Need to shift the debt...thoughts?

KaidusKarma

Just got home and looked at the car stuff.

It's a "Conditional Sale Agreement". Not sure what that means in relation to everything else.

Thanks for all the assistance so far

KaidusKarma

I've also noticed that its recommended to get a Basic Bank Account in some situations. I bank with Marks and Spencer which I believe is owned by HSBC.

If my debts are with Barclaycard, Aqua, Fluid (MBNA) and Bank of Scotland, I should be okay without having to get a new account, shouldn't I?

fatbelly

You should be OK with that bank account.

The car is owned by the finance company until the final payment but you have the right to voluntarily terminate and only be liable for half the total agreement value, which might be useful in some circumstances.

Anyway it clears up that, for you, it is a priority payment.

KaidusKarma

Yeah, definitely. I've paid over half already so could just hand it back and cancel but I really need the car at the moment. I dont need it for doing my job but I work in a very much out of the way office (and there's nowhere to relocate to without moving across the country) which isnt served by public transport very well at all.

I'm thinking of using NEDCAB's template and managing it myself, and the template letters to the credit card companies go out this week.

I realised I missed one loan off - I am paying for a sofa. However the final payment is in 2 weeks so I'm just going to let that ride (its 40 quid) and not worry about it...

Pixie5740

Are you still married or has the divorce being finalised? The reason I ask is that debts as well as assets can be taken into account as part of the financial order. It doesn't necessarily matter if the debts are solely in your name if the debt was accrued jointly.

KaidusKarma

Pixie5740 wrote: »

Are you still married or has the divorce being finalised? The reason I ask is that debts as well as assets can be taken into account as part of the financial order. It doesn't necessarily matter if the debts are solely in your name if the debt was accrued jointly.

Still married. Cannot divorce legally until August. No contact with my ex at all, however, I dont even know her address! (How I get the divorce papers to her I dont know...)

KaidusKarma

I've been reading a few other posts on here and I was wondering what my best option is - try and get the debts defaulted and written off after 6 years or pay them off completely, which could take me a lot longer? I'm assuming my credit rating will be shot either way so I'm thinking default...