New Adventures Debt Free

Bagelcatgoal

Hi all

As I'm sure is a somewhat common story, over COVID and the cost of living crisis we really struggled with 

I've recently been offered a new role in Australia, and have arrived a few months ago with a relocation package from work. Unfortunately the interest is just too high to be workable in our UK debt anymore.

I've been spending a few days researching and it seems a self managed DMP would be the best option for us, but keen to hear other thoughts!

Present debt is:

Amex

£2,500

MBNA 1

£7,000

MBNA 2

£8,000

HSBC

£3,400

Tesco

£5,000

Total: 

Current plan is as follows, would appreciate any advice or if there's anything missing!

1. Provide all the above the new Australian PO Box address for correspondence. I also believe that this would stop any CCJ's from being obtained due to jurisdiction.

2. Lodge affordability/reckless lending complaints against AMEX and MBNA, there were multiple credit increases whilst I was holding a large amount of debt in comparison to salary, and the AMEX limit was initially around 50% of my gross yearly salary

3. Cancel all direct debits and wait for the accounts to default, building up a warchest in this time

4. Make payments once defaulted

5. Should they send these to Debt Collectors look to lodge a request under CCA. Appreciate the usual way is with a postal order, would a £1 payment to their bank account also be deemed valid?

6. Continue to negotiate with them for an ultimate resolution in due course.

Sorry for the long post, please let me know if anything has been missed!