Age 50, in debt, aspergers, bad investments.

lifemistakes

Although you are right to point out the volatility will be temporary, and I have considered buying back in without leverage but don't know how that would look now and don't know if that's wise.

jifmoose

OK, thanks for the details, and I feel for you. It is very psychologically difficult to know what to do in the situation you describe, and almost impossible to predict price movements, so I wouldn't beat up on yourself too much.

Without providing any prescriptive investment advice: now you are in a calmer place, and as your situation clarifies (this forum will really help with that) and things slow down - it might be worth considering whether your want to hold on selling the other non-leveraged silver investments and physical coins. While the leverage/credit was as you say a bit of a trap, silver itself is not a crazy investment, and will have some value.

I certainly wouldn't want to try to predict the future price movements of silver, the course of the war in Iran, etc. But hopefully now you are not in the position of being a distressed seller: if the price of silver rises again (which is certainly not implausible) you will be happy not have sold those remaining 40% at a low. Alternatively, if it remains low or falls you have some consolation in having sold the bulk of your holdings at a higher price.

My sense is you do not need the need the cash right away - in which case there is time and you can avoid selling low(er) under duress.

jifmoose

https://forums.moneysavingexpert.com/discussion/comment/81933511#Comment_81933511

Yes indeed - for clarity I wouldn't advocate buying back in. You retain some exposure to silver - you probably don't want to increase it again.

Grumpelstiltskin

Forget Breathing Space, it only kicks the can a little further down the road.

The main thing is not to panic , as myself and Moose have said debt collection is a slow process and nothing happens quickly.

Thousands of people just stop paying their debts every month you are not alone and nothing terrible will happen. If you can get your GP to sign the form that will be helpful as some creditors will stop interest immediately and they at least will hold off any action.

You are most important from now on not the people you owe money to.

SPM87

dont worry about losing your home, it is not going to happen and charging orders are years and years away and plenty of ways to prevent them going to court for A CCJ let alone a CO.

Start thinking business like when it comes to these debts. Understand the true value of the defaulted debt and realise even paying 20% of the original amounts makes the DCA a healthy profit.

ManyWays

https://forums.moneysavingexpert.com/discussion/comment/81933490#Comment_81933490

The reason I asked about this is if the rate is unpleasantly high (or going to go high in 2027), you should probably consider taking the money from the sell of your remining investments and paying it off the secured loan.

Your unsecured debts can all go into a DMP and get interest stopped, secured debts can't.

So find out what the current rate is. Finf out how much a year you are allowed to overpay this. Find out when the "current year" ends. And find out the terms that say what the rate will go up to in 2027.

lifemistakes

I will endeavour to do the statement of affairs by Wednesday.

Can I then ask what the next steps would be. One of the things that concerns me is I have 13 different creditors (all of which are currently paid by direct debit, on the credit cards although some are still on promotional rates, they are ending very shortly),. . .

But one thing that concerns me slightly is that seems like a lot of correspondence to juggle, . . .and tbh some of the physical cards I no longer have (I have lived chaotically for past few years),. . and so although I will be able to find out my rates etc, (either by online access or phoning them), . . . .in terms of making payments to keep up with any kind of dmp, making manual payments to 13 different entities each month fills me with a bit of trepidation. Is this a genuine concern ?

Further, I have one balance that is only £100 or so (the rest in the thousands), is it still recommended I keep that particular one as unpaid, or just clear it just to reduce my future "admin" (I think probably know the answer I'm just checking myself).

Would future payments, (after my initial period of default). . . . &. . ( I think I'm understanding the technical requirement of the initial "default period. . .but still a little unsure if it's completely necessary, ? if somebody could clarify then great), . . . . . .but. . . . Afterwards and my self managed dmp is "up and running" (so to speak),. . . .could future payments then be set up by standing order (vs direct debit) so that the payments could still be "automatic" from my end for organisation, . . (but in my control Vs a direct debit that isn't in my control),. . . or would the payments all have to be done manually and individually each month (if so, so be it, I would have to simply be disciplined).

I hope all that makes sense and I'm not sounding like a broken record, and apologies if I'm pre-empting advice that can only really be given properly after my statement of affairs is clearer.

Oh, . . .and is physically cancelling my direct debits something I need to do at a specific point (after writing to my creditors to explain I can't keep up with my debts going forward). And are there template letters for giving the reason why (or again do you need my statement of affairs first).

So yes, after my statement of affairs will there be template letters for me to use.

And for my understanding, should I post them, or email them (and if I email them should I perhaps set up .a dedicated email account so I don't miss correspondence, again due to my Asperger's my current email account is quite chaotic tbh, I could easily miss incoming emails.)

Hope all of this makes sense.

Thanks again.

lifemistakes

https://forums.moneysavingexpert.com/discussion/comment/81933892#Comment_81933892

I will consider it thanks. I don't think it will be a huge concern though as is over a long period of time, but yes something to bear in mind thanks

Grumpelstiltskin

Please calm down if you can, you are trying to get ahead of yourself.

Standing orders are easy to set up but you are at the moment way off from that point.

Don't be in a rush to contact your creditors, the rule is to keep as silent as you can not to keep contacting them and don't give them your SOA, whatever they ask for remember you are in charge and you don't need to tell them anything.

The first thing to do is see your GP and get the mental heath form signed then you have something that you should show your creditors and wait to see what they will help you with.

lifemistakes

https://forums.moneysavingexpert.com/discussion/comment/81934244#Comment_81934244

Thanks,. . . . But what if I do (or don't) get that mental health form . . ? I mean what do I physically do next, because right now all my minimum payments are still coming out.

When you say see what they can do (my creditors), is that after I've written or emailed or phoned them (and to say what, specifically).

I want to tell.them that because of my Asperger's I only want communication by writing, partly because on the phone and verbally I can very easily trip myself up but in writing not so much. Verbally I can be very panicky and say totally the wrong things.

Sorry if I sound stupid x