Stepchange

samrob3120

Hi
Quite a few years ago (15) I got myself into quite a bit of financial trouble, was in debt up to my ears, credit cards, loans etc and all because I bailed out an ex partner, we split not long after, anyway I just couldn't afford to live, I sold my car etc to help and was left with 2 large loans and had to go to Stepchange as I just couldn't cope. They were brilliant and helped me no end. I have steadly been chipping away at the money I owe and have been doing so for nearly 15 years but I am still no where near paying it off. Is there anyway that I can get the debt reduced so that at least I can see a light at the end of the tunnel?

[Deleted User]

You could try for full and final settlements.

samrob3120

Thank you for replying, would that involve a large cash amount as I haven't got that sort of money?

Pixie5740

What about some form of insolvency? 15+ years for a DMP is a hell of a long time.

[Deleted User]

It would involve making an agreed lump sum settlement to one or more of the creditors to settle the account.

What sort of sums are we talking?

samrob3120

About 10k.


I don't really understand insolvency, would it mean I lost my house?

Pixie5740

samrob3120 wrote: »

About 10k.


I don't really understand insolvency, would it mean I lost my house?

That depends on what form of insolvency you chose and/or how much equity is in your home.

https://www.stepchange.org/Howwecanhelpyou/Bankruptcy.aspx

https://www.stepchange.org/Howwecanhelpyou/IVAIndividualvoluntaryarrangement.aspx

https://www.stepchange.org/debt-info/debt-relief-order.aspx

Your other option is to slash your budget to the bone and then use the savings make to pay more towards your DMP or save up any excess money to offer full and final settlements.

-taff

If your debts have been sold on you can ask for CCAs. Go to the debt free wannabe board and post there.