How many Dmp's is too many.

Grumpelstiltskin

£68 landline telephone? Plus £64 TV and £75 internet? Something way out there. Also no contents insurance, what would you do if the house burned down?

RAS

Does this include all your wife's spends, since you've got joint debt? PRA  and Cabot are debt buyers, who were the debts with originally?

Some of your costs are high and in a formal solution you might be required to cut those back. You lack contents insurance which is vital. Is your quoted income after paying into a pension, I hope you've got one?

You have 48k personal debt and the 16k shared loan could be wrecking your wife's credit record as well. When was the default on that registered? 

ScouseLaffin

Phone costs will come down soon. Still paying for fast internet I can no longer get.£75  Internet is starlink nothing else is fast enough up here( remote location).shared loan was way back possibly 8 or more years, I no longer have original info on that. Wife credit record is V . Good. . Will review the insurance.. as for who they were with, I'm not sure . I've been paying for that long apart from the odd letter and phone call, we leave each other alone as long as I pay. Pension..Yes. Not sure where I got the TV figure, it is excessive.

RAS

Really glad about the pension.

It is worth trying to find out who the original debts are with. You will need a new basic bank account (no credit check), or two.

If the defaults have been removed from your credit record, you might be safe using a provider with whom you had debts a long time ago. Unfortunately, sometimes providers have memories that go back past the date of the default, so best to choose someone else, if possible. 

EDIT: I appreciate that life insurance for yourself might be quite expensive but it's probably worth looking at what simple term insurance for your wife would cost, say 10 years? Even if just to cover the cost of the debts? Certainly until both children are old enough to be living securely in their own homes?

ScouseLaffin

Is it worth doing a CCA on the old debts?.. I have none of the old debts showing on credit records.  Why is the pension so important RAS?.
Cheers

RAS

Simply because you do not want to be living on the state pension and benefits.

There's a difficult spot when you get enough from a private pension to miss things like pension credit but not enough to cover the cost of the gateway benefits you lose from not getting pension credit, but generally it's a good idea.

Also presumably your widow would get a part pension if you died before her?

ScouseLaffin

I would have to check on the pension arrangements RAS.

So checking through the other posts. the plan is to stop paying, await defaults. under no circumstances engage with them until defaults. make an affordable offer. 
Would that be about correctish?

ScouseLaffin

Ahh bloody hell, i just realised, ive missed a Monzo loan out..£1500 left ...£187 a month. i am all over the place here.

Grumpelstiltskin

OK First thing don't panic, when you stop paying nothing terrible is going to happen.

Both you and your wife need new basic bank accounts ( no overdraft ) with banking groups you don't owe money to.

Don't use the bank switching service but transfer manually all vital direct debits.

Ignore all phone calls ( block numbers ) texts or E Mails but open any letters you get by snail mail.

Keep asking questions if you are not sure about anything.

ScouseLaffin

Thanks Grumpel, does the wife need a new one?. Her Monzo is not connected to any debts that are going to default. I intend to keep paying the older debts that defaulted long ago. We have a  Barclays account at the mo and one of the old debts was a Barclaycard which has been sold on at least once.