . Even when a debt is enforceable there are ways round some of them.
Its a long process but I hope worth it

Jon

[btcc_racer]

Re: Severe Debt Help Needed ........

Thanks for all the kind support guys.

i've made my self a cuppa and having a good read.

thanks once again

once i get my issue on track to get them solved my father has a few debts issue of his own.

[btcc_racer]

Re: Severe Debt Help Needed ........

UPDATE......

I haven’t done anything in regards to my debt, part was fear part was lost in my daily worries job etc...

Well that’s changed now as I’ve lost my job as of yesterday due to a company "restructure".

Therefore cant "afford" to carry on.

Feeling crappy and low! but that life or so im told!


Jay.