am i going about things correctly

Wantdebtsgone

Hello. I have posted before but go a new username, for new advice

I started off owing approx £75k, however following a DMP with CCCS where we have paid £1150 per month for over a yr, and following a significantly reduced final settlement on a non standard debt (i.e not financial services company), and the like we now owe £51k

Of this £12k is to Lender A who have confirmed they have lost the CCA. I have stopped making any payments since this became clear on 5th June....hence total debts to be paid £39k

Lender B £5K INTEREST frozen
Lender C £5.8K Reduced to 12% per annum (£90 a month)
Lender D £3.6K Reduced to 6% per annum (20 a month)
Lender B £3.6K INTEREST frozen
Lender B £3.1K INTEREST frozen
Lender B £1.1K INTEREST frozen
Lender E £9.7K Loan - int paid up front
Lender a 5.1k 20% interest £77 pr month
Lender D 2K REDUCED to 112% (37 pr month)

So in short lucky to get some interest frozen, lowered, but still paying £200 pr month + interest

Nb - Lender A has OD plus other debt in dispute (12k lost agreement)

During this time, I have continued to rightly or worngly pay into share options, endowments which were well underway etc etc, and also received a fairly good annual bonus

I now have realisable assets of £15k and longer term tied up funds of around £6k

I had been hoping for final settlements but had no joy - apart from the Lender who I have the dispute with and offered me £10kto clear the £12k they cant enforce plus a further £5k on OD.

I dont think I am getting f+fs as I am paying fair chunk each month - perhaps above minimum payment

Not sure, whether to realise some saviongs and clear the interest bearing debts.....This will then mean, that the other creditors receive even more money, and are probably even less likely to accept F+FS or whether to carry on

TBH - I dont feel good about having so much savings when I owe so much - although I need to offset that against fact I have mortgage and little equity in property (circa 10k) - no interntion of moving - and 5 children, 2 dogs and a goldfish - so having some savings is probably wise

What should I do next

(ps - have cca'd all debts, and apart from £12k:j, all rest are enforeable)

Thank you!

Wantdebtsgone

bumping up

Wantdebtsgone

welcome and feedback or views

pepe2008

No solution but, £10K on a £12K unenforceable debt is taking the P....offer them £3K max..reminding them of their situation.

Are you still on CCCS dmp? I guess not after the write off?

Wantdebtsgone

Hi thanks for reply., A are still saying they will pursue it all. I am thinking if I use some of the savings I would clear the OD with A - which is interest accvruing, and then they could hurry up and fight for the uneforceable debt?

still with CCCS dmp - they got a bit moralistic, but then took the debt off as I instructed - at 1 point I did say I would walk away - but they were ok in the end

cant decide whether to use savings or not.......its keeping me awake at night now!

Nargleblast

Chances are you are paying out more in interest and charges than you are earning in interest on savings, so it might be sensible to use some of your savings to get rid of some debts. Then the money you would have paid out in debt repayments you could split 3 ways - two thirds towards paying off remaining debts, one third to savings? just a suggestion. And as each debt got paid off the money you would have paid that creditor could also go towards remaining debts, thereby paying them off quicker?

Wantdebtsgone

thanks nargle. as i understand things, the CCCS will still expect the £1100 a month from me, even if I clear say 2 debts of 8k. They will however up the payments to the other creditors which will be a good thing.

Wantdebtsgone

hi

we have chatted and decided to about £5k off. should we just go for the higher interest account. I dont think there is any advanatage in clearng CC debt over say OD debt, so I will go the one that charges highest APR

Any other views?

thanks

bank_of_slate

The usual advice is to clear the high interest debts first as it frees up more monthly to pay towards other debts.

...Linda xx

BeautyandtheBeast_3

get rid of the high interest ones - however me personally if i had that much in savings i would be clearing as much as i possibly can with that money.... but then again i havent got any children.

Wantdebtsgone

thanks guys

beauty - i know where you are coming from. I have been going out of my mind with this with lots of permutations running around in my head

guess this approach is a compromise which lets me review again in say 3 months....