-
Debt advice help
I have approx 220k of CC and unsecured loans + a large mortgage. Most cards are no longer on 0%. My house has equity of c. £600k+ I earn just enough to pay the debt interest, but not to cover monthly expenses. I would like to avoid DMP or Bankruptcy as this will impact my ability to get Credit and presumably could result…
-
Defaulting before DMP
Hi all I have found this forum so helpful so thank you in advance. After a lot of consideration we are planning to enter into a DMP with Stepchange. IVA is not suitable for us as we owe too much so creditors unlikely to accept the small payment we can make. Bankruptcy was an option but with the cost of rent in our area…
-
Pay off large Sum, but then be Part-Satisfied
Hi all - I have a debt of £5,900 on a credit card (now with Cabot), that has already defaulted, so has already done the damage on my credit report. I now have £2,750 that am I able to pay off, and I want to go to Cabot and offer this amount as a settlement. Firstly, what are the changes they'll accept this amount do you…
-
Reached end of the road - 54k debt
I've posted here numerous times over the years when in some sort of debt crisis or another, but feel like I've hit the end of the road. I earn 42k a year and I'm in debt to around 55k a year. My debts are currently as follows, Credit Cards and Loans Virgin1 - 1404 (Interest free for another 16 months) M&S - 2501 (Interest…
-
AIC CCA Requset Reply
Hi all, I have been doing my self managed DMP now since last year for around 54k in debt. Mostly cards but 1 loan also. I have got to the point where they have all defaulted me, passed them to debt collectors and been paying £10 a month. I have now written to them all to request CCA's sending the standard letter. The first…
-
Question about defaults / starting the DMP
Hello, This month I am going to stop making payments against my unsecured debts (£8k), in order for them to default over the next 3-6 months, so I can then start a DMP. I have 5 creditors and I expect they will default at different times. Could you advise what I should do after the first creditors have defaulted, whilst I…
-
£15k default passed from cabot to Mortimer Clarke - when to send prove it letter?
Hi all, Bit of a two pronged question here. I accrued a number of debts in 2024 and followed this forum's advice to let them all default. I have been ignoring all attempts at contact in the hope of riding it out for more agreeable settlement offers or making it to statute barred status. One of the larger debts (approx…
-
End of the road Considering self-managed DMP – CAB advice vs waiting for defaults?
Hi everyone, I’ve spent quite a bit of time reading through the DMP threads on here and they’ve been incredibly helpful and reassuring, particularly hearing from people who have actually been through the process. I’m hoping for some views on my situation and, particularly, the period between stopping payments and actually…
-
BW Legal Letter of Claim unknown OVO energy debt
Hello, I'll keep this as brief as possible but greatful for any advice and help we can get. Just returned home after a short break away to Scotland - our first holiday as a family ever and found this letter on our return. BW legal, letter of claim on behalf of JC International Acquisition LLC with the original creditor…
-
Link Threatening Legal Action
Have a debt for around 7k that has made its way to Link. I changed bank accounts and closed off the one that was used to.pay Link. Correspondence received stating repayment plan that I had in place cancelled due to this. I have emailed Link twice to explain situation and saying happy to set up payment plan again on same…
-
(Small) UK debt after leaving UK
Hi everyone! I know this is a usual conversation and the consensus is often to just let it be but I’m in a slight different situation that what I’ve seen answered on here before. I have left the UK after a decade there, I’m a French national, and I have outstanding debt on my MonzoFlex account. Out of the £5000 limit I owe…
-
Urgent Debt Advice
Hi all, new here so thanks for accepting. I am looking for advice please. I have around 35k debt and looking for best advice to clear. I am working full time and have no assets (no car I own or house. I live with partner and have a baby. The house is a mortgage in my partners name only and I just contribute towards bills…
-
How do I know when a debt has been sold?
I received my first default a couple of weeks ago and since I’ve received letters from Opos with wording like “our client” “acting on behalf of” we’ll have to return your account” Does this sound like the debt has been sold or the collections are still in house? Do creditors have to advise you if a debt has been sold? Is…
-
Which Debt to Default on
Hello, I have 4 credit debts totalling £12k, 3 loans £18k. So I was
made redundant earlier on the year and been behind the payments and recently
secured a 6 month temp role on a much lesser pay. The current arrears and minimum payment is equivalent to my
monthly pay minus the basic expense like food, travel,…
-
Help with defaulting debts
This discussion was created from comments split from: DMP mutual support thread part 13 !!.
-
Overdraft on DMP not defaulting
Hi all, I'm in a bit of Limbo between Stepchange who are managing my Debt Management Plan (DMP) and Lloyds (who I have an overdraft with) and neither are able to advise in way that feels helpful (though those Background: Started a DMP a few years ago with Stepchange, which included a loan, 4 credit cards, and an overdraft…
-
CCSCollect email
hi all, I’m in the process of letting my debts default. I’ve not had any default notices from sky who I purchased a phone and iPad from, but I’ve had an email from a CCSCollect saying sky has passed their account to them. They’re asking for me to set up a payment of 2 missed payments. Do I still ignore to let default?
-
Resolvecall letter
Hi all, This morning I received a letter from Resolvecall, apparently they've taken over a Capquest thing for me and they're going to attend my address if I don't contact them. The debt (Capital One) they're talking about is probably over 10 years old. I've had a Capital One account since with no problem and the balance…
-
Self Managed DMP and HP Agreement Question
So I am cozily in my self managed DMP, making a savings pot and all priority bills up to date. I currently have a HP agreement (which has just over 2 years to run) for a Hyundai i10 - which I use as a runabout. Stepchange were happy for me to keep and continue with this (when I was with them) I guess my roundabout question…
-
ACI Acting on behalf of Castle Community Bank
Hi all, Two of my defaulted loans have been sold to ACI, and I’ve set up a small monthly standing order to pay towards them. ACI are also acting on behalf of Castle Community Bank for a third loan, which has now defaulted but hasn’t been sold to them. I’m wondering whether there’s any reason not to start making small…
A place for MoneySavers to share their journeys towards debt-free living.
9.1K discussions
1.8M comments
Most recent: Resourcefulness: The budgeter… by 2Scratters
Today at 9:07AM
Forumites help each other push down their debt by setting challenges and encouraging each other to achieve their goals.