Haggling a way to debt-free

TheYeti

Hi all, quick update for you!

Cabot (Zopa) £4,779.13 > £4,742.79
Lowell (118) £3,144.31 > £3,093.62
Rate Setter £1,914.05 > £1,888.27
Capital One £1,290.02 > £1,282.01
SalaryFinance £587.17 > £502.52
Moorcroft £507.17 NOW £0!
MyJar £412.76 > £366.92
PRA Group £183.76 > £178.76
Capital One £139.71 > £134.71
_______________________
TOTAL £12,958.08 > £12,189.60

Capital One's bigger card goes at the end of the month, this coupled with my regular payments takes my total down to £10,654.29!

As for PRA, they're not budging. At the end of april I'll see if Capital One want to make another deal regarding the smaller card.

Stay Tuned!

TheYeti

Well, it's been a while...time for an update!
Today we had a major breakthrough! Cabot (My biggest debt) have agreed a settlement for 30% of the total outstanding! Better yet, they're allowing me to pay this over the next 3 paydays...bye bye date 30th September!

Cabot (Zopa) £4,779.13 > £1,419,72
Lowell (118) £3,144.31 > £3,085.68
Rate Setter £1,914.05 > £1,594.94
Capital One £1,290.02 > £1,272.71
SalaryFinance £587.17 > £369.60
Moorcroft £507.17 NOW £0!
MyJar £412.76 NOW £0
PRA Group £183.76 NOW £0!
Capital One £139.71 NOW £0!

TOTAL = £7,742.65

September we lose two more debts (Cabot and Salary Finance), Capital One should be clear the month after....we're on track for debt free date of 30th June 2020 now!

Stay Tuned!

jwil

Great news :T

mark55man

well done - I know some will be sniffy about F&F - like you have to keep paying for your mistakes, but I think you've paid your dues to the debt monster, and turned yourself around good and proper. to come out of the hole you had dug by 30 will be a great achievement - then you can focus on building a safety net of savings and some longer term plans for your long term financial security.

well played and keep us posted

michael1234

Main thing that strikes me here is that some of those debts are not to faceless banks. Both Zopa and RateSetter are peer to peer companies which means that the source of those debts are savers. There are many threads about them on MSE.

I think its interesting how you're negotiating this and I'm glad your turning this around.

I do think something is wrong when companies like Zopa and RateSetter can take cash off savers and then lend it out to people who fritter it away and have little intention of repaying.

There is a part of me that feels the system is not fit for purpose unless the borrower is always required to repay (however long it takes) the original sum in full (plus inflation but no more)