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Urgent advice. DMP now or default first. Please help on a plan
Hi everyone, I’m new here. I’ve been reading
through posts over the past week and can relate to so many of your stories. I
thought it was time to share my own situation. Thank you in advance to anyone
who takes the time to offer advice — I really appreciate it. I’ve read that it’s often best to
let your creditors default…
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Beware the December pay trap!
Yep - here we are again, time for the annual warning thread,,, I'm talking about the "December pay trap" - you know the one, rather than being paid on the last day of the month, or the 28th, "because it's Christmas" your company set up the pay run early - anything from 10 days early. The money lands in your bank account,…
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Newby wanting advice on debts please
This discussion was created from comments split from: Struggling with debt? Ask a stepchange debt adviser a question.
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Best way to split £3k to pay off credit cards
Hi, I have a £3k work bonus (after tax) coming my way in Dec. What is the best way to use these funds to pay off my debts below? All the APRs are similar. My plan was to pay off card 1 and close the card, and then reduce overdraft down to £500. Or should I consider another plan? Thank you. * Credit card 1 = £2,000, minimum…
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CCA / StepChange Sanity Check
Hi, thanks for reading! I’m just looking to sense and sanity check and make sure that I’m on the right path and doing the right things. I’ve lurked and gleamed a lot of information from this forum over the months and found it so incredibly useful. I’ve been in a DMP with StepChange since May 2021, this is for four separate…
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DCA chasing business debt under personal guarantee
This discussion was created from comments split from: Help with a Capital on Tap guarantee.
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Self managed dmp process questions
Hi all, Following advice I received on here a few months ago, I cancelled all 17 of my debt direct debits and stopped payments. So far, four accounts have defaulted. I’ve been monitoring my credit file to confirm each default before making any payments to the collectors. Of the four that have defaulted, none have been sold…
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Reply from Lowell
Sent a ProveIt letter to Lowell, for a debt that defaulted in 2019 (has come off my credit report) but had been paying - last payment was in Jan 2025. Received this in response - is this sufficient to prove the debt? (2. Is their claim that I was paying the debt enough to reset the clock for Statute Barring, or can I ask…
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Moved: Alternative living to escape the rat race....
This discussion has been moved.
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Financial Ombudsman not upheld complaint
I have heard back from the Financial Ombudsman & they have not up held my complaint against Zopa loans. In his reasoning the FO claims my debts totalled £28k at the time of the loan being taken. In actual fact my debts totalled £42k. I learned during an argument with a different loan company that my three Updraft loans…
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Orphaned Plan 2 Student Loan
I posted this question once, but maybe it could get its own thread, as it might be overlooked in the existing thread, which is already a year old. I'm a Plan 2, former PGCE Student, with a student loan. I failed that course. I did a degree course first. I am 61 and don't plan to try again or go back to work. What happens…
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17 year old debt, token payment and sudden threats from debt collection company.
Hi all, My brother took out a loan around 2008 and a few months after suffered an accident which left him disabled and unable to work. My mum took up the mantle to prevent him getting CCJ'd by paying £1 a month to Cabot. Which she's been doing ever since via standing order. Apparently, they have sent letters periodically…
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Bounce Back Loan Default
So, I have a bounce back loan, it was taken out as a sole trader. I'm currently defaulting on all my credit cards and loans since i just can no longer afford them atall, I've had my first default show on Experian for Vanquis. I received a letter today from Moorcroft to say they are acting as collection agent for the bank…
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Affordability complaints - advice needed please
Hi everyone, I’m looking for advice from anyone who’s been through the affordability complaint process. I’ve submitted a few complaints, and two are now with the Financial Ombudsman Service. PayPal has offered a goodwill gesture of £350 on a £2,300 balance. I’m not sure whether to accept it or keep escalating, as I feel…
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First steps
Hi - This is my first step to accepting I have problems….I’m struggling with spiralling debt, mainly credit cards. I’m not yet at a point where I can’t afford to pay them off, however if I carry on I will be. I’ve been debt shifting for years, 0% to 0%. Without actually reducing it. My spending habits are bad. However…
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Letter received from Lowell (PayPal) – help and advice needed please
Hi all, First-time poster here. A quick background on my situation: a few years ago, being young and financially illiterate, I unfortunately got myself into default with PayPal. I started to repay this debt over the past few years and have now reached the point where I only have around £662.64 left to pay off. I was…
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ACI UK - Sent Prove It Letter - Still getting calls.
Morning All, Recently I received a letter from ACI-UK Stating that I owe £568 to HSBC. I have no recall of this debt owed and nothing is showing on my Credit Report. This could quite possible be from my youth some 20+ years ago now! I therefore sent a "Prove It" Letter via Royal Mail signed for 1st Class, of which was…
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DMP is it a good idea?
My husband is already in a DMP, and now I’m struggling with my credit cards and loan payments, which total around £35k. I didn’t enter a DMP myself at the time because the mortgage payments were coming from my account. If I start a DMP now, will it affect our ability to remortgage in four years’ time? And how long will it…
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Affordability complaint win - what tax do I pay?
I had two loans with Lendables that won affordability claims. They never sent a detailed breakdown of the refund just that they removed charges and interest and give refund of 8% simple interest. They added “We've deducted income tax at the basic rate from the interest included in the refund” So does that mean I’ve paid…
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Debt Company Issues
Recently moved into a property in August, with outstanding utility bills being addressed to myself and co-tenant from June. We were told by power company to ignore the letters as they were faulty however this then resulted on us getting handed over to debt company, who rectified part of the issue and managed to get a…
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