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The start of a debt free life

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  • The start of a debt free life

    Hello all, just a little about me - my hubby and I have found ourselves in big debts altogether, and after browsing through this forum over the past few days (which has already turned out to be super helpful and supportive) we both made a decision yesterday to stop making payments in anticipation of defaulting on every single one of our accounts to hopefully stop all the interest from spiralling out of control. I appreciate this is really early on (as we haven't defaulted yet) but hopefully one day someone in the same place as us will find this dairy and it might help them out too.

    I'm about to list 18 creditors (yep, 18....) and will update with all the correspondence we receive. I think we have already blocked a few phone numbers but look forward to adding more to the blocked directory

    We also have no idea whether any of these would be unenforceable, although I doubt it as most was accrued within the last three years however we are going to use the template from this site to gain copy of all CCA's as well, so you never know...

    Thanks in advance for all your help and support x

    Red writing – correspondencereceived
    Blue writing – what we sent/did
    Greenwriting - Anything else
    Last edited by Frosty873; 8th May 2017, 11:13. Reason: Edited colour code

  • #2
    Re: The start of a debt free life

    Tesco Loan - hubbys name

    Date commenced - October 2015 (took out £17,500 over 60 months paying £425 per month)
    Approx balance - £19,839.54
    Date last paid - Last paid full payment in January 17, missed a payment in Feb and agreed to pay £495 for 6 months paid this once in March 2017 (this will now be the last payment)
    Are you on arrangement or not paying -Not paying
    Status (default/in arrears/up-to-date) -about to go to arrears
    Account owner - Creditor

    Comment


    • #3
      Re: The start of a debt free life

      Lloyds Loan - hubbys name

      Date commenced - August 2014 (took out £17,000 over 84 months paying £435)
      Approx balance -£13,000
      Date last paid - March 2017
      Are you on arrangement or not paying - not paying anymore
      Status (default/in arrears/up-to-date) -about to go into arrears
      Account owner - lender
      Last edited by Frosty873; 30th March 2017, 15:28.

      Comment


      • #4
        Re: The start of a debt free life

        Lloyds credit card - hubbys name

        Date commenced - no idea need to check but at least 8 years ago
        Approx balance - 550
        Date last paid - March 2017
        Are you on arrangement or not paying - not paying anymore
        Status - about to go in arrears
        Account owner - lender
        Last edited by Frosty873; 30th March 2017, 15:28.

        Comment


        • #5
          Re: The start of a debt free life

          Zopa loan - hubbys

          Date commenced - July 2016 (initially borrowed £10,000 paying £253 per month over 60 months - according to default notice it as £10,940 which I don't think I correct?)
          Approx balance - £13,196.82 (dated 03.05.17)
          Date last paid - March 2017
          Are you on arrangement or not paying - Not paying
          Status (default/in arrears/up-to-date) - about to go into arrears
          Account owner - lender

          04/05/17- email received from lender to say account hasbeen transferred to debt collection agency Find this a bit weird as we haven’t received adefault notice yet – is this standard practice?
          03.05.17 – Notice of arrears received in post 0.05.17. Asking for OHto contact to arrange a suitable repayment plan, they want to do an I&Eplan. If we don’t hear from you will have to refer to an external collectionsagency who will continue to contact for the outstanding debt. No mention of an actual default notice yet though? Educatedguess so they can keep adding interest onto the problem?

          Last edited by Frosty873; 8th May 2017, 11:59. Reason: Additional correspondance

          Comment


          • #6
            Re: The start of a debt free life

            Moneyway Loan - joint debt

            Date commenced - August 2016 (initially borrowed £10,000 paying £313 per month for 60 months)
            Approx balance - £16,380
            Date last paid (approximate date you last made a payment: March 2017
            Are you on arrangement or not paying - Not paying
            Status - about to go into arrears
            Account owner -lender

            03.05.17 - letter received saying it would appear we haven’t paid our last payment (blahblah blah) and asking us for bank details again to set up another direct debit


            Last edited by Frosty873; 8th May 2017, 11:19. Reason: Added recent contact

            Comment


            • #7
              Re: The start of a debt free life

              Loan with Bamboo - mine (hubby guarantor)

              Date commenced - March 2016 (initially took out £5000 paying £213 per month over 48 months)
              Approx balance- £8100
              Date last paid - March 2017
              Are you on arrangement or not paying- not paying
              Status (default/in arrears/up-to-date) - about to go into arrears
              Account owner - lender

              11/04/2014- letter received today saying "missedpayment- default notice" saying that the notice is being served inaccordance with the CCA and not asking for full repayment of the loan in fullbut if the missed payment of £213 is not paid within 20 days further action maybe taken blah blah blah.Surely thisnot the actual default for one missed payment?
              Last edited by Frosty873; 8th May 2017, 11:34.

              Comment


              • #8
                Re: The start of a debt free life

                Loan with 118118 money (mine)

                Date commenced - December 2016 (initially took out £2,900 paying £274 per month over 24 months)
                Approx balance - £5766
                Date last paid - March 2017
                Not paying
                Status - about to go in arrears
                Account owner - lender

                April – lost track of how many emails I’ve received from118118 chasing up missed payment. Nothing sent via the post to date.
                August - CCA request sent - is enforceable
                October - chasing for payment (threatogram)
                November - offered a substantial discount to clear debt, a one off payment of £1441 as a F&F settlement

                End of November - made the £1441. Bye bye 118 118 debt!
                Last edited by Frosty873; 28th December 2017, 15:42.

                Comment


                • #9
                  Re: The start of a debt free life

                  Barclaycard credit card (hubbys)

                  Taken out - May 2016
                  Approx balance - £3500
                  Date last paid - March 2017
                  Not paying
                  Status - about to go in arrears
                  Account owner - lender
                  Last edited by Frosty873; 30th March 2017, 15:29.

                  Comment


                  • #10
                    Re: The start of a debt free life

                    Barclaycard credit card (mine)

                    Taken out - not sure, think it was April 2014?
                    Approx balance - £750
                    Date last paid - March 2017
                    Not paying
                    Status - about to go in arrears
                    Account owner - lender
                    Last edited by Frosty873; 30th March 2017, 15:29.

                    Comment


                    • #11
                      Re: The start of a debt free life

                      Capital one credit card (mine)

                      Taken out - September 2015
                      Approx balance - £1478
                      Date last paid - February 2017
                      Not paying
                      Status - about to go in arrears
                      Account owner - lender
                      Last edited by Frosty873; 30th March 2017, 15:29.

                      Comment


                      • #12
                        Re: The start of a debt free life

                        Vanquis credit card (mine)

                        Taken out - May 2016
                        Approx balance - £1295
                        Date last paid - March 2017
                        Not paying
                        Status - about to go in arrears
                        Account owner -lender

                        April - threat of default letter received
                        June - Default received
                        September - letter to say debt has been sold over to Robson Way
                        September - chase letters received from Robson
                        October - discount letter (no amount stated)
                        November - 50% discount offer

                        December - settled debt as F&F settlement £647.60 - bye bye Vanquis debt
                        Last edited by Frosty873; 28th December 2017, 15:50.

                        Comment


                        • #13
                          Re: The start of a debt free life

                          Payday loan - Lending Stream (mine)

                          Taken out - February 2017
                          Approx balance - £1997
                          Date last paid - March 2017
                          Not paying
                          Status - about to go in arrears
                          Account owner- lender

                          Received an email 1st April stating that I wasnow in default of my agreement (clever word play there) but doesn’t appear tohave issued a default notice.
                          April – lost track of how many emails I have received chasingup late/missed payments. Nothing sent in post to date.
                          May - letter threatening default
                          June - default
                          July - Passed over to DCA - CRS
                          September - emails received offering 30% discount

                          October - I contacted CRS explaining circumstances and that I could only pay a one off payment of £1000 to clear both loans I had with lending stream. Also said I was considering bankruptcy... offer swiftly accepted first debt paid off!
                          Last edited by Frosty873; 28th December 2017, 15:55.

                          Comment


                          • #14
                            Re: The start of a debt free life

                            Payday loan - Quickquid (mine)

                            Taken out - October 2016
                            Approx balance - £1600
                            Date last paid - February 2017
                            Not paying
                            Status - arrangement to pay (but just missed the third of 12 scheduled payments)
                            Owner - lender

                            Letter received 06.05.17dated for end of April. Default Notice issued demanding full sum of £1519.26 tobe paid by 19th May.
                            Haven’t contacted Quickquid – will send a CCArequest along with a request for a breakdown of what was initially borrowed andwhat I had paid back to date, as final figure doesn’t look right to me (but genuinelycan’t remember what I borrowed)










                            Last edited by Frosty873; 8th May 2017, 11:42.

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                            • #15
                              Re: The start of a debt free life

                              Simply be - catalogue/store account (mine, obviously)

                              Taken out - August 2015
                              Approx balance £820
                              Date last paid - February 2017
                              Not paying
                              Status - missed first payment
                              Owner - lender
                              Last edited by Frosty873; 30th March 2017, 15:30.

                              Comment

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