Need help choosing a solution. Debt since 18

joshuamark

Hi All

I have been in debt ever since I turned 18 in 2008 - most of this debt I consider to be illegal debt... this is too long of a topic to go into now, but just so you get the gist I already had 3 payday loans and a large outstanding Santander loan when I applied to Nationwide for £10,000 - I also lied about my wage and was asked to send in proof, I never did send any proof in but 3 days later I got the £10,000 put into my bank. There are multiple reasons my debts could be considered illegal. But thats another story.

Currently, I have the following debts which all defaulted around 2014:

Satander Current Account - £1698
Santander Loan - £5696
Nationwide Current Account - £1029
Nationwide Loan - £3832
Small User Data Bank ( !!!!!! is this? ) - £1100
3g - £32

Also not listed on my report is a Debt to O2 for £600, and to MYJAR for £400 - I dont know if these have defaulted.

Total is under £15,000.

In 2014 i closed all of my bank accounts and moved in with my Dad - I work full time and I earn around £1300 a month, which gets paid into my Dads bank account - he deducts my rent, pays the lease for my car etc and gives me the rest in cash - i buy all my own food and clothes so end up with around £100 / month for socializing etc.

I want to open a bank account and start paying my own bills etc. but dont want to "reawaken the beast" as ever since moving in with my dad in 2014 and closing my bank accounts, I have little to no harrasment from my creditors. I understand from my credit file it was last searched around 6 months ago.

If I open my own account and my creditors see my £1300 wage go in, even if i am only left with £100 by the end of the month could they look to start proceedings against me?

If i am frank, I do not see my wage improving in the near future, with £100 a month spare ( some of which used for socializing ) it would take 10+ years to pay this off - Ideally I would like to open a bank account, carry on the way I am and wait until the debts are statute barred - if i ever obtained the confidence, i would actually take some of my creditors to court because I believe I could win, but at the moment I am too frightened to even open a bank account...

If you have any advice for me it is appreciated.

Joshua

thriftylass

Hello, sorry didn't just want to read and run.

So what are you trying to do? Hide from the debt? That won't work I guess. Also if your dad takes rent, car loan and bills of your wage and you then pay food etc, how come you have only 100 left. Could you post and SOA (basically a list of where your money goes each month)?

How did you accumulate the debt, do you have anything to show for it that you could sell? Are you still borrowing or have your habits changed?

It might also be worth contacting some of the free debt charities like StepChange etc for some free advice

Good luck

spadoosh

They might have provided you with illegal loans but they are only illegal because you committed fraud. If winning means going to jail, then yes you might win.

Read right through this page

http://www.moneysavingexpert.com/loans/debt-help-plan

A few times.

Take responsibility for your actions. No one made you spend the money, ok so you where immature but you made the decision to be so.

Believe me when you accept that it is your fault, you will learn and try your best to avoid it in future.

Im not an expert in getting out of debts and how best to approach it but plenty on here are so will leave it to them.


You will do well sticking around these boards.

joshuamark

thriftylass wrote: »

Hello, sorry didn't just want to read and run.

So what are you trying to do? Hide from the debt? That won't work I guess. Also if your dad takes rent, car loan and bills of your wage and you then pay food etc, how come you have only 100 left. Could you post and SOA (basically a list of where your money goes each month)? Yes, I dont know why everyone on this board acts as though not wanting to spend your life paying back a multiconglomorate bank who took advantage of you is a bad thing? I can afford £100 / month max - this would take 15 years - i earn around £1300 a month but my rent is £250 a month, car lease £150 a month, food 250 ( im 6ft 4 male ) ill figure the rest out and write it down,

How did you accumulate the debt, do you have anything to show for it that you could sell? Are you still borrowing or have your habits changed? When I was 14 my uncle used to take me to a bookies to place bets, soon as I was 18 i opened my own betting accounts and because I worked full time I had 2 companies, sportingindex and spreadex offer me £2500 each in free credit to gamble, i had soon lost all of this and took out a santander loan of £10,000 to pay it back ( to be honest, santander was probably a fair loan ) - over the next 6 months i lost the £10,000, regained £2500 debt to both sportingindex and santander and had around 3/4 payday loans. I was missing mulitple payments and it got to the stage where even Wonga would not offer me a line of credit. I recieved letters telling me they would take me to court, and being young and naive i panicked, i didnt want my mom to find out, i didnt want to go to court, i hoped for a miracle and applied for a nationwide loan for £10,000 - ( remember, im already in debt to 3 payday companies, santander, 2 gambling companies and am missing payments ) - i told them i earned £2000 a month instead of £1300, they sent me a long form in the post to sign and requested 3 months wage slips - i never sent ANY of this back and got the £10,000 a few days later. This allowed me to keep my gambling addiction and the cycle of self destruction for another 6-8 months. Then I went to gamblers anonymous, saw a counselor for depression multiple times , and have not gambled ever since

It might also be worth contacting some of the free debt charities like StepChange etc for some free advice

Good luck

I would happily give my £100 / month spare away to have a bank account and be free of these demons but I dont know how, plus if i can carry on the way I am I might aswell wait for them to become statute barred? I am not a bad person I just want the best escape route for me... is that so bad, especially considering i have not been contacted for 2 + years already

spadoosh

Sorry was just being a bit rude,

Seek help from the page linked.

joshuamark

spadoosh wrote: »

Were a family of 3 and we spend less than £250 on food. (1 x 6ft, 1 x 5ft 6" and 1 x 1ft 6".)

Borrowing money off someone and not paying it back (whilst i dont normally agree that good and bad exist) is going to get people asking for their money back. O and youre the reason i dont receive as much in interest, because they have to offset there losses.

Im sure they mentioned in your counselling that you need to help yourself, hiding away isnt doing that.

Im out.

Im not hiding from anything. I just want the best option for myself.... I have already been nearly 3 years without paying anything back, if i go another 3 all the debts become statute barred... but you would rather i spend 5-10 years working to pay it back, out of my moral concern for Nationwides welfare?

Its not just you. I have looked for help before and people seem to consider me evil for my viewpoint on not wanting to pay back Nationwide! Honestly, every time I walk past someone shaking a tin for the dogs home I end up £1 lighter in the pocket... i love dogs... maybe its a generational thing, but i feel 0% obligation towards any major company

thriftylass

"Yes, I dont know why everyone on this board acts as though not wanting to spend your life paying back a multiconglomorate bank who took advantage of you is a bad thing?"

Everyone that ever has taken out debt could claim this. Ok, one could say you were taken advantage of and you were addicted to gambling (Congratulation to dealing with this, that is a very good start) but it is still your debt. Fair enough the banks should't have given you money based on false or no information but in the first instance it is actually you that committed fraud unless I misunderstood.

I think you have two options keep hiding for the next 4 years or so and hope for the best or tackle it head first. After spending £650 on food (a lot, but as you say your 6-4), car and rent and having 100 left there are still £550 that go on sth.

Me personally wouldn't want to live in fear (sorry maybe a too strong expression) for the next few year.

spadoosh

joshuamark wrote: »

Im not hiding from anything. I just want the best option for myself.... I have already been nearly 3 years without paying anything back, if i go another 3 all the debts become statute barred... but you would rather i spend 5-10 years working to pay it back, out of my moral concern for Nationwides welfare?

Thats like saying its ok to steal from a bank if you go into hiding?

Or its ok punching someone in the face if you dont get caught.

Wouldnt say its about moral concerns for a bank, would say it was about self respect.

I doubt you'll get me to sympathise with you and im likely to just reply with more 'your responsibility' stuff so as mentioned will jump out.

Good luck getting away with it.

joshuamark

thriftylass wrote: »

"Yes, I dont know why everyone on this board acts as though not wanting to spend your life paying back a multiconglomorate bank who took advantage of you is a bad thing?"

Everyone that ever has taken out debt could claim this. Ok, one could say you were taken advantage of and you were addicted to gambling (Congratulation to dealing with this, that is a very good start) but it is still your debt. Fair enough the banks should't have given you money based on false or no information but in the first instance it is actually you that committed fraud unless I misunderstood.

I think you have two options keep hiding for the next 4 years or so and hope for the best or tackle it head first. After spending £650 on food (a lot, but as you say your 6-4), car and rent and having 100 left there are still £550 that go on sth.

Me personally wouldn't want to live in fear (sorry maybe a too strong expression) for the next few year.

Hi I meant £250 a month on food! not a week! lol that would be crazy... ill do a full budget shortly.. i think i am going to open a bank account and try to live a normal life, if they dont contact me, great, in 4 years I will be free - if they do contact me, then perhaps I need to look into a DMP

thanks for your help

kindofagilr

joshuamark wrote: »

Hi I meant £250 a month on food! not a week! lol that would be crazy... ill do a full budget shortly.. i think i am going to open a bank account and try to live a normal life, if they dont contact me, great, in 4 years I will be free - if they do contact me, then perhaps I need to look into a DMP

thanks for your help

£250 is still a lot for one person, My OH is 6 ft 2" and we have 2 children and we spend £60 a week on food for the four of us.

Try dropping a brand name maybe? batch cook your food?

thriftylass

joshuamark wrote: »

Hi I meant £250 a month on food! not a week! lol that would be crazy... ill do a full budget shortly.. i think i am going to open a bank account and try to live a normal life, if they dont contact me, great, in 4 years I will be free - if they do contact me, then perhaps I need to look into a DMP

thanks for your help

Yes, I know. I meant £650 on food, car and rent a month. I put in a comment after food that separated the three visually. Still I think too that £250 is way too much I guess unless you don't actually cook and rely on ready meals a lot.