Questions about debt

nnop72

Hi there,

I was hoping to get some advice on my debt situation. I experienced a big drop in income about 18 months ago and have since come to a self-administered payment arrangement with my creditors, that they have all accepted for the time being. The payments are relatively small in comparison to the total debt (about £40k - yikes). Even though I have no assets, I have avoided insolvency as I have managed to find work in financial services and such a move would jeopardise my job. One of my creditors said a year ago that they would sell the debt, but haven't done so yet.

In peoples' experience, are creditors less likely to sell debts when they are receiving regular payments?

At the moment, some of the debts are in default whilst others are just in arrears. Do you think that my creditors are likely to eventually take out CCJ's against me unless I can somehow significantly increase my income? Note, one of them does not have the original CCA, so technically couldn't anyway.

Thanks

NNOP

Growurown

nnop72 wrote: »

In peoples' experience, are creditors less likely to sell debts when they are receiving regular payments?

At the moment, some of the debts are in default whilst others are just in arrears. Do you think that my creditors are likely to eventually take out CCJ's against me unless I can somehow significantly increase my income?

I started a DMP last September and have around 12 creditors. One sold the debt on straightaway and then we were notified last week that another one is being sold on even though we have been making regular payments. As to CCJ's I think these are usually a last resort taken by creditors when people don't pay. If you are making reasonable attempts to pay your debt and have shown your creditors that you are paying what you can afford out of your income (however much that is) then there is little point in them taking you to court. You can't pay them what you don't have.