Advice on my debts please

ManyWays

Have you tried to speak to SF? and looked at an affordability complaint? 

sourcrates

I would treat the salary sacrifice loan as a priority, its just too complex to deal with any other way.

Split what's left between your other creditors, they won`t ask questions, the debts will likely be sold on and you`ll be dealing with debt collectors who won`t care about anything else but getting a payment from you.

I don`t know if you want to use Stepchange or do it yourself, the latter would be my choice.

sa11aver

sourcrates said:

I would treat the salary sacrifice loan as a priority, its just too complex to deal with any other way.

Split what's left between your other creditors, they won`t ask questions, the debts will likely be sold on and you`ll be dealing with debt collectors who won`t care about anything else but getting a payment from you.

I don`t know if you want to use Stepchange or do it yourself, the latter would be my choice.

Thank you.  Can I just decide to do that and if any of the other creditors complain just say that it was a priority. 

sourcrates

sa11aver said:

sourcrates said:

I would treat the salary sacrifice loan as a priority, its just too complex to deal with any other way.

Split what's left between your other creditors, they won`t ask questions, the debts will likely be sold on and you`ll be dealing with debt collectors who won`t care about anything else but getting a payment from you.

I don`t know if you want to use Stepchange or do it yourself, the latter would be my choice.

Thank you.  Can I just decide to do that and if any of the other creditors complain just say that it was a priority. 

Of course you can, they won`t complain, you are an account number to them, not a person.

How many of their customers do you think default on payments each year? best guess many 100`s of thousands. Do you actually think they monitor what they each pay their other creditors?

No of course they don`t, I know its natural to overthink things, but most companies are completely useless, and will sell your debts on pretty sharpish, it won`t be an issue, honestly.

sa11aver

sourcrates said:

sa11aver said:

sourcrates said:

I would treat the salary sacrifice loan as a priority, its just too complex to deal with any other way.

Split what's left between your other creditors, they won`t ask questions, the debts will likely be sold on and you`ll be dealing with debt collectors who won`t care about anything else but getting a payment from you.

I don`t know if you want to use Stepchange or do it yourself, the latter would be my choice.

Thank you.  Can I just decide to do that and if any of the other creditors complain just say that it was a priority. 

Of course you can, they won`t complain, you are an account number to them, not a person.

How many of their customers do you think default on payments each year? best guess many 100`s of thousands. Do you actually think they monitor what they each pay their other creditors?

No of course they don`t, I know its natural to overthink things, but most companies are completely useless, and will sell your debts on pretty sharpish, it won`t be an issue, honestly.

I thought they could make things difficult if you didn’t treat them all proportionately- and were seen to favour one over the others 

sourcrates

sa11aver said:

I thought they could make things difficult if you didn’t treat them all proportionately- and were seen to favour one over the others 

Difficult how???

That scenario only exits where insolvency is concerned, debt management is an informal solution, there are no rules to break or bend here.

You have been taking too much notice of the Stepchange rep methinks.

If you go with Stepchange, you have to follow their rules, now their rules state you must treat all creditors equally, but those are stepchange rules, not rules in general.

So if you self manage, you can do exactly as you like and the lenders have 100% no choice but to accept what you do, or they sell the debt to someone else.

You must start thinking outside the box here, you are in charge, you call the shots, not those who you owe money too, if they want paying, they follow your rules, not the other way around.

Use that as your starting point, and don`t look back, you lenders have zero say in the matter.

sa11aver

sourcrates said:

sa11aver said:

I thought they could make things difficult if you didn’t treat them all proportionately- and were seen to favour one over the others 

Difficult how???

That scenario only exits where insolvency is concerned, debt management is an informal solution, there are no rules to break or bend here.

You have been taking too much notice of the Stepchange rep methinks.

If you go with Stepchange, you have to follow their rules, now their rules state you must treat all creditors equally, but those are stepchange rules, not rules in general.

So if you self manage, you can do exactly as you like and the lenders have 100% no choice but to accept what you do, or they sell the debt to someone else.

You must start thinking outside the box here, you are in charge, you call the shots, not those who you owe money too, if they want paying, they follow your rules, not the other way around.

Use that as your starting point, and don`t look back, you lenders have zero say in the matter.

Thank you for the pep talk - appreciate that.  👍😀

sourcrates

I`m sorry if it came over like that, we on this forum strive to get the debtor to try to realise they are not a slave to these financial conglomerates, and they don`t have to do what they are told by any of them.

Its so important to be yourself in all of this, do not allow others to push you into doing things you do not want to do.

Stepchange are 100% creditor funded, so you have to follow the rules they make as its a creditor stipulation.

When you self manage, there are no rules, and you are the equal of the institution you owe money too, not some frightened soul who waits to be told what to do.

You must stand your ground as otherwise lenders will walk all over you, and that is something we just don`t tolerate on these boards.

sa11aver

Not at all I honestly really appreciated your perspective and my thanks for helping me see things more clearly.  You are bang on 

fatbelly

Just to confirm...

If you are heading for insolvency, be it bankruptcy, IVA or DRO then you should not show a 'preference' and should treat creditors equally.

The best way to do that is to pay them all nothing.

In a debt management plan there are no particular rules. Indeed stepchange calculate the payment by a different method to everyone else. Nobody complains.