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  • FIRST POST
    • sazaboo
    • By sazaboo 13th Mar 17, 5:21 PM
    • 136Posts
    • 58Thanks
    sazaboo
    So close but so far....6 years nearly up and I failed ☹️
    • #1
    • 13th Mar 17, 5:21 PM
    So close but so far....6 years nearly up and I failed ☹️ 13th Mar 17 at 5:21 PM
    So in august this year the br is removed from from my file, I should be wallowing in glory at surviving an awful 6 years, br followed very unpleasant divorce and was unavoidable due to ex's actions.

    Instead I am self negotiating with credit card companies and payday loan companies to reduce the monthly payments as I'm now in arrears with utilities.

    I'm distraught furious frustrated depressed stressed anxious and back on medication.

    I'm only cross with myself- it's no ones fault but my own.
    So close but so far.

    It started this time last year, I took out a credit card to improve my credit score, maxed it out on rubbish, so took out another to transfer the balance.

    This would be ok as I had a bit of disposable income - then my child maintenance payments stopped suddenly without notice and never resumed again.

    I should still be ok as I was working, earning decent money etc. But then a deep dark urge to irrationally try and do everything, see everything , go everywhere happened and I ended up in a mess.

    I am Financially crippled with high interest, emotionally and mentally broken. So bad I started self harming and am now referred for counselling.

    I can sort out the debtors to give me some space for a few months but once the br has gone from my file, I can become a person with a poor credit file trying to get a manageable consolidation loan. Just to reduce the interest and monthly payment so I can stay on top of the higher priority bills. Problem will be repairing my credit score while in default with them. I'm paying between 500-600 a month(and now struggling) in repayments so a monthly payment off 200 is manageable but who would lend it? Is this even a good plan?

    I'm open for any suggestions, please think outside the box, I've been round this particular route before so I have reduced everything as much as I can, a loan with Commsave comes straight out of my salary and they claim that there is nothing they can do? Is that correct?
    gettin there, one day at a time...looking forward to AD 02/08/12
Page 1
    • iquit
    • By iquit 13th Mar 17, 11:45 PM
    • 1,817 Posts
    • 2,755 Thanks
    iquit
    • #2
    • 13th Mar 17, 11:45 PM
    • #2
    • 13th Mar 17, 11:45 PM
    Sorry to hear you have found yourself in a difficult financial position again. I don't have any answers for you but wondered if you'd sought professional advice?
    2016MFW78 £24000/£12000 2017MFW98 £1904.98/£7000 BSC #261
    • Johnsmith2016
    • By Johnsmith2016 14th Mar 17, 5:53 AM
    • 422 Posts
    • 219 Thanks
    Johnsmith2016
    • #3
    • 14th Mar 17, 5:53 AM
    • #3
    • 14th Mar 17, 5:53 AM
    If debt is 20k or under a DRO?
    a family or close friend, gets loan on your behalf that you can manage.
    • sazaboo
    • By sazaboo 15th Mar 17, 3:09 PM
    • 136 Posts
    • 58 Thanks
    sazaboo
    • #4
    • 15th Mar 17, 3:09 PM
    • #4
    • 15th Mar 17, 3:09 PM
    Hi, I've spoken to step change and other sources of advice but was recommended to get a dmp, according to StepChange, I can't do this with the br on file so could ask the or to cancel the br so I can go on their Dmp?? Not sure about that and terrified of the insolvency service.

    I've been in touch with all my creditors and they have all agreed to some kind of arrangement except the Commsave loan who can only restart the balance of the loan over the max 2 years term so it just knocks a few quid off . I don't really know what I'm asking for but it helps me to talk about it

    Thanks for your ears ��
    gettin there, one day at a time...looking forward to AD 02/08/12
    • luvchocolate
    • By luvchocolate 15th Mar 17, 8:10 PM
    • 1,340 Posts
    • 1,158 Thanks
    luvchocolate
    • #5
    • 15th Mar 17, 8:10 PM
    • #5
    • 15th Mar 17, 8:10 PM
    I do not think the B.R can be cancelled, as far as I know you would have to go B.R for a second time.
    • Johnsmith2016
    • By Johnsmith2016 15th Mar 17, 8:47 PM
    • 422 Posts
    • 219 Thanks
    Johnsmith2016
    • #6
    • 15th Mar 17, 8:47 PM
    • #6
    • 15th Mar 17, 8:47 PM
    Need more specifics to try to help further.

    How much is the debt?
    Are you now not working ? Or off sick?
    Do you have any assets? Own home
    Nothing legally stopping people from a 2nd bankcruptcy as long as you fit the criteria .
    Under 20k perhaps a DRO?
    Consolidation loan from parents of very close friend/relative

    From my experience on here a DMP is rarely the best course of action and folk usually paying back for 10yrs plus ... in my personal opinion I tend to more often than not say if the debt is going to take you longer than 5/6 years to repay, your single, no house or assets and more than 20k ... bankcruptcy is usually the best course . In select circumstances a IVA can be the better course when there is something to protect, but I genuinely feel about 90% are Miss sold when a better alternative was available for the individual as they make a ton of fees.
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