Ticklepenny's debt free diary

ticklepenny_2

Well hello!
I am 24 years old
My Debts = £7280 across 8 creditors all under my name some taken out as an act of kindness for friends :eek:*
Monthly surplus (income -expenditure) £85 but I am working on this.
Dont want to go Bankrupt as I would like a Mortgage even if it is 6 years before I can get one lol.
Contacted CCCS for a DMP which is due to start in April. I have collected information from 6 out of 8 creditors but the last 2 seem to be playing hard to get. Barclays and O2 dont know where the debts are so this may get interesting. Will let you know how things go




*apparently they weren't friends:mad:, and as a result I am not that nice anymore, well I'm still nice just not that naive, also couldnt get credit if I tried (yes I tried).:cool:

tealady

I hope the "friends" are paying you back, if not go and ask them for the money, it is yours after all.

sparky0107

ticklepenny wrote: »

Well hello!
I am 24 years old
My Debts = £7080 across 8 creditors all under my name some taken out as an act of kindness for friends :eek:*
Monthly surplus (income -expenditure) £85 but I am working on this.
Dont want to go Bankrupt as I would like a Mortgage even if it is 6 years before I can get one lol.
Contacted CCCS for a DMP which is due to start in April. I have collected information from 6 out of 8 creditors but the last 2 seem to be playing hard to get. Barclays and O2 dont know where the debts are so this may get interesting. Will let you know how things go




*apparently they weren't friends:mad:, and as a result I am not that nice anymore, well I'm still nice just not that naive, also couldnt get credit if I tried (yes I tried).:cool:

Welcome :hello: to the forum,
You'll get some good advice on here, I think the main one will be to make sure your so called "friends" pay back ALL the money they owe you. Good Luck on becoming debt free

ticklepenny_2

My so called "friends" for whom the majority of the debt was taken out for consist of 3 people. Mr 1 has moved to Scotland and I now cant find him, Miss 2 has told ,me its in my name and good luck to me proving that it was taken out for her (she's on my hitlist grrrr), and Miss 3 has moved to spain and not a clue on her whereabouts other than in Spain somewhere probably on a beach getting wrinkles - well i can hope.

So all in all I have to face up to being nice gets you no where, or in my case it gets you into debt. And as i trusted them to make the payments alot of them are with DCA's. Yay! Atleast none of them have my phone number

whitewing

Ticklepenny,

You are very, very lucky person to have found MSE at such a tender young age. I had my son at the same age as you (unplanned!) and I so wish I had had the support of MSE at that stage.

So you've made some mistakes, who hasn't? I haven't had too many debts but the amount of money I have wasted (or not claimed) over the years is simply shocking.

You have a wonderful future ahead of you, and the struggles you will go thro for the next months and maybe years will give you a superb grounding for a very successful and happy life. All the best!

ticklepenny_2

Today I spoke to a friend who works in Finance, about my debts and they pointed out something that made me really stop and think. Basically I have 2 options:

1) Pay back my creditors through my DMP available funds £85 pcm. This will take just over 7 years and then my credit rating can start getting back to normal. This will take 6 years from date the debts are repaid.

2) Opt for Bankruptcy. I could start in 5 months once I have the OR fee and then be discharge in a further 12 months. Then start saving a deposit for a mortgage and be able to afford one in a total of 6 years.

I have been brought up to think that bankruptcy is the easy way out, but I really can see its appeal. I think its the stigma of Bankruptcy that is stopping me at the moment.. Tough decision but despite my thoughts on Bankruptcy it seems to be the best option available to me. By the way it is unlikely that my circumstances will change unless I win the lottery :rolleyes: here's wishing.

Superheavy

To be honest with you, I'm not in a position to judge you or offer too much advice, but I can sure as hell send some bad karma towards your (so-called) friends.

Personally, I'd have a voodoo doll with their faces on each one, and would hold each one's head in the loo and flush every morning.

Good luck with it all man, and I guess the betrayal of friends is worse than actually having to deal with the debts yourself. Keep the faith bro, and I'm sure someone older and wiser will come along shortly!

Digitalsgirl_Hubby

Hi Ticklepenny,

Good luck on becoming debt free

My mum has recently become bankrupt after having £50,000 she has to pay the fee and submit all her paperwork (which my wife Digitalsgirl did for her)
anyway it all went through and they took her car (which wasn't worth anything and didn't even run lol) but now in another year she will be cleared of the bankruptcy and be back on track again for building more debt (i have a lot of faith in my mum lol)

Im sure though for the smaller amount you have there would be an alternative to bankruptcy......i seem to remember something about an IVA, or something like that its similar to bankruptcy but slightly nicer and without the horrible stigma attached.

I'll try and engage my head in the daytime and see if i can remember

Good luck

*EDIT*
Ok engaged brain even though its the middle of the night have a look at http://iva.co.uk/
Might be of interest or help to you
Good luck again

*END EDIT*

ticklepenny_2

Hello Digitalsgirl_Hubby,

Apparently an I VA isnt suitable for me. I dont have enough debt lol but also I dont have enough available funds. Apparently I need £15000 debt and surplus of £150 a month. Hohum.

Now I just need the £335 OR's Fee and I can go Bankrupt the joy! Oh by the way I have decided this is the best option for me rather than waiting 7 years for debts to clear then 6 years for credit history to refresh. That would take 13 years!! :eek:
I am very much a live now kind of person as you dont know what will happen a year down the road.

FatJock

Ticklepenny,

sorry if I'm reading this wrong but you're comment 'And as i trusted them to make the payments alot of them are with DCA's. Yay! Atleast none of them have my phone number'.

Where these debts with the debit collector before you 'took' them on for your friends or did you put monies on your credit cards for them?

Sorry to be dumb its still a little early for me.

Regards,
FatJock

ticklepenny_2

FatJock

The stupidty was all mine I took out credit in the form of buying things on credit for "friends". These so called "friends" told me that they would pay the debts off and me being gullible 19yr old at the time said "ok".

4 years later DCA's start contacting me about having not made payments. Apparently my "friends" made the first couple of payments and then cancelled the Direct Debits. So now I am being chased for the debts, and because I was so stupid when I was 19 I still have to pay them off as legally the debts are in my name no one elses. Sucks to be me!