Need help quick

Kdalglish7

Hello ,

After 7yrs on a DMP and seeing the banks making big fat profit and paying the bosses bigger fatter bonuses I feel like walking away from my debt .
The banks have tried every trick to get me to pay more , CCJ's , charging orders , bailiffs etc ..... But I have paid what I can afford . The worry of looking after my family , coping with the debt is too much and is affecting all aspects of my life and will end up with the breakdown of my marriage if it continues . Also it will result in me taking time off work and losing more money and then nobody wins .
I strongly believe the banks have a moral obligation to look after it's customers I also believe the banks should bear a shared responsobilty but all they seem interested in is my pound of flesh which they may literally get .
I have 6 loans with high st banks some of which have been passed on to DCA's . Where would I stand legally and morally if I were to do this .

Close to the edge !



fatbelly

Sorry I didn't see this last night.

Firstly, who is your dmp with? Are all your non-priority debts in this?

Kdalglish7

I have loans with 6 high st banks and my DMP is with the CCCS who I have been with for 8yrs .

fatbelly

The idea of a dmp is that it pays creditors what you can afford in a fairly distributed way. It should allow you to live comfortably but not excessively. Sometimes this can be quite long term for instance if you have large debts and not too large surplus income, and you have a mortgage and/or secured loan that is taking priority over your over debts.

If you have a property with equity then straight bankruptcy may not be a viable alternative and there may not be enough surplus income for an IVA.

The downside of a dmp is (as you seem to be discovering) that they are not legally binding and creditors can be a pain in requiring reviews, pressurising for preferential payment, taking and enforcing court action.

This might make you think - is it worth paying each month when it doesn't seem to be giving me any protection? And what would happen if I just stopped?

Obviously some creditors would take court action and if you did not pay the instlment ordered then they could enforce by bailiffs (or a High Court Enforcement Officer if over a few k), attachment of earings (if you work), 3rd party debt order (if they know who you bank with), charging order (likely option if you own property). They could also force bankruptcy.

It's hard to predict what would happen in practice. Many debts would be sold on, maybe more than once. Those with a charging order might go quiet (knowing that their debt is now secured) or might harass about an order for sale (almost never granted by the court, particularly if you have kids and this is your only property).

Difficult to know how to advise unless we know more about your actual circumstances (a SoA maybe) and what you are asking here.

If you want a discussion about the moral aspects of debt from your perspective and the banks, probably this isn't the right board.

Kdalglish7

How do I check who has charging orders against me ? I have paid off 42% of my total debt over 8yrs so I feel the banks should write off the debt . Where were the credit checks , how was i allowed to borrow £100k

Thanks

DCFC79

Kdalglish7 wrote: »

How do I check who has charging orders against me ? I have paid off 42% of my total debt over 8yrs so I feel the banks should write off the debt . Where were the credit checks , how was i allowed to borrow £100k

Thanks

Why should the debt be written off ?

Why did you apply to borrow £100k ?

Not being rude but surely if you borrowed the money you pay it back. Cant answer why you were lent 100k but 2 parties were involved.

Its alot of money to have borrowed, what was it spent on ?

katy_ann

Surely you borrowed this money so if you can you should pay it all back?

meer53

Kdalglish7 wrote: »

How do I check who has charging orders against me ? I have paid off 42% of my total debt over 8yrs so I feel the banks should write off the debt . Where were the credit checks , how was i allowed to borrow £100k

Thanks

The question isn't "how" you were allowed to borrow 100k, it's "why did you".

Unless anyone forced you to take out loans to that amount, i'm afraid that you're to blame really. I think it's a bit of a cheek to think the banks should write it off.

Why not speak to CCCS if you're finding it difficult to manage ? The whole point of a DMP is to allow you to make repayments but still be able to live.

rising_from_the_ashes

Sorry but I'm with the others ..... you borrowed the money, so why shouldn't you pay it back.

If it was for an investment (eg property), could you not sell that to free up some cash to clear the debts.

fatbelly

Kdalglish7 wrote: »

How do I check who has charging orders against me ?

The answer is Land Registry 'find a property'

However as you continue to write stuff like 'I feel the banks should write off the debt' and invite moral arguments, I'm unsubscribing from this thread.

ellesbellesxxx

Are you absolving yourself of the responsibility of this debt?

"Where were the credit checks , how was i allowed to borrow £100k " - er you applied for it???

Looking through the other threads here, there are some really inspiring people who although found things tough - which of course they will be with a complete lifestyle overhaul - still continued to pay off their debts - and even give advice to others. Youare talking about walking away from your debts.

It was never going to be easy - but surely CCCS are on your side, talk to them? Am sure the figures can be shifted.