Advice needed on repaying debts in full

fatbelly

Amount - £1835.00 10/10/2014 (Not sure what this is for and how they haven't chased me up in regards to this if its outstanding?)

You can phone the issuing court and ask - they won't alert the claimant

I'm strongly suspecting Cabot as the amounts and timings, and the fact that they do try court action, all tie in.

EssexHebridean

adviceseeker88 wrote: »

Hi

Sorry, I seem to have gotten under your skin with asking whats the point in paying... >.<

I 100% appreciate its the right thing to do by paying off my debts and i'm lucky to be in a position to pay them off (despite the reasons as to why)

I just nievely thought it might have a positive impact of some sort on my file if I did so.

Oh, to be able to go back and explain some of these things to my former self would be amazing!

I think the worst thing about it all for me is just how spread out and minimal most of my debts are, i'm guessing this looks a lot worse for me with over a dozen defaults than say someone with one default on an 8k debt?

Just wish I had been more educated on money and credit etc hindsight is a beautiful thing!

Thankfully the tide is starting to turn, both from the perspective of the banks being a bit more cautious about offering ever extending lines of credit without any idea whether the (often very young) customer is OK to pay them back, and also from the point of view of financial education. I think a lot of us here got stung by the "shiny exciting credit card trap" - I certainly did - hit 18, got offered a credit card. Hit the(originally small) limit of the card and it was increased, and then increased again. Ended up with an overdraft to meet my regular outgoings as a result of the CC payments, and generally scared the life out of myself. Thankfully my parents sat me down and advised me about budgeting, and supported me through the process of paying it off, but when i say "supported" I mean with advice - they didn't pay a penny of it for me, and I''m very glad they didn't as that taught me an incredible lesson about managing money.

Hindsight is a wonderful thing - you'll barely find anyone on here who won't tell you that they wished they had had the benefit of it at some stage! Take it forward, deal with the situation and put it behind you, BUT hold onto the way it's made you feel, as THAT is what will stop you going back there in the future.

adviceseeker88

Yeah pretty much the same journey with me, kept getting offered more and more credit and in all fairness I was able to keep up until my relationship ended. Together since our early teens and all the credit was in my name as it was just easier for me to get as he was self employed. He left and I could no longer survive. I was stupid to take it all out in my name, but it was my first relationship and I thought it was forever.

I can tell there has been progress made with lenders but wish affordability checks had been stronger when I was younger. I was able to make great financial commitments based on an income of around 7-8k a year working part time that realistically I could never have afforded. I could afford because my ex paid bills my income was our disposable, but this wasn't accounted for when lending. When I look back its crazy, I had something like a 10k limit on a catalouge at one point!! Why oh why that was ever allowed to happen I do not know.