Help to get back on track please?

johnskyb · 11 December 2017 at 5:54AM

Hi guys

I've got no excuses. When I was younger I was awful with money and defaulted on many accounts. I buried by head in the sand to be quite honest and simply avoided the situation.

Well now I'm a little older and wiser and I recently decided to take a step towards rectifying the situation. I did an Experian credit report which informed me for the first time that I was given a CCJ 11 months ago. I had no idea bout this so I don't even know what it means or what to do with it but of course I want to take steps to avoid bailiffs at the door?

I have in total probably about £10k of defaulted debt and the one CCJ for £365. What would be the best steps to take to try and salvage some sort of future financially?

Little bit about my situation. I'm currently a year 3 student working as many hours as I can around my degree. I just about get by financially but I can't afford to be making big payments right now. I've tried doing some online research but it's such a minefield and I've no idea which route would be best for me to try and get things sorted. Can anybody offer some advice please? Obviously the CCJ is the first priority if there is the possibility of direct action but I don't even know what my options are there or how to go about dealing with it.

Any advice from people here in the know would be greatly appreciated. Feel free to judge me for getting in this state but I was a troubled young person at the time and I've turned my life around and just feel like I have demons of the past on my shoulder due to this issue.

Thanks

sourcrates · 11 December 2017 at 2:04PM

Hi,

There would of been letters from the creditors and the courts advising you of the impending situation, have you still got them ?

All your debts should be showing on your credit reports, so first thing is to obtain a copy of your credit report from all 3 credit reference agencies, your CCJ will also be on there and should show the creditor details.

Noddle is free to sign up to :

https://www.noddle.co.uk/Account/SignIn?ReturnUrl=%2fdashboard

Experian £2 statutory report available here :

https://www.experian.co.uk/consumer/statutory-report.html

Equifax £2 statutory report here :

https://www.equifax.co.uk/Products/credit/statutory-report.html

There are various other sites offering free report access, but best to have a hard copy to check.

Failing that, all current CCJ`s are shown at trustonline :

https://www.trustonline.org.uk/

Have these creditors not contacted you at all ?

National_Debtline · 11 December 2017 at 3:52PM

Hi johnskyb

Do you know what the CCJ is for? And do you agree that you owe the debt? If you do, you can apply to the court to set up an affordable payment plan. If you stick to the agreed plan it means the claimant cannot use bailiffs or take a deduction from your wage (if you are working) to recover the debt. You can find out how to make your application here https://www.nationaldebtline.org/EW/factsheets/Pages/varyingpaymentsonaccj/instalmentsonaccj.aspx.

In terms of the overall picture, you do need to know a little more about what you owe and to who. Sourcrates has provided links above on how to check your credit file, but bear in mind doing this does alert creditors to your current address.

It's a good idea to complete a statement of affairs (SOA), you'll find one in the sticky at the top of the board. Then you'll have an idea of what, if anything, you'll have available for your debts. Your options could range from self negotiating a reduced payment plan and a freeze on interest, to getting the debts written off. You'll also need to think about how your situation will change once you have finished your degree. Please feel free to post your SOA back on the forum for more advice or contact one of the free debt advice agencies. Good luck with it all.

Susie
@natdebtline

johnskyb · 11 December 2017 at 7:33PM

Hi guys

Thanks for the help. I have an Experian credit report. The CCJ is I believe for a payday loan and I do owe the money yes, but I had no idea about it because presumably they didn't have my current address? According to Experian it's about £6.5k that I have in defaulted accounts. A few payday loans that I didn't repay, a credit card, an unpaid overdraft and a catalogue they are.

I've had the odd letter and email from debt collection agencies. Should I send them all letters then? What would be my best option?

Thanks

National_Debtline · 12 December 2017 at 10:56AM

Hi again johnskyb

It's hard to say what your options are without seeing your SOA, so I'd make that your next step. It's also important to bank somewhere that you have no debt, this prevents creditors helping themselves to money from your account.

I'm assuming it hasn't been more than 6 years since any of the debts were last paid? If it's approaching the 6 year mark it's a good idea to get some advice on whether your creditors will soon be running out of time to pursue you for the debt before you contact them.

If you moved without informing your creditors, that will explain how you got a CCJ without knowing about it. Court papers are usually served to the last known address the creditor held. If you want to avoid the risk of further action on the CCJ apply to set up a payment plan (see earlier link for advice on how to do this).

Susie
@natdebtline

Help to get back on track please?

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