Lets get cracking!

kmlc

Hello!
Time to take control and pay off the debt that constantly pulls at my subconscious.

So...
HSBC (now with Westcot) £12,296 - currently paying £10 a month

FirstDirect (now with Metropolitan) £3,534 - currently paying £3.60 pm

Barclays Partner Finance (now with 1stCredit) £5,750 - currently paying £5.33 pm


I shan't bore you all with the details of my sorry story however I will say it was all going so well then a nervous breakdown happened in dec 2012 and went downhill rather quickly from there.
I spoke to the companies and explained (after a few months of hiding) what had happened and they in all fairness were very good and froze the interest and agreed to give me a lot of space. This didn't come for free though - I unfortunately accumulated 3 defaults for this (1 for each company).

Anyway - fast forward to today and as of January I will be getting a full time job and I will be paying off around £1k a month (currently paying the absolute minimum) I moved in with my new partner a year ago and he is amazing and is willing to help me by allowing me to focus on the debt and only pay a little towards monthly bills. Extremely lucky, I know. After 3 years of living on next to nothing I have managed to whittle my outgoings down to £133 a month and have gone from being quite the spend thrift to saving wherever I can.

I also have a small business on the side (which has been my main income for the past 3 years as this was all I was mentally capable of doing) so extra income from that will also go towards the debt.

I have spent the past 3 years recovering and building myself up again and finally I am feeling 100% confident and raring to get rid of these amounts and move on with my life.

We hope to get a mortgage together in 2 years; although the chance of me being accepted is low due to the defaults from dec 2012, at least I will be debt free by then and we can tackle that then if it is a decline. Hopefully though the banks will see I have paid this off myself and see I have recovered from adversity.

Anyways, just a quick intro!
Any tips/advice would be so welcome.

Here's to a wonderful, abundant 2016 to you all!!

K xx

sourcrates

Hi,

Your defaults will be on your file till 2018, so I think a mortgage may be on hold till after then.
How old are the HSBC & BPF debts ?

Have you CCA'd them at all ?

kmlc

Hi Sourcrates,

What does CCA'd mean?

HSBC (it was a consolidation loan) and BPF are around 4 years old.
Thanks for your reply

sourcrates

If only 4 years old then probebly not worth bothering.

CCA is asking for a copy of your original agreement, works best on pre 2007 debts, as law changed then, basically if creditor can't comply, debt may be unenforcable, but your accounts appear newer than that, so probebly not an option for you.

Just trying to see what may work for you to help you with your situation.

kmlc

Thanks anyway
I'd say most of my agreements are post 2007!

I think all that is left for me to do is just start paying it off. Cannot wait to get a job and start throwing money at it.

sourcrates

kmlc wrote: »

Thanks anyway
I'd say most of my agreements are post 2007!

I think all that is left for me to do is just start paying it off. Cannot wait to get a job and start throwing money at it.

As regards the Barclay partner finance debt, they have been in trouble recently for not providing customers with monthly account statements.
They are oblighed to send you a statement on a regular basis, if you did not receive one, for any period, you can claim back any charges they imposed for non or late payment, plus interest, also for that period the account would of been unenforcable, so it's worth looking into, if this happened to you !!

kmlc

Nice one! Thanks very much, I will do just that Would I just write to them asking them if they've been naughty?

sourcrates

kmlc wrote: »

Nice one! Thanks very much, I will do just that Would I just write to them asking them if they've been naughty?

A statement of account would be the starting point, then take it from there.

I would request one in writing, see what they have on you, then act accordingly.
Any charges, added interest, can all be reclaimed, if, they did not send you account statements at least once, every six months.

They are notorious for non compliance of this, so you may of been effected !!

kmlc

I've just sent them an email requesting a SOA :0)

Thanks again, and happy new year!

andyfromotley

hi,

just a thought, your debts are all with DCA's. Why not consider keeping your payments as is. Pile up cash and when you have sround a third of each debt try for a full and final settlement? You could possibly then clear all of these debts for around 7-8k. Worth thinking about?