full and final questions

imalooser

Hi guys

I have something like 22k of debts that i haven't been paying for the last 6 months, I moved address and had a nervous breakdown after loosing my job, a relative offered to help and is offering up to 12k as a lump sum to settle my debts and I don't know from where to start So I have few questions:

1 - How do I know who owns the debts and who should I negotiate with?

2 - Is 12k enough to go for a f&f ?

3 - I do have a loan/cc/Overdraft with my bank, do they need to be negotiated separately?

4 - Is it woth it going with a private firm ?

5 - Should request for interests and charges to be waived first ?


Many thanks

imalooser

Help plz .........................

sickasachip13

Hi,

I think Fat Belly has answered some of your questions on the other thread:
https://forums.moneysavingexpert.com/discussion/115430

But, in response to your q's above :

1 - How do I know who owns the debts and who should I negotiate with?
Have you got a credit report yet?

2 - Is 12k enough to go for a f&f ?
It is entirely dependent upon the circumstances and how the creditor feels about it all tbh. If you've not missed payments or been defaulted you're unlikely to get settlement offers from them.

3 - I do have a loan/cc/Overdraft with my bank, do they need to be negotiated separately?
Don't know.

4 - Is it woth it going with a private firm ?
Absolutely not - why pay them money to try to do something reasonably straightforward you could do yourself?

5 - Should request for interests and charges to be waived first ?
On what basis would you be asking this? Again, if you're up to date, why would they consider it? Are you getting mixed up with being in a debt management plan?

I think you need to get some impartial advice. National Debtline are good and free. If you're interested in learning more about your options do the CCCS debt remedy online tool.

All the best

SAAC

imalooser

Thanks for the answers, I have missed 6 months of payments and having my appointment with payplan tomorrow, I am technically homeless (couch surfing at the moment), all my cards been canceled so can't get a report.

I got a letter from DCA offering to settle for less but haven't contacted them yet.

do they need to all agree before i start making payments ?

sickasachip13

Hi,

I think at this stage you need to hang fire until your appt with Payplan. They're the experts who can advise you best and once you've got your options set out then you can make a good decisions about how to move forward.

On the possibility of F&Fs, there is nothing to stop you offering partial payments to your creditors, but you would need to know who they are and how much you owe and, preferably, old account numbers. You would need an address for correspondence too. There is a specific letter to send to offer F&Fs and this can be found in the template letters section of the National Debtline website.

Noddle do an online credit report that's free, but you do need to register a card for them to confirm your identity etc.

Best of luck
SAAC

sistafromanothermista

Not anything to add as such, just wanted to say good luck on your journey. We're all in similar boats, good luck to you

imalooser

Many thanks sista, this thing is really getting its toll on me, amazing how my life changed in no time after loosing my job, i can no longer sicialise or enjoy things. Got turned down for a job today.... Really dont know where im going in this journey!!

sistafromanothermista

The only way is up imalooser Hang in there

sickasachip13

Hey,
I think most people here have had very dark times but, you know, the debt stuff is only money. They can't have - really can't have - what you haven't got. You need to try and put in place a good plan and then work on protecting your own personal well-being - that's priceless really.
Just keep moving forward and focus on small goals and celebrate small victories would be my advice.
SAAC x

imalooser

morning everyone, having and apointment with payplan but i can't get my credit reports as all cards canceled :-(

any suggestions?