Reeling from the Reality Check

sugarbaby125

Well done HB, your hard work has already begun to pay off. 2 debts will soon have been paid off and considering the huge inroads you have already made in paying your debts, I can only congratulate you. Once you had your light bulb moment, you grasped the bull by the horns and you organised the repayment of your debts with all of your creditors. You have an inner strength and resolve that many will envy. Keep going.

Historybuff

Thanks, guys. It's self-preservation I think, sugarbaby!
Well there have been further developments today. Another cc ready to talk. They want the I and e and list of offers to creditors, so I'm hoping they are going to settle too. They want me to gather the info, then phone them for a quicker offer. I'm going to do it tomorrow. I also haven't yet sent the i and e and table of offers to the one that got into contact yesterday, yet. I'm considering phoning them first too. Tomorrow's the day. I've got two to phone.

Historybuff

Giving myself a little challenge. See if I can make £200 cash last until 23rd Feb. 32 days. That's £6.25 a day.

Historybuff

Phoned N*wide cc to see if they would accept an offer. Did the I and e and other creditors breakdown and told them three had accepted offers. It's going to the correct 'department' for consideration and I should hear by 15th Feb. Not to make any payments to them in the meantime. I shall wait and see.
Now, just deciding whether to ring T*sco or just send off the paperwork they have asked for and hope for the best. TBH I don't think I can face anymore phone calls to banks today. I'll put it in the post.

Historybuff

4 no spend days. I'm counting spending on household cash. Just paid off the three cc/overdraft balances with the agreed partial payment this morning. Three predators crossed off my list. I've got everything crossed that at least two more will agree a partial settlement soon. I want these debts out of the way.

Historybuff

Just got back into YNAB. This is going to really help me. I've started afresh and somehow seem to get it now. I'm aiming to save up enough to be able to budget a month in advance i.e. eventually roll forward the equivalent of a month's salary. I'm making this a medium term aim, to, hopefully, be achieved by the end of June.

Historybuff

Still got the £200 left. Not had to spend anything this week yet. Boring, but I'm determined.
just had a reply from T*s0 loan. They will give me 35% discount to settle. I think I will get back to them with the I and E and table of other predators to see if I can get them to increase the discount to 40 or 50%. If they will, I'm going to pay it to get it out of the way. Ringing them tomorrow. Still waiting for the T*sc0 cc to get back to me with an offer and N*wide also. I'm leaving C*p1 till last because I think they will be a harder nut to crack. If I can get another one off the list by the weekend I will be very happy.

Historybuff

I've just realised that initially when I started seriously trying to get rid of debt mountain I would have to retire four years later than I wanted to. Now with large chunks starting to be paid off that has now gone down to two years! I wanted to retire in 2017, but realistically, now I will go in 2019.
I'm really hoping I hear about two more p and fs next week.

chevalier

Congratulations on getting so many of your debts settled. I do worry though about them all being partial settlements. What happens to the other bit of debt, only I have heard of people being chased for the remainder of the debt by another provider later on. Or maybe that has changed now in the UK?
chev

Brogden

chevalier wrote: »

Congratulations on getting so many of your debts settled. I do worry though about them all being partial settlements. What happens to the other bit of debt, only I have heard of people being chased for the remainder of the debt by another provider later on. Or maybe that has changed now in the UK?
chev

There is nothing to worry about here at all. The rules are:-

1. Ensure the acceptance of the offer of partial but final settlement is received in writing before paying.
2. Chase the predator after paying to ensure they send you a letter confirming that the payment has been received in full satisfaction and that you will not be approached by them or any other entity to pay more.

The above is best practice - I have not worried too much about the acceptance of my offer being in writing as I have preferred to 'strike whilst the iron is hot.' The letter / email after the payment is made is essential though and should be retained for life!

Any issues - letter headed 'Formal Complaint' in large bold letters. Any further issues escalate to the FOS. Everything is in our favour!

Good work HB !!