What a mess...

stvn1 · 29 October 2017 at 8:04PM

Thanks. My wife is completely on board and I'll be updating her as I go along. I'm quite a positive person so I don't anticipate getting too down about this, especially as I'm doing something to fix the situation.

First thing tomorrow I'm going to start making calls to see how accommodating the debt collection companies are. I'll be pushing them hard.

stvn1 · 30 October 2017 at 9:37AM

Lowell - I've spoken to them with some success. I have two debts with them.

£829.31 has been discounted to £493.78.

£1348.18 has been discounted to £802.72.

That's a reduction of £944.99!

They've also agreed to a holding payment of £10 per month split between both accounts until I get a grip of the situation.

stvn1 · 30 October 2017 at 9:42AM

SLL Capital - they were a bit trickier. I owed them £960.00 and they would only offer 35% discount if I cleared it in one go or a 20% discount if I cleared it over 6 months.

I spoke to a manager and they agreed to allow the 35% discount over 12 months.

So I now owe £624.00 repayable over 12 months at £52.00 a month.

That's another £336.00 off my total debt.

stvn1 · 30 October 2017 at 9:46AM

So to recap, that's 4 debts under control since Wednesday last week with my total debt reduced, by being cheeky and pushing for reductions, by £2397.59!

kelpie35 · 30 October 2017 at 10:03AM

well done you, keep up this positive attitude and your debts will be gone very soon.

stvn1 · 30 October 2017 at 10:13AM

Suffolk_lass wrote: »

While you are talking to the debt collection agencies you have nearly a thousand pounds with Capital One where you are paying almost 40% (£400 on £1000) interest. That actually means that over a year, that debt will increase based on just £27 a month paid off it. The capital owed would be approx £60 more than you are paying off.

I've been thinking about this. Today starts an eBay/Gumtree blitz to pay this credit card down. Every single extra penny will be going on it. I do want to keep this card as I likely won't get another for quite a while. It's handy for car hire etc. The credit limit is £900 and it's maxed out. My intention is to pay it down and keep a zero balance.

enthusiasticsaver · 30 October 2017 at 1:39PM

That is a good start to get the ACI and Lowell debts and SSL capital debts discounted and arrangements made. If you intend allocating £200 per month to your debt it is probably best to wait until after Xmas before agreeing more arrangements as you have promised £141 to ACI, £52 to SSL and £10 to Lowell together with the £27 to GE Capital which totals more than £200 for November. After you have cleared the ACI I would tackle the GE card as it charges high interest.

Silver_Queen · 30 October 2017 at 1:46PM

Very well done for getting those debts down by being cheeky and asking!

stvn1 · 30 October 2017 at 3:12PM

enthusiasticsaver wrote: »

That is a good start to get the ACI and Lowell debts and SSL capital debts discounted and arrangements made. If you intend allocating £200 per month to your debt it is probably best to wait until after Xmas before agreeing more arrangements as you have promised £141 to ACI, £52 to SSL and £10 to Lowell together with the £27 to GE Capital which totals more than £200 for November. After you have cleared the ACI I would tackle the GE card as it charges high interest.

Thanks for reading. My intention is to pay the Capital One card down by having a clear out. I have £48 already this morning from a Gumtree sale. That isn't included in the £200 allocation each month. £200 isn't set in stone, I can pay a little more. If I can come to an agreement around the £50 mark with Cabot for the £1327.32 I'll be happy. I've had an initial discussion with them where they offered a 20% discount, I've countered with 30%.

stvn1 · 30 October 2017 at 3:13PM

Silver_Queen wrote: »

Very well done for getting those debts down by being cheeky and asking!

Thanks, anyone that knows me will know I can be very cheeky.

What a mess...

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