Okay, time to actually get act together.

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david756
david756 Posts: 31 Forumite
First Anniversary Combo Breaker
in Debt-free wannabe
Hi all,

I posted the other week about getting a CCJ through the door. Nice thing to wake up with and give you a kick in the face.

I was originally going to be looking at going onto an IVA as I had been told that this would be the best option.

In total I have just short of £21000 ranging from 2008 to 2017. I have been stupid, and I know that.
I want to get myself straight, and just want to know a basic starting guide really. What should I do to get the ball rolling so to speak (I've sorted my CCJ, £14 a month)?
Should I write to all the creditors?
I have one debt that I believe is 5 months off being 6 years since I lost had contact or any payments made. I think I'm going to leave that one....??

I've been here before, with the best intention and screwed it up. It's really started to get me down now, and I believe it is starting to effect my personal life.

Any advice that you can give is great. How did you deal with this crap?

Comments

  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
    First Post First Anniversary Combo Breaker
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    Hi David756

    Well done on dealing with the CCJ, that’s one thing down. You also sound like you’re aware that debts can become statute barred under the Limitations Act, meaning creditors have run out of time to obtain a CCJ. Check on all of your debts that don’t have a CCJ, has there been more than 6 years without a payment (by any liable party) or written acknowledgement of the debt (by you).

    Your next step is a statement of affairs (SOA) http://www.stoozing.com/calculator/soa.php. You're always encouraged to post that on here for some helpful advice on changes that could be made. Your debt options are going to depend on how much you can afford to offer towards the debts each month. If you could give a little more information about your circumstances that will help, for example are you a homeowner? Are these all unsecured credit debts?


    An IVA can be a suitable option for someone with high level debts who needs to protect assets, such as a house. Creditors are going to expect to receive a return of at least 10p for every pound borrowed to consider accepting the IVA. The IVA is legally binding so make sure you have had some impartial advice from one of the free debt advice agencies before signing anything. Good luck.

    Susie
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
  • fatbelly
    fatbelly Posts: 20,499 Forumite
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    I think Susie's made all the important points.

    You did a SOA a couple of years ago and there's nothing on there that would make me think an IVA was suitable (renting, no car). Who did you ask for advice?

    I also noted that you had ridiculously low expenditure on a couple of things, and you probably had in truth less than £50 per month available.

    You are currently over the 20k limit for a DRO so you should probably do a debt management plan. However, statute barred debts do not have to be listed in a DRO. So there may be light at the end of the tunnel :)
  • david756
    david756 Posts: 31 Forumite
    First Anniversary Combo Breaker
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    I shall do a calculator later tonight, just in work at the moment :)

    Just browsing around it seems the next thing I want to do is try and get credit agreements from all the various loans/catalogues and whatever else I have. See if any of them come back with good news....
    I did put in a complaint last month with a payday Loan company and got that reduced from 1600ish to 400, so that's good.

    Since a couple of years ago I've had huge changes in circumstances, so the old SOA will be really outdated!
  • david756
    david756 Posts: 31 Forumite
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    Can anyone point me in the direction to templates for requesting credit agreements? Or whatever it is they send you after you pay them £1
  • sourcrates
    sourcrates Posts: 28,878 Ambassador
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    david756 wrote: »
    Can anyone point me in the direction to templates for requesting credit agreements? Or whatever it is they send you after you pay them £1

    CCA request template letter.

    A request for information about your credit agreement under sec 77/79 consumer credit act 1978.

    Template and info available here :

    https://www.nationaldebtline.org/EW/sampleletters/Pages/Information-about-your-agreement-under-the-Consumer-Credit-Act-%28sole-name%29.aspx
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • david756
    david756 Posts: 31 Forumite
    First Anniversary Combo Breaker
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    That's the one. Many thanks!

    Was looking at an IVA, but I'm thinking once I get the few financial commitments I have coming up out the way, I can probably do a DMP in 66 months if I'm really strict..... that's gonna be the challenge.
  • david756
    david756 Posts: 31 Forumite
    First Anniversary Combo Breaker
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    Just managed to get a £1222 loan reduced down to £486

    Woohoo!
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