Debt Advice

JmeMc

Evening all, 
I was a bit of an idiot 10 years ago and went mental with borrowing short term payday loans/bank loans and credit cards. I’ve basically buried my head In the sand since and done nothing about it. I’m now in a steady position and wanting to face into the debts to improve credit score ect, I have absolutely no idea where to start though. I’ve downloaded and signed up to ClearScore which had given some good info but I need a starting point on this journey. 

All of my debts have defaulted and gone to Lowell, I’m guessing they buy debts from lenders. Who do I approach to get the debts resolved on some sort of payment plan? Lowell’s or the lender direct? 

Looking on my account I’ve had a CCJ in 2014 and 2015, I’ve read that they drop off after 6 years - because I still haven’t made payment will they just issue another? 

Any advice appreciated, thanks all. 

Jamie 

BobSwift

If you are under many debts one thing you can do is to apply for a debt consolidation loan. By doing this your monthly rate of interest will decrease and you will be able to erase all of your loan amounts from your life. One thing also you can do that before executing this plan, check out the site and get free consultation services from the experts, So you don't face any trouble in the future. 

[Deleted User]

BobSwift said:
spammy nonsense

Ignoring Bob and his obvious spam above, you need to establish the status of each of your loans.  Which if any are statue barred? Are you willing to settle them ti improve how lenders see you?  You need to contact the current owner of each debt.

CCJs can't be reapplied for, but the debt will remain enforceable.

CMB93

It’s so hard to take that first step. I too went crazy in my late teens/early twenties on payday loans and high interest credit and store cards. 

I looked at debt consolidation, however it effectively puts a red mark against you until it’s all paid off, so I decided against it.

Firstly, are you sure all of your old debts were legal? More than a couple of payday loans companies were reprimanded for giving unaffordable loans. Check this out first. 

Call Lowell, when you’re ready, and tell them what your situation is now, and agree a month you payment amount. Don’t be bullied into a higher than affordable payment, as if you default on this it will count as another default. Keep it affordable in the long run! 

Afraid I can’t help with CCJ’s at all. 

It will take time, but you will get there. 

I’ve just had my last defaults drop off my account. And after about 8 years of bad credit, constant checking and scared I wouldn’t get accepted, I’m now at the max on Experian and transunion. 

It does get better - it just takes time!