Debt write off for mental health

RAS

So please to hear that it went well for you. Now you can concentrate of life, rather than debt.

Hope it goes well.

middlingditch

Brilliant to hear that compassionate decisions can be made! 

Newmum92

powerspowers said:

What a relief for you 🙂
have you got a plan in place for any other debts? Are you on track with a budget at the moment? Just trying to think ahead and make sure that things don’t get bad again. Money worries always back your mental health worse so addressing what you are able to will hopefully help how you feel as well. 

Thank you, it really is I am overwhelmed 😊 I still have a few creditors including AA my biggest loan, as well as starling, barclays and very. I’m in the process of waiting for them to default and they also have had my write off requests, some are still reviewing it. Once they’ve defaulted I intend to set up a token payment plan. 

Being honest, I thought I’d find it a lot easier to save an emergency fund. It’s so hard, I have been making no payments for 4 months and have nothing to show in terms of savings as things keep cropping up that I hadn’t allowed for!! I’m finding it tough to stick to my grocery budget, and am worried about the energy bill increase. I’ve not fallen behind but it’s definitely affected me being able to save. I could definitely be stricter and I need to stop doing the odd shop here and there at the supermarket! 

powerspowers

It sounds like you are making really positive steps, you should be proud!! 

Have you had any support at all to make sure you are getting everything you are entitled to? 

Newmum92

powerspowers said:

It sounds like you are making really positive steps, you should be proud!! 

Have you had any support at all to make sure you are getting everything you are entitled to? 

Thank you very much 😊 it’s definitely feeling like a step in the right direction! 

Unfortunately I am not entitled to any benefits etc, but I am working and am getting there with my budgeting, just need to try and build an emergency fund now! 

RAS

Best of luck.

Yes, getting any sort of emergency fund behind you will help you manage your budget.

Do also remember to keep a separate "budgeting" account. That's for all the things that you can predict, particularly when paying an annual sum is cheaper than a DD. And for Christmas, birthdays, holidays etc.

Mean-tie also check out Olio, Freegle, Freecycle and any local FB or WhatsApp sharing groups.

Brucema07

Hi

Can I ask - when the debts get written off, do they effect your credit report?

I've had 2 creditors agree to write off debt, but what does this mean?

Thank you

elsien

Brucema07 said:

Hi

Can I ask - when the debts get written off, do they effect your credit report?

I've had 2 creditors agree to write off debt, but what does this mean?

Thank you

It will still show on your credit history because although the company has agreed that the money does not need to be paid it is still effectively unpaid debt. 

sourcrates

Brucema07 said:

Hi

Can I ask - when the debts get written off, do they effect your credit report?

I've had 2 creditors agree to write off debt, but what does this mean?

Thank you

elsien said:

Brucema07 said:

Hi

Can I ask - when the debts get written off, do they effect your credit report?

I've had 2 creditors agree to write off debt, but what does this mean?

Thank you

It will still show on your credit history because although the company has agreed that the money does not need to be paid it is still effectively unpaid debt. 

Not every time though.

Occasionally the creditor will also agree to remove the credit file entry related to the debt, altogether.

This is especially so when a debt has been sold and it`s the debt purchaser you are dealing with.

If you are unsure about any aspect of your dealings with them, write and ask them to clarify things for you.

elsien

Hi @jadoon437.   Welcome to the forum. 
Can I suggest you start a new thread of your own - its the red circle with the white plus sign in the bottom right corner of the screen,
That way people can get a bit more information about your circumstances (the more information the better) and make suggestions about what you can do moving forwards.