Im working for nothing and dont know what to do

suburbanwifey

lanceneoman wrote: »

thankyou suburbanwifey.

i feel that if i just pay £1.00 my credit history will still keep getting worser. i want to start to improve it as soon as i can as i know in the next 5 or 6 years ill want a mortage, but i also want to be debt free by then. it feels like theres no end to everything.

to be honest i dont even know who i owe money to anymore. i cant get on my credit report to find out as i have used them as trials before and i need to pay £15 to find any information,
and i know if i pay them just a £1 they will still keep defaulting me and putting on interest which i simply dont want to happen

1) Do you see your income increasing anytime soon?

2) Do you see your petrol costs to work decreasing anytime soon?

3) Do you see a major cash win coming your way anytime soon?

If the answer is no to those questions, how do you propose to pay off these debts in the next 6 years, with a view to getting a mortgage then? I see no change for you in your current circumstances, with the economy the way it is and the chances of a lottery win slim to none.

Look realistically at your options and work with realism. If you can't pay now, how can you say you want to improve your credit history when you can't pay now? ....

lanceneoman

thankyou so much. but how do i pay them a £1 when they keep refusing to accept so they do not give me any payment details.

and what should i do if they keep sending letters, just ignore them? and keep paying a £1. and if they sell the debt to another company what should i do then?

sorry about all the questions, i am just unsure what to do.

pmlindyloo

Despite all the good advice on here I would suggest that you need professional advice.

See here:

https://forums.moneysavingexpert.com/discussion/2077631

As someone else has suggested I think CAB or CAP would be a good idea as they offer face to face advice.

I think that when you have lots of different debts (I notice you have bundled them all together) then it is difficult to look at it all without getting panicky.

There is a solution to your debt problems but you need to look at all the different options with someone face to face.

suburbanwifey

lanceneoman wrote: »

thankyou so much. but how do i pay them a £1 when they keep refusing to accept so they do not give me any payment details.

and what should i do if they keep sending letters, just ignore them? and keep paying a £1. and if they sell the debt to another company what should i do then?

sorry about all the questions, i am just unsure what to do.

I will help you!

It is fairly simple to locate their details to send a 1 pound payment to alongside a letter stating that this is all you can afford and all you will be paying, not negotiable. You need to word your letters in that manner, brusk and to the point (like I am talking here, to show you how to do it, leave no room for negotiation, as there isn't any, you are stating a fact, simples, see)

If you PM me the companies concerned, I will locate that information for you or you can do it yourself - Google is your friend here! all that info is easily available online, just takes a bit of legwork (or mousework as such is the case)

If they keep sending letters? THEY WILL keep sending letters. Read them and bin them! Again, simples. Decisive pro-active action. Read it and bin it. Remember, psychological tactics in letters to scare you, most of them unenforceable, I know, I used to word them ) THEY CAN NOT get blood out of a stone remember.

They will sell to another company, to get rid of you, you are a defaulter. They will sell your debt for pennies in the pound, that is all and the new collector knows they have slim chance of collecting, that's why they get your debt cheap. Same again, 1 pound is all you can afford! You don't owe enough for any individual company to bankrupt you, not financially viable. They will default you again and eventually go away. They will. If you pay your 1 pound token payment, you are paying what you CAN afford.

suburbanwifey

Another bit of advice, take your income as it is, work out what you would be paying out with your car loan (essential to keep paying that) and your 1 pound to all creditors, what is left? get that figure and then it can be decided the best way to proceed to better your life and situation.

lanceneoman

thankyou ever so much for your help, its been really kind of you. so do i just send a letter which a cheque or literally a £1 coin in there?

ive just tried getting a list of who i owe money to but i cant have a free trial anywhere as im in negative balance.

thankyou, i will locate all i need to on google when i can. many thanks for all of this you have been such a great help

lanceneoman

does anyone have a example letter of what to send to creditors with in regards of me making them a £1 payment.

suburbanwifey

lanceneoman wrote: »

thankyou ever so much for your help, its been really kind of you. so do i just send a letter which a cheque or literally a £1 coin in there?

ive just tried getting a list of who i owe money to but i cant have a free trial anywhere as im in negative balance.

thankyou, i will locate all i need to on google when i can. many thanks for all of this you have been such a great help

Do not send a cheque. Cheques have account numbers on, give them the minimum info on you as is humanly possible. Go to the Post Office and buy how ever many 1 pound Postal Orders you need. Keep the stub receipts as your receipts for payments.

Just keep your letters sharp and to the point. They read into letters, look for fear, loopholes and a way to get to you. Sharp and to the point. Only give them the info you wish to and a 1 pound postal order. State you will be sending that every month and every month, without fail, send a 1 pound postal order.

You can buy a statutory report for only 2 pounds from all 3 major credit reference agencies.

lanceneoman

suburbanwifey wrote: »

I will help you!

It is fairly simple to locate their details to send a 1 pound payment to alongside a letter stating that this is all you can afford and all you will be paying, not negotiable. You need to word your letters in that manner, brusk and to the point (like I am talking here, to show you how to do it, leave no room for negotiation, as there isn't any, you are stating a fact, simples, see)

If you PM me the companies concerned, I will locate that information for you or you can do it yourself - Google is your friend here! all that info is easily available online, just takes a bit of legwork (or mousework as such is the case)

If they keep sending letters? THEY WILL keep sending letters. Read them and bin them! Again, simples. Decisive pro-active action. Read it and bin it. Remember, psychological tactics in letters to scare you, most of them unenforceable, I know, I used to word them ) THEY CAN NOT get blood out of a stone remember.

They will sell to another company, to get rid of you, you are a defaulter. They will sell your debt for pennies in the pound, that is all and the new collector knows they have slim chance of collecting, that's why they get your debt cheap. Same again, 1 pound is all you can afford! You don't owe enough for any individual company to bankrupt you, not financially viable. They will default you again and eventually go away. They will. If you pay your 1 pound token payment, you are paying what you CAN afford.

when they sell my debt to another company do i just start paying them a £1 instead of the last one.

suburbanwifey

lanceneoman wrote: »

when they sell my debt to another company do i just start paying them a £1 instead of the last one.

In a word YES. Do not deviate from that plan, regardless of what they say in a letter. Ignore letters, keep to your plan of action.