If I Didn't Pay My Debt What Is The Worst That Could Happen?

in_debt_again_but_dealing_with_it

nirelandguy wrote: »

It was in both our names unfortunatly, the card wasn't however.

£10K would pay off the likes of tax credits etc, And we have had countless offers from creditors only looking a fraction of what we actually owe. I.E One credit card has a balance of £1200 they asked for £700, so there would be a saving

Don't get into debt to pay off tax credits, you're paying that back interest
free!

The settlement figures are worth a look, but make sure its a full and final settlement offer and not that they're selling the rest of the debt on!

Plus the big deal is to address your spending and make sure you begin living within your means otherwise you'll just get into debt again! I'm speaking from experience - a common thread on here is consolidation and then debt again! Its not an easy lesson to learn but worth it!!

Good luck.
IDA
x

bestmumof3

If your brother-in-law agreed to lend you the £10k are you sure both you and your OH will be in agreement as to what to do with it?

Also, how would you arrange to pay it back? Is this the same bil who signed the agreement for the car?

Before entering another credit agreement, it would be worthwhile contacting CCCS again, eating humble pie etc. They will then contact your creditors and work out final settlement figures.

There are always solutions to every problem

System

Had a bit off good news today, Got home and Payplan had called, phoned them back and they are taking us on. Went through my creditors etc, took about an hour with a dutch lady and all is sorted, £70 a month.

I feel so much better now, I know I could of paid creditors myself etc but this takes the agro out of it, and when we cut back on shopping etc we should be fine.

I think her brother is going to pay the car off for us and we will just pay him back at £100 a month

in_debt_again_but_dealing_with_it

nirelandguy wrote: »

Had a bit off good news today, Got home and Payplan had called, phoned them back and they are taking us on. Went through my creditors etc, took about an hour with a dutch lady and all is sorted, £70 a month.

I feel so much better now, I know I could of paid creditors myself etc but this takes the agro out of it, and when we cut back on shopping etc we should be fine.

I think her brother is going to pay the car off for us and we will just pay him back at £100 a month

Really pleased for you - pop over to the dmp support thread there's loads of great advice on there. Are you going to declare the debt to your bil or just milk some money from your allowances to pay him?

RAS

Well, that is good new for you.

This is stage at which you really need to get OH on board and absolutely bottom your SOA, as you really have got to make this work.

So go back through it, make sure that you add in allowances for all the annual expenses, so that you do not find OH getting a providence loan out to pay for Christmas next year and then see what help you can get on how to make life better here.

Do you have a credit union locally? If not can you open an ISA into which to DD the monthly amount you need to cover your annual spends?

System

in_debt_again_but_dealing_with_it wrote: »

Really pleased for you - pop over to the dmp support thread there's loads of great advice on there. Are you going to declare the debt to your bil or just milk some money from your allowances to pay him?

He won't know about the debt, I'm going to add another £50 to the DMP and keep £50 for savings, think that would be the best thing