New start to pay off my debts.

Mumoffourkids

Bedsit_Bob wrote: »

Any that have been sold on (or any that get sold on in the future) are candidates for making Full and Final offers.

Thank you. I have found the paperwork for all bar one of the credit cards I believe. One of the credit cards is now with Cabot financial so I would say that one has been sold on hasn't it?

Three of the old debts were with natwest and I seem to be getting letters from Allied international credit, so maybe they have been sold on as well?

If they have been sold on, do I pay pro rata to each one but save up to make full and finals?

[Deleted User]

Mumoffourkids wrote: »

Combined with my gas bill the overall cost doesn't look too high to me

Really?

Your combined energy bills are £1,560 a year, which, IMO, is :eek: , particularly as, I assume, the house is empty during the day.

Mumoffourkids

But it isn't empty during the day everyday. I work three days a week school hours only, so for four days a week, the house is occupied, but I will look at this and see if I can reduce the electric costs.

[Deleted User]

Mumoffourkids wrote: »

If they have been sold on, do I pay pro rata to each one but save up to make full and finals

Yes, and when you do make F&F offers, start low.

Remember that they'll have bought these debts for peanuts.

Mumoffourkids

Bedsit_Bob wrote: »

Yes, and when you do make F&F offers, start low.

Remember that they'll have bought these debts for peanuts.

Thank you. That makes sense. I will find letters to send and will print off tomorrow. Thank you for your help.

[Deleted User]

First thing you should do, is send a Prove-It letter, to each one that has been sold on.

Mumoffourkids

Ok so that's my first port of call. I presume because it is Christmas that they will take a while to reply, then I send them a letter giving them a monthly amount of what I can afford to pay.

I am just working out my money for January and it's looking like a good month, but I am going to put money into savings accounts for each pot. So then I have money out aside for everything. I should be able to pay off tax credits, littlewoods and maybe even some of the studio one in January which would be amazing.

[Deleted User]

Mumoffourkids wrote: »

then I send them a letter giving them a monthly amount of what I can afford to pay.

That depends on whether they send you a CCA, relating to the debt.

Unless and until they do, you don't offer them anything.

The exception is the overdraft (unless you refinanced that into a loan), which doesn't require a CCA.

Mumoffourkids

Ok thank you for the advice. You have been very helpful and I will start the process tomorrow with the prove it letters.

Bublin1

Regarding your mention of you not wanting to put your children through cutting back.

Imagine how life will be in say, 2 years when you can actually pay cash for what they want/need and they have a Mum who is debt free. A mum who can then start building and securing their future.

That is the ultimate gift and they will have learnt from you.

Learn to say the word 'no'....not just to them but to yourself too.

You should watch a few Dave Ramsey videos on youtube for inspiration. He is brutally honest when people say they 'need' this or they 'must' have that. You need beans and rice, running water and a light bulb and until you have paid of your debts, you deserve nothing more!