Please Help :-/

doc1985

Hi, i have debts of around £12,000 and after speaking with CAP they have recomended a DRO. I really dont want to go down this route. My main debt is £7000 loan, £1000 cred card and £1000 overdraft, all with lloyds tsb. These have now been passed to Wescot credit. I was considering calling them to arrange a payment plan for this, and just sit tigt and hope the rest dont catch up with me as i have moved house. The other £3000 is made up of small debts, no more than £400 that are 2-3 years old, so i cant see them bothering to much tbh. What do you all think?

Thankyou

[Deleted User]

I think you should just contact Lloyds to say that you are willing to pay but cant afford the monthly repayments.

Not sure if they will deal with it now as it has been passed to an agency - I do not know a lot about this though so could be wrong!

Just wanted to say best of luck xxx

sunshineangel

Hi didnt want to read and run and im sure more experienced people will be along soon. Who are CAP are they a free company. have you done an uptodate statement of affiars inc all debts in case they all find you? do you know what sort of realistic payment you could offer to each?
It may help to post your statement of affairs (soa) on here so others can see if any cutbacks can be made anywhere to find extra money to pay onto your debts. there is a sticky on here which give you the best soa to post you have to copy and paste it over as a newbie you cant post links.
hopefully we can help :-)

doc1985

Thankyoun for your reply. I should have said that all of these debts are from at least 2 years ago at my old address, some have caught up with me at my new adddress (mainly the big ones) some havnt. They have all been passed to numerous DCA's so think speaking to Lloyds or any other creditor would be pointless now.

doc1985

I did a SOA with CAP (they are Christians against poverty a charity debt help organisation) and they said i could only afford less than £50 to pay my creditors, hence why they recomended a DRO, but i think i could rejig my budget and maybe push that up to £100 to offer Wescot for these 3 main debts.

BlushingRose

If all the debts are with Lloyds, are you now banking with a different, unconnected bank?

sunshineangel

doc1985 wrote: »

I did a SOA with CAP (they are Christians against poverty a charity debt help organisation) and they said i could only afford less than £50 to pay my creditors, hence why they recomended a DRO, but i think i could rejig my budget and maybe push that up to £100 to offer Wescot for these 3 main debts.

the question i would ask yourself about doing that is would you be abe to keep that up and stick to it for more than 1/2 months would you still have enough to live and pay for bills etc without getting into more problems?
would you be willing to post ur soa on here for others to look at and see where cuts for a sustained period may be possable?

doc1985

Yes im now banking with a different bank.

I think i could, this has been hanging over my head for 2-3 years now and i know its going to be hard to pay it. but the option of a DRO i really dont want to take because that is going to effect me in renting properties and getting jobs for the next 6 years.

The main cut from the SOA that CAP made me would be from my food budget, they allow for £50 a week food budget, this is ridiculous, i can eat for a month on less than £100 (going to mums a few nights a week i may add lol :-) so could up the £50 to £100 to pay wescot

flower89

You should post a copy of the SOA on here, there are loads people with great suggestions on how to cut your spending.

Good Luck!

doc1985

Iv just contacted wescot who after goin through my income and expenditure hav accepted a payment of £20 a month to be reviewed every 6 months, this sounds to good to be true :-/

natsplatnat

Are they charging you interest???