Tackling old debt

Fireflyaway

I've got 3 old debts that I pay via payplan and I'm not sure how to get rid of them quicker. Currently the arrangement will still be going after I die, its so long!
I thought of an IVA but that's going to impact my husband which I don't want as the debt was mine before I met him. I could increase payments but it would still drag....
The only thing I thought is to save up then offer a lump sum to the smallest then repeat twice more?
Any suggestions please?

sourcrates

Hi,

No magic solutions I'm afraid.

There are only the debt solutions laid down by parliament available to you, they are :

Bankruptcy

IVA

DRO

DMP (unregulated).

How old are the debts ?

You could try CCA requests, see if they can produce compliant paperwork, making settlement offers as and when your able is another good option.

Newstart3

I managed to agree full & final settlements on almost all of my accounts for around 60% of the total remaining balance. I made small monthly payments of around £20 to each of them to stop them from taking me to court and used my remaining available income to save up lump sums. I've gone from 11 creditors to 5 using this method.

Good luck x

Fireflyaway

Thanks. Newstart3 that's interesting thanks. I try not to think about the debt too much, its 15 years old so long off my credit file, but it does bother me hanging there in the background.
I'm not eligible for bankruptcy or a debt relief order and an IVA would impact my husband ( because my spare income would be taken, thus reducing our joint available money).
Settling at 60% might be doable if I put my mind to it though.

sourcrates

Fireflyaway wrote: »

its 15 years old so long off my credit file.

All the more reason to CCA each relevant account first then.

Fireflyaway

sourcrates wrote: »

All the more reason to CCA each relevant account first then.

Yes I will try this. The debts have been passed through probably 3 or 4 different agencies since I first had them. Will try and see what happens.

I am a bit nervous that the creditors might try and escalate matters. Maybe I will wait until we have bought a house? Even if the CCA doesn't appear could they not try other tactics because I have admitted the debt is there because I've been paying it.

sourcrates

Fireflyaway wrote: »

Yes I will try this. The debts have been passed through probably 3 or 4 different agencies since I first had them. Will try and see what happens.

I am a bit nervous that the creditors might try and escalate matters. Maybe I will wait until we have bought a house? Even if the CCA doesn't appear could they not try other tactics because I have admitted the debt is there because I've been paying it.

Its your right under the consumer credit act to make a request for information.

You will not be treated any differently for doing so, admitting the debt has nothing to do with a CCA request, they are separate issues.

If a creditor cant comply, then the debt becomes unenforceable, this removes there rights to an legal remedy, so they can ask you to pay, but cant force the issue through the courts.

Its likely the creditor will be able to comply by sending a reconstituted copy of the agreement, but then again they may not, you wont know till you ask.