Will be paying debt until 88 !!

ThirdTimeArounf

Hello

Please dont judge me 😢

Today my husband paid his last payment to stepchange after paying off 40k and he is officially debt free 👏

Now the problem is I still owe 33k and as only earn approx £600 per month I am paying at £110 per month on a self run DMP.  As I am self employed we did not do a joint DMP and I was origally paying a lot more but my earnings dropped a few years ago and after a number of years with a Debt Management company I then started looking after it myself. 

At £110 a month I will still be paying at 88 and doubt I will still be around then

I just don't know what to do

My debts are as below 

DEBTS 
Intrum           8387
Intrum.        16656
Jaja.              2570
Lowell.            949
PRA.              4011
Moorecroft.    738

Total.           33411



My income ALL goes into joint account but my share of bills would equate as below

Car payment share £150
Car insurance.         £  50
Petrol.                       £  60
Electric/gas.            £100
Mortgage.                £100 
DMP.                         £110

Left £30 for clothe/hair/ personal items

Hubby pays everything else.

He has offered me his DMP money for next few months and I am wondering is it worth offering my creditors a full & final payment ?  If so what is lowest % do you think they would take it donI just keep paying £110 until reach 88 or I die whichever comes first 

Thanks 


  

fatbelly

Yes, i think full & finals is the way forward, using hubby's money to build a pot of money to use for that, rather than feed it straight to creditors.

I notice most of your debts are not with the original creditor so to start with you should do cca requests, assuming these were consumer credit act debts

Also jaja may be worth a complaint - was this a credit card?

https://debtcamel.co.uk/refunds-catalogue-credit-card/

ThirdTimeArounf

fatbelly said:

Yes, i think full & finals is the way forward, using hubby's money to build a pot of money to use for that, rather than feed it straight to creditors.

I notice most of your debts are not with the original creditor so to start with you should do cca requests, assuming these were consumer credit act debts

Also jaja may be worth a complaint - was this a credit card?

https://debtcamel.co.uk/refunds-catalogue-credit-card/

Can I ask what is cca request for ? 

 All credit cards and one loan, to consolidate cards and never cloaed and used again....yes jaja is a credit card.

I now believe this is part if my mental health diagnosis as one of the symptoms is Impulsive behaviour..not an excuse I know...I hold.my hands up and admit all my own fault 

sourcrates

ThirdTimeArounf said:

fatbelly said:

I notice most of your debts are not with the original creditor so to start with you should do cca requests, assuming these were consumer credit act debts

Can I ask what is cca request for ? 

 

In a nutshell, a "CCA request" refers to sec 77/79 of the consumer credit act, the act that regulates all of your credit borrowing.

Under the above section, you can request a copy of your original credit agreement, failure to comply results in the account becoming unenforceable in court, so the lender can`t do anything if you choose not to pay.

Lenders tend not to keep records after a few years, so failure to provide what you ask for can reap some excellent results, and wipe out a lot of debt, now this works best with older debts that have been sold at least once, its not to be relied on 100% as they only have to provide the most basic paperwork, but if they no longer hold those records, they can`t just make the information up, so its always worth a go.

National debt line provide a good template letter here:

National Debtline | Sample letters - Information about your agreement under the Consumer Credit Act | National Debtline 

the £1 payment is the statutory fee, you can pay by postal order, not all lenders insist on it, but you should include it for each account.

ManyWays

if a debt collector cant produce the Consumer Credit Act Agreement for a loan, credit cards or HP agreement, the debt becomes unenforceable in court so you can stop paying. See https://nationaldebtline.org/get-information/guides/credit-agreements-getting-information-ew/ which has a letter you can send to the debt collector asking for this.

fatbelly

If you have a diagnosis of mental health issues linked to impulsive behavior that may well strengthen your case for complaints

Debt Camel is the go-to for resources