Help 25 with £30,000 of debt

HappyMJ

bazzer86 wrote: »

ill phone them now and have a word with them to reduce this amount ill post the out come thanks

Writing.... Never deal with creditors over the phone.

Angry_Bear

Fill in a SOA (http://www.makesenseofcards.com/soacalc.html) then call CCCS. They'll be able to give you advice on what's best for you, and if you go for a DMP they'll be able to handle your creditors so you don't get threatening people on your doorstep.

If you're feeling brave you can also post your SOA here and people will give you advice .

Leon_W

Seriously look into bancruptsy and you'll probably be discharged by this time next year.

I couldn't read that and not respond. You'll never pay that amount back and your credit file is probably ruined anyway.

jon1965

Sorry I may have misread. Do you live with your parents?
£300 pcm month for 3 almost 4 of you seems very low (depends where you are I guess. There are plenty of options . For impartial advice give National debt line a call, they will tell you more about all your options.
Are any of your debts/credit cards prior to 2007 , gonna be close I know cos you are so young .
If your base is £1300 take home and you get other tax credits/child benefit maybe an IVA is for you . As I said National debt line will help, talk you through income and expenditure.
B/R is a very final option but maybe what you have to do. Don't do anything without advice but do not go anywhere you need to pay for it.

bazzer86

jon1965 wrote: »

Sorry I may have misread. Do you live with your parents?
£300 pcm month for 3 almost 4 of you seems very low (depends where you are I guess. There are plenty of options . For impartial advice give National debt line a call, they will tell you more about all your options.
Are any of your debts/credit cards prior to 2007 , gonna be close I know cos you are so young .
If your base is £1300 take home and you get other tax credits/child benefit maybe an IVA is for you . As I said National debt line will help, talk you through income and expenditure.
B/R is a very final option but maybe what you have to do. Don't do anything without advice but do not go anywhere you need to pay for it.

Yes i live with my parents i cant afford to rent at this time

bazzer86

I contacted them and they have reduced my payment for one month only and now they want to review the account in the mean time as they say i should be paying more, i have just learned that i am also paying interest every day , in 4 months i have paid £1500 and am getting charged just short of £2 a day which is an other blow, they said because they have served me with a statory demand they can do this. What a joke

glasgowsaver2011

best of luck with it all

bazzer86

Also may i ad that a loan i had with Rbs has said they have lost the contract that i have signed , i have asked people about where i stand with this but never get a clear answer

any suggestions

jon1965

Without knowing more about your debts I can not really offer more help.
You really do need some pro advice , at least to get things moving.
I have no experience on SD sorry

HappyMJ

bazzer86 wrote: »

I contacted them and they have reduced my payment for one month only and now they want to review the account in the mean time as they say i should be paying more, i have just learned that i am also paying interest every day , in 4 months i have paid £1500 and am getting charged just short of £2 a day which is an other blow, they said because they have served me with a statory demand they can do this. What a joke

......Have they actually sent you a Statutory Demand? If you cannot satisty the demand then they should have laid out the steps in the demand of what will happen next. Is the demand in the correct format on the correct form? They can charge interest if they want. It will be at a certain rate. The rate if it's a statutory rate will be BOE base rate plus 8% per year. The interest does not compound. So £2 a day would imply a debt of £8,590 is still outstanding.