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Today i am debt- free (my story)- thanks to all on this forum
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killerb
Posts: 3 Newbie
Today, I have cleared all my debts. I want to thanks all on this forum for the advice which has been helpful.:beer::beer:
I would like to begin by stating I blame myelf 100% for getting in debt. I was a total idiot. No-one else to blame (including those who gave cheap credit which they knew I could not afford)
I had 5 Unsecured debts (three were were credit cards and two were loans through banks). In March last year after stuggling to pay me debts I still owed over £29,000 in total. I was making payments to all creditors with every penny I had. Then one days I asked one of them if I could settle me debt (Full and Final settlement) - due to my kind parents who are better to me than I deserve. I was refused point-blank. I then asked the other four and got the same response. Nowhere to go I looked on this forum and concluded because I was making regular full payments they would never agree a settlement with me. I was annoyed as I felt I was being punished for trying to do the right thing.
I then stopped feeling sorry for myself and assessed the situation (again by reading this forum). I owed £29,000 but on the positive side I had no assets as I lived with my parents. So, I decided to play hardball. For the next two months I made my payments as per usual. Then on the third month I contacted all of them as said due to financial problems I could only pay each of them £5-£10 per month. I was told blah-blah CCJ, blah-blah Bankrupt etc. However, I was confident this was just to intimidate me. As I had so many creditors if they did a CCJ or Bankrupted me I could easily show with my outgoings I could not make significant payments (previously, I had spent every penny I had on my debts which I learnt was way more than I should have been paying). If they made me bankrupt the maximum they would have got would have been £4000 between them. I knew they were money driven and would not make me bankrupt as it would hurt them.
Late last year my debts were sent to collection agencies. I got the same threats with the additional threat of bailiffs etc. However, I knew the score due to my research and again said I could not afford any additonal payments. I also refused to divulge my earnings and simply said it was a limited amount - I said I would only do so if they took legal action. I knew full-well they would not as I made them aware in total I was £30k in debt. From Feb I started to get settlement offers (had I continued to make my payments this would never have happended). I again said no to there offers - which last year I would have snapped up.:rotfl::rotfl::rotfl:
In early April I said thanks to my parents I could make settlement offers. Long story short I settled full anf final all the debts for £11,600. I have got all the confirmation letters and as of today I am free. I still owe my parents £5,000 (which they gave me to pay the setllements) but I will pay them off within 12 months and they have promised not to take out any CCJ against me or threaten to break my legs if I don't pay:):):):)
MY BIGGEST ADVICE IS DO NOT LOSE HOPE AND DO NOT LET THEM BULLY YOU. MOST OF THEM (TO QUOTE JAY-Z) ARE LOUD AS A MOTORBIKE BUT COULD NOT BUST A GRAPE IN A FOOD FIGHT
I WISH YOU ALL THE BEST OF LUCK IN YOUR EFFORTS TO GET OUT OF DEBT.
I would like to begin by stating I blame myelf 100% for getting in debt. I was a total idiot. No-one else to blame (including those who gave cheap credit which they knew I could not afford)
I had 5 Unsecured debts (three were were credit cards and two were loans through banks). In March last year after stuggling to pay me debts I still owed over £29,000 in total. I was making payments to all creditors with every penny I had. Then one days I asked one of them if I could settle me debt (Full and Final settlement) - due to my kind parents who are better to me than I deserve. I was refused point-blank. I then asked the other four and got the same response. Nowhere to go I looked on this forum and concluded because I was making regular full payments they would never agree a settlement with me. I was annoyed as I felt I was being punished for trying to do the right thing.
I then stopped feeling sorry for myself and assessed the situation (again by reading this forum). I owed £29,000 but on the positive side I had no assets as I lived with my parents. So, I decided to play hardball. For the next two months I made my payments as per usual. Then on the third month I contacted all of them as said due to financial problems I could only pay each of them £5-£10 per month. I was told blah-blah CCJ, blah-blah Bankrupt etc. However, I was confident this was just to intimidate me. As I had so many creditors if they did a CCJ or Bankrupted me I could easily show with my outgoings I could not make significant payments (previously, I had spent every penny I had on my debts which I learnt was way more than I should have been paying). If they made me bankrupt the maximum they would have got would have been £4000 between them. I knew they were money driven and would not make me bankrupt as it would hurt them.
Late last year my debts were sent to collection agencies. I got the same threats with the additional threat of bailiffs etc. However, I knew the score due to my research and again said I could not afford any additonal payments. I also refused to divulge my earnings and simply said it was a limited amount - I said I would only do so if they took legal action. I knew full-well they would not as I made them aware in total I was £30k in debt. From Feb I started to get settlement offers (had I continued to make my payments this would never have happended). I again said no to there offers - which last year I would have snapped up.:rotfl::rotfl::rotfl:
In early April I said thanks to my parents I could make settlement offers. Long story short I settled full anf final all the debts for £11,600. I have got all the confirmation letters and as of today I am free. I still owe my parents £5,000 (which they gave me to pay the setllements) but I will pay them off within 12 months and they have promised not to take out any CCJ against me or threaten to break my legs if I don't pay:):):):)
MY BIGGEST ADVICE IS DO NOT LOSE HOPE AND DO NOT LET THEM BULLY YOU. MOST OF THEM (TO QUOTE JAY-Z) ARE LOUD AS A MOTORBIKE BUT COULD NOT BUST A GRAPE IN A FOOD FIGHT
I WISH YOU ALL THE BEST OF LUCK IN YOUR EFFORTS TO GET OUT OF DEBT.
0
Comments
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Just wanted to pop on and so Huge Congrats to becoming debt free
i am in the process to clear mine and i will get there it just takes time
Well done 0 -
A story of epic proportions! Well done! The dirty dozen (as of December 2014) : ALL CLEARED!0
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Congratulations :TProud to have dealt with my debts, became debt free on 03/11/2011. Repaid £54,723.41 LBM May 2006.
Debt Free Roll Of Honour #504
Mortgage Free from October 20190 -
Killerb
You will never know how much your post has helped me. Today has been bad, I have just started on a DMP with CCCS and found out how long it will take me to pay everything back - it is not pretty.
You have inspired me and helped me realise that I can get through this and that the lovely people on here will help us all get through this.
My heart felt congratulations on becoming debt free :beer:0 -
Well done on being debt free :T I am just short of 7 months of being debt free if all goes to plan. Starting point £45000 and now only £4000 to go
LBM 11/2009 Total Debts 11/2009 £44624 with DFD 2015
Debt Free Date: 14/11/2012 :j:j:j0
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