The road to my end of 12 years of debt.

sparks_2023

Zopa have kindly increased my interest rate to 38.65%.

Crikey - they are coining it on my ~£200 debt.

sparks_2023

End of month update.

Lantern Debt Collection have been paid off. CreditSpring will follow in 1 month.

Current debts to continue to pay :

DVLA fine ( £100 ) Increased, now needs to be paid by April 10th.
Payment Assist ( motor repairs ) ( 12 x £29 ).
CreditSpring ( 1 × £42 ).
( Default ) Lantern Debt Collection PAID
NatWest £1950 Overdraft. Reduce by £50 per month.
Vanquis (39.94%) CC ( £223, Cut up ).
Zopa (38.65%) CC ( £194, £200 Limit ).
Smile CC ( £481, £500 Limit ).


Defaulted debts to park for now :

( Default ) Fund Ourselves (£92). No payment plan.
( Default ) CashAsap (£102). No payment plan. Raised claim against them about this and many more loans.


Debts to suspend payment on to engineer default :

Likely Loans ( AP MARKER, £743).
CashFloat ( AP MARKER, £200 ).
Bamboo ( AP MARKER, £560 ).
Aqua (29.2%) CC ( £1337, Cut up ).
Capital One (26.4%) CC ( AP MARKER, £801, Cut up ). 


Current income after accommodation, council tax, gas, electric and water: £500 / month.

Defaults : Oct 2022, Dec 2022, Dec 2022.

sparks_2023

I've decided to let the Vanquis card default as well.

My one light in the dark places is that some CashASAP compensation will allow a few accounts to be paid off and closed. About 4 more weeks left for them to respond or else the Ombudsman gets an email.

Current debts to continue to pay :

DVLA fine ( £100 ) Increased, now needs to be paid by April 10th.
Payment Assist ( motor repairs ) ( 12 x £29 ).
CreditSpring ( 1 × £42 ).
NatWest £1950 Overdraft. Reduce by £50 per month.
Zopa (38.65%) CC ( £194, £200 Limit ).
Smile CC ( £481, £500 Limit ).


Defaulted debts to park for now :

( Default ) Fund Ourselves (£92). No payment plan.
( Default ) CashAsap (£102). No payment plan. Raised claim against them about this and many more loans.


Debts to suspend payment on to engineer default :

Likely Loans ( AP MARKER, £743).
CashFloat ( AP MARKER, £200 ).
Bamboo ( AP MARKER, £560 ).
Aqua (29.2%) CC ( £1337, Cut up ).
Capital One (26.4%) CC ( AP MARKER, £801, Cut up ). 
Vanquis (39.94%) CC ( £223, Cut up ).



Current income after accommodation, council tax, gas, electric and water: £500 / month.

Defaults : Oct 2022, Dec 2022, Dec 2022.

sparks_2023

The Fund Ourselves default is now being handled by Credit Resolution Services. 1 payment to be made on April 28th. Debt un-parked.

Current debts to continue to pay :

DVLA fine ( £100 ) Increased, now needs to be paid by April 10th.
Payment Assist ( motor repairs ) ( 12 x £29 ).
CreditSpring ( 1 × £42 ).
(Default) Credit Resolution Services ( 1 x £86 )
NatWest £1950 Overdraft. Reduce by £50 per month.
Zopa (38.65%) CC ( £194, £200 Limit ).
Smile CC ( £481, £500 Limit ).


Defaulted debts to park for now :

( Default ) CashAsap (£102). No payment plan. Raised claim against them about this and many more loans.


Debts to suspend payment on to engineer default :

Likely Loans ( AP MARKER, £743).
CashFloat ( AP MARKER, £200 ).
Bamboo ( AP MARKER, £560 ).
Aqua (29.2%) CC ( £1337, Cut up ).
Capital One (26.4%) CC ( AP MARKER, £801, Cut up ). 
Vanquis (39.94%) CC ( £223, Cut up ).



Current income after accommodation, council tax, gas, electric and water: £500 / month.

Defaults : Oct 2022, Dec 2022, Dec 2022.

enthusiasticsaver

I assume the overdraft is not interest free now? If it is the usual 40% overdraft interest that will cost you £65 a month so how does that tie in with the £50 monthly reduction

sparks_2023

enthusiasticsaver said:

I assume the overdraft is not interest free now? If it is the usual 40% overdraft interest that will cost you £65 a month so how does that tie in with the £50 monthly reduction

The limit formally reduces each month. I still have to pay interest on the amount I use.

enthusiasticsaver

What is the reason for not going with a DMP? If you did that the interest would be frozen and the monthly amount you pay affordable. Have you done an soa or budget? 

sparks_2023

enthusiasticsaver said:

What is the reason for not going with a DMP? If you did that the interest would be frozen and the monthly amount you pay affordable. Have you done an soa or budget? 

The reason is that everything is up in air until I get a response from CashAsap about my complaint about unaffordable lending.

They have ~3 more weeks to respond until I go to the Ombudsman.

Possible outcomes -

(1) They pay reasonable compensation ( £x000s ) on the unaffordable loans within the next month.
(2) They make a derisory offer which I take to the Ombudsman ( several months/a year delay but higher compensation).
(3) CashAsap goes into administration before my claim is settled - bad news for me.

The case is open and shut. Chained lending on 30+ loans. Paying loans off and immediately ( same day or next day, every month ) taking new ones. 

sparks_2023

No Spend Easter coming up now.

4 blissful days of keeping the (empty) vault locked.

conkerlad

Just read through this and at certain points in my life I can fully relate and I fully sympathise.

My advice to you would be to get DVLA sorted asap, because they will pull the trigger very quickly and get collections involved and suddenly it'll be £500+ you now owe.

What I wouldn't do is set all your hopes on CashAsap refunding X amount quickly, can take a very long time.

Take no offence to this because again I can fully relate, you're being gung-ho and going for all these defaults. All that will happen then is that soon enough every collection company in the land will be harassing you and the amount due, will increase enormously.

The mental strain on you I can understand is immense, far more than my own with my debt so PLEASE SEEK HELP, the total debt is not immensely huge but I think you should reach out to CAB, SC etc. 

Best wishes