Is there a better way to tackle this debt

elliechoc

Hi All,

I am currently on a dmp with Payplan but want to try and be debt free sooner than the endless years quoted - possibly 10-14 years.

I owe:
Cabot for Barclays credit card - £3719
Paragon for HSBC loan and credit card - £14871 and £2820
Capital One credit card £1450
Totaling approx £22863 give or take the pennies

With the payment plan I am on I do have a little cash left over each month, about £100-£50 which I am currently putting into savings with a hope of building that up to offer a settlement figure.
I know this is hopeful but wondered if there was any better way to be free quicker, my partner and I are trying to save as much as possible to offer settlement figures.

I know I have defaults against my name, I have been on my plan for 4 years so far, but I am not keen on bankruptcy or and IVA due to always having to declare it for the rest of my life.

Many thanks
Ellie.

dinky201

you could pay and struggle and slip up for 10-14years.

or get bad credit for up to six years and start over

dinky201

who you on payment plan with and who are you in defult with?

elliechoc

My dmp is with payplan and I know Capital One defaulted me and I think HSBC did too.

dinky201

Ok I personal message you some help

Tixy

Hi ellie

How much are you currently paying a month to your DMP?

Have all your creditors frozen interest?

How much do you have saved up?

Grumpelstiltskin

Ellie Not saying this is the case but be very wary of any PM you receive if the sender is offering you some other payment plan.

If you do receive anything like this then send the PM on to the Forum Team.

fatbelly

elliechoc wrote: »

My dmp is with payplan and I know Capital One defaulted me and I think HSBC did too.

Sounds like Barclays should have done too.

Worth checking your credit file to find out. Entries will drop off 6 years after the default date so potentially you are only two years away from having a clean file.

If Cabot have invented a recent default date, complain.

elliechoc

I currently pay £179 a month and my savings are very small at the moment only about £500, a long way to go! But I have only recently been in a position to start saving. Plus my partner is moving in with me soon and wants to help me save as much as we possibly can,

All interest has been frozen now.

I do need to get a credit report as I have never done this. Cabot never advised of a new default but I can check this once I get my credit report.

Just hate the thought of this going on for so many years and want to do my best to clear it as soon as possible.

Thanks