is there anything I can do ?

libsmum

Hi

I have been paying my credit cards off a drip per month (I owe approx 35k and pay £50 pcm between them) this was arranged by a debt management company that i'm happy with.

I've been paying this for over 5 years now and just wondered if there is anything I can do to end the saga ?

I have been accepted for new credit cards recently so my credit is ok.

I don't have any money to offer them a pay off so I guess I'm on to a loser, why should they write it off when they are at least getting a few quid from me, although i'm sure it must cost them more to administrate my debt ??

thank you

Charco_2

You are paying £50 a month towards debts of £35,000???

You will NEVER be done with these debts!

Doing the maths, you will be repaying this for just under 60 years - NOT INCLUDING ONGOING INTEREST AND CHARGES!

Who are you paying this money to?

libsmum

its a long story involving a now ex husband with an extreme cocaine habit, :mad: cost me EVERYTHING. still things are good now. :j

when i left him I had nothing, living on benefits so all i had was £50 a month, they accepted it and i've been paying it. I pay the money in postal orders each month to the actual card companies. the biggest is 13K and they get £16 pcm :eek:

it was set up as a dmp and has been fine since. I still don't have any assets or income so can't pay them anymore than i already do.

my debt co say to offer them 5% going up to 25% of the total to see if they accept but I dont have the funds to do so, and never look like I will !

I think i answered my own question though, why should they canx my debt and get nothing even if they only get a pittance now ?

Charco_2

If you went bankrupt the debts would be written off and you could forget about them... if you have nothing to lose then they have nothing to take!

I was just wondering if BR had been discussed with you in any meaningful way.

It's likely you would have no payments to make and be discharged quickly (although some rules changed at the tail end of last year). I know a company who will talk to you for free. If they draw up your papers for you they'll charge a fee but they will advise you on the implications specific to you and it would be up to you then to decide if you thought it was an option you'd go for. You can draw up the paperwork yourself, it's not easy but it's not unreasonably difficult either.

They would be happy to speak to you, you don't have to pretend to want them to do your paperwork or anything, advice is free!