In DMP and selling my company

serious_debt

I have been reading a lot here and I think F&F offers would be a good idea to try. Many of my debts are on credit cards from the 1980's and 90's. So their t&c may well be out of date.
At the current level of repayment I will be clear in 260 years when I am 319 years old!
The debts were defaulted about 6 years ago.
I have mental health issues and took out the loans during years of hopeless active alcoholism. (hence my situation) I am however 5 years clean of booze now.

sourcrates

serious_debt wrote: »

I have been reading a lot here and I think F&F offers would be a good idea to try. Many of my debts are on credit cards from the 1980's and 90's. So their t&c may well be out of date.
At the current level of repayment I will be clear in 260 years when I am 319 years old!
The debts were defaulted about 6 years ago.
I have mental health issues and took out the loans during years of hopeless active alcoholism. (hence my situation) I am however 5 years clean of booze now.

From that time period most credit card agreements were unenforceable, you should CCA all the credit card accounts ASAP.

This legislation does not apply to bank accounts.

Template letter to each credit card account, together with a £1 cheque or postal order :

https://www.nationaldebtline.org/EW/sampleletters/Pages/Information-about-your-agreement-under-the-Consumer-Credit-Act-%28sole-name%29.aspx

Inability to provide correct paperwork renders the account irredeemably unenforceable.

serious_debt

very helpful everyone thank you. From todays investigations, chats with Steps to change (think thats their name) and other thoughts and comments. I will sleep on it all and see where my brain is tomorrow. zzz

enthusiasticsaver

Hope you manage to sort something out with step change. Well done on kicking the alcohol habit. I think your mental health will improve when this debt problem is also behind you.

serious_debt

enthusiasticsaver wrote: »

Hope you manage to sort something out with step change. Well done on kicking the alcohol habit. I think your mental health will improve when this debt problem is also behind you.

Yes, Step change were amazing and I spoke to one of their guys for hours. I have been recommended to start some f&F settlements starting at 25%(of the debt) also to write and ask for agreements to see which debts are enforceable. I don't quite understand the details of this but I am learning.

As for my mental health I believe you are right. Sitting here with £300k of debt and the risk of losing everything I have ever had through the madness of alcoholism is heartbreaking. As of course debt is for everyone else not just me.

My creditors should never have lent the money (irresponsible lending) but hey I spent it!

sourcrates

serious_debt wrote: »

Yes, Step change were amazing and I spoke to one of their guys for hours. I have been recommended to start some f&F settlements starting at 25%(of the debt) also to write and ask for agreements to see which debts are enforceable. I don't quite understand the details of this but I am learning.

As for my mental health I believe you are right. Sitting here with £300k of debt and the risk of losing everything I have ever had through the madness of alcoholism is heartbreaking. As of course debt is for everyone else not just me.

My creditors should never have lent the money (irresponsible lending) but hey I spent it!

Follow the link I gave you previously to the National Debtline website, and get those CCA requests sent in.

I can almost guarantee the majority will be unenforcable by now.

glentoran99

Its seems shocking to me that these debt charities are recommending solutions that are totally impractical, A DMP lasting such a ridiculous length of time surely isn't the best solution

sourcrates

glentoran99 wrote: »

Its seems shocking to me that these debt charities are recommending solutions that are totally impractical, A DMP lasting such a ridiculous length of time surely isn't the best solution

Well lets dissect that a bit.

Docent want to go Bankrupt, as he will lose his business, so thats out.

DRO not possible for obvious reasons,

IVA ? possibly not able to have enough to put towards a monthly payment, as only paying £100 a month at present.

That only leaves.........a DMP, so thats why hes still on it, i would say.

sourcrates

I think the OP (should) be able to reduce the amount he owes, (of enforceable debt anyway) after making the CCA requests.

glentoran99

sourcrates wrote: »

Well lets dissect that a bit.

Docent want to go Bankrupt, as he will lose his business, so thats out.

DRO not possible for obvious reasons,

IVA ? possibly not able to have enough to put towards a monthly payment, as only paying £100 a month at present.

That only leaves.........a DMP, so thats why hes still on it, i would say.

I've maybe misunderstood an IVA then, I thought that it was basically a formal DMP and that as long as you met the expenditure guidelines the creditors would accept it