Frustrated

roadrunner_3

It's been a while since I lasted visited, but after many a long and fruitless conversations with HSBC I really feel like throwing in the towel (am seriously thinking of declaring myself bankrupt).... so thought I'd come here first before doing anything too rash.
To cut a long story short after many years of burying my head in the sand I finally faced up to the fact that I was massively in debt. I have managed to make some headway into to sorting myself out (am currently in a DMP with Payplan) and have managed to pay off £12k in 10 months. All my creditors bar 1 have accepted my DMP for the time being except HSBC personal loan. Even though they are aware of the situation they have offered me a managed loan which I really do not want to get involved in especially as the APR is 12%! I know it probably makes no difference now as my credit rating is in the loo anyway, but I don't want to stop making payments all together & wait for them to pass the debt on to an agency, but I keep getting passed from pillar to post so 10 months down the line nothing has been sorted.
Just wondering what my next move should be. Have spoken to Payplan, but to be honest they haven't really been very helpful. Any ideas on what to do next? Would pull my hair out but the stress of the last year means I have none left!

earwig

it depends on how big your debt is do you own a house if you go bankrupt you will lose your house my husband went bankrupt we are in rented yes it cleared all his debt but at a price we cant get house insaurce both our credit rating gone car in insurance will have to be paid fullynow and not by monthly installments and if the offical reciver thinks you have enough money they can order money off you each month and are likey to take your car they couldnt take ours as its needed for work but we had to prove that by taking the car oh would lose job bankrupts could be up to three years if they think you acted inproper and up 15 years to be discharged speak to someone at the cccs they are brill at bankrupty and will advise you what is likely to happen in your case oh yeah also you need 460 upfront to go bankrupt

freeclimber

roadrunner:
...except HSBC personal loan. Even though they are aware of the situation they have offered me a managed loan which I really do not want to get involved in especially as the APR is 12%...

I thought that it was considered an unfair practice under OFT rules for a creditor to suggest to a debtor taking out further credit to cover an exisiting loan, if that debtor is already experiencing problems? I'd point this out to them, and consider making a formal complaint to the OFT.

southernscouser

Let me get this right! You have paid off £12,000 in only 10 months and you want to throw the towel in? :eek:

Don't you f'ing dare! You have done FANTASTICALY well in such a short space of time! :T :T :T :T :T

I know how down this bloody debt can make you but you have made such a superb start don't give in now!