Urgent advice needed

EssexHebridean

Before anyone advises on that, can you elaborate on your reasons for shying away from bankruptcy? It's great that you want to do full and finals but you have to consider how long it's going to take you to clear that amount of debt even on that basis, at a time of life when you should be able to relax and not be fretting about letters appearing chasing money. Never mind the potential negative effects on your already poor health. If you explain your reservations then someone will be able to give you a bit of clarity on whether you're creating a false picture that may not really be there, in relation to the bankruptcy thing.

Puddylove

I admire you, OP, for seeking to pay back all that you owe. Normally I can be found telling people on here 'If you can pay back your debts, you should'.
In your case I can see no possible way for you to repay such monies given your poor health, and would advise you consider bankruptcy.
You have tried your best - time to accept your limitations.

73061

I will not consider bankruptcy or an IVA.
The creditors deserve to be paid some money as they have never given me any hassle.
I requested 12 years ago that they stop any interest and they did.
I requested that they send an annual statement and they adhered to my request in fact Cabot send monthly statements.
The way forward is Full and Final settlements.
My sisters mother in law died 12 months ago and has inherited her house which is now for sale.
She has offered to give me 5k towards F and F.
In reply to National Debtline it was Payplan who authourised Robinson Way to contact me with an offer of 69% discount on my debt.Payplan said that i would have deal with it myself as they are not allowed to do so.If i settle direct Payplan said they will remove the debt from my DMP.
If any kind person could offer me any advice on Full and Final procedure letter templates it would be appreciated.
If i settle some debts i do not want them coming back in a few years asking for more money.
If i can settle a few debts i will still carry on with my DMP with Payplan and of course the remaining creditors will receive more money.
If i die in the next few years they will get NOTHING as the debts will die with me.
I have no money or assets......ZERO
Many thanks for your help.

sourcrates

They are required under the terms of the consumer credit act to send you regular statements.

You will be extremely lucky to settle 50k of debt for 5 grand, as you won't consider the most plausible solution to deal with this, I shall say good luck with it, and bow out gracefully, this is the link to the letter you will need :

https://www.nationaldebtline.org/EW/sampleletters/Pages/Full-and-final-settlement-offers-%28sole-name%29.aspx

EssexHebridean

Just a word of warning on the F&F route - one of the "rules" of a DMP is that it treats all creditors fairly and equally, I believe. If some of your creditors get wind of others having been settled, they may well refuse to accept the DMP any more.

fatbelly

73061 wrote: »

I will not consider bankruptcy or an IVA.
The creditors deserve to be paid some money as they have never given me any hassle.
I requested 12 years ago that they stop any interest and they did.
I requested that they send an annual statement and they adhered to my request in fact Cabot send monthly statements.
The way forward is Full and Final settlements.
My sisters mother in law died 12 months ago and has inherited her house which is now for sale.
She has offered to give me 5k towards F and F.
In reply to National Debtline it was Payplan who authourised Robinson Way to contact me with an offer of 69% discount on my debt.Payplan said that i would have deal with it myself as they are not allowed to do so.If i settle direct Payplan said they will remove the debt from my DMP.
If any kind person could offer me any advice on Full and Final procedure letter templates it would be appreciated.
If i settle some debts i do not want them coming back in a few years asking for more money.
If i can settle a few debts i will still carry on with my DMP with Payplan and of course the remaining creditors will receive more money.
If i die in the next few years they will get NOTHING as the debts will die with me.
I have no money or assets......ZERO
Many thanks for your help.

The original creditors have already been paid - by the debt buyers. They took a commercial decision several years ago to sell your accounts to debt buyers - the likes of Cabot, PRA Group Ltd, NCO Europe Ltd, Hoist Finance, Lowell Financial Ltd etc

You're already accepting that you won't be able to pay these companies the full 54k balances of the accounts.

The 5k from your sister won't clear 54k of debt, and as you say, If you die in the next few years they will get NOTHING.

However, if your sister will give you £680 you have a way forward.

Bankruptcy has changed a lot since you started your dmp. Nothing appears in your local paper any more, you are discharged after 12 months, you apply online, the courts are not involved.

You could have this sorted by the end of the month and discharged in August next year.

73061

If i declare Bankruptcy I will be thrown out of my house after 15 years with my landlord.Details below.


If you rent your home

If you rent your home, it's unlikely you'll lose it by going bankrupt. However, there are certain situations where your home may be at risk, including:

• if your tenancy agreement says a bankrupt person can't be a tenant in your home

My landlord does not accept bankrupts.

Arleen

If you've been with that landlord for 15 years and more or less a good tenant (why else would you be one for 15 years) then he will more than likely make an exception of this rule for you. Best to give him a call and ask, you may be surprised.