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Being paying debt back a long time
sld1983
Posts: 2 Newbie
Hi,
I'd like some advice really. I originally had a debt of £12,000 and have reduced it to £7000 over 3 creditors. I've had the debt for a very very long time (approx 10 years) and no matter how hard I try, it just never seems to get less.
One of the debts was with Northern Rock, which got sold to Capquest Debt Recovery and then I had some debt with Barclaycard and Egg credit cards. The Egg debt is down to £265 so I anticipate trying to get rid of that fairly soon.
I keep hearing of people who got their debts partially or completely written off. I've been on a debt management plan for over 6 years and have always consistently paid them month by month. Does anyone know if there are any loopholes when I've been paying for so long?
Sarah
I'd like some advice really. I originally had a debt of £12,000 and have reduced it to £7000 over 3 creditors. I've had the debt for a very very long time (approx 10 years) and no matter how hard I try, it just never seems to get less.
One of the debts was with Northern Rock, which got sold to Capquest Debt Recovery and then I had some debt with Barclaycard and Egg credit cards. The Egg debt is down to £265 so I anticipate trying to get rid of that fairly soon.
I keep hearing of people who got their debts partially or completely written off. I've been on a debt management plan for over 6 years and have always consistently paid them month by month. Does anyone know if there are any loopholes when I've been paying for so long?
Sarah
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Comments
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You cant get debt written off, however you could contact them and offer them a full and final settlement figure.
start at 25% of the debt and go from there.
Good luck.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
are you with one of the free DMP charities i.e. CCCS? or a fee paying one?0
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Yes, that's right, CCCS is who I'm with. I may try that 25% of the debt thing... but I'll have to raise it first.0
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As soon as the debt with Egg is paid, find a savings account and set a standing order up to it for the amount you were paying Egg.
Call it your F&F account. The interest on that is 24 carat hope.
Trust me, I am (well was) hopeless with money and I now have a balance in a savings account for the first time in my life, for that exact reason. And some hope (and motivation) to bring my debt free day forward.BSC No 248
Free, confidential advice
National Debtline 0808 808 4000 | StepChange 0800 138 1111 | CAB - Get Advice
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As soon as the debt with Egg is paid, find a savings account and set a standing order up to it for the amount you were paying Egg.
Call it your F&F account. The interest on that is 24 carat hope.
Trust me, I am (well was) hopeless with money and I now have a balance in a savings account for the first time in my life, for that exact reason. And some hope (and motivation) to bring my debt free day forward.
If the OP is in a DMP with CCCS, the Egg payment won't be available to save, CCCS will take that payment and distribute it to other creditors.LBM 10/1/12 ~ DFW Start 6/2/12: £82,344 ~ Now Zero:staradmin:starmod::staradmin Debt free 17th April 2015 :staradmin:starmod::staradmin
Eternal thanks to the DMP & Mutual Support (no.439) and Payment a Day ThreadsMortgage free 3rd July 2014 - Grateful thanks to the 2013/14 MFW threads"Debt is normal. Be weird!" Dave RamseyProud to have dealt with our debt
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Good point - didn't think about that.
CCCS are now dealing with F&Fs though. Perhaps the OP should discuss with them.BSC No 248
Free, confidential advice
National Debtline 0808 808 4000 | StepChange 0800 138 1111 | CAB - Get Advice
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