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    • Oldandpoor
    • By Oldandpoor 17th Jul 19, 9:39 PM
    • 3Posts
    • 0Thanks
    Oldandpoor
    New poster, advice requested
    • #1
    • 17th Jul 19, 9:39 PM
    New poster, advice requested 17th Jul 19 at 9:39 PM
    Hi

    Not sure if this is the right forum, anyway, here's my story.

    About 7 or 8 years ago I ran up about £60k of unsecured debt . At the time I was in a well paid job and paying it off in due course would not have been an issue. Unfortunately I lost the job and have struggled since on various low paid jobs.

    All the debts eventually got sold on and I have contacted the various DCAs and got agreements for token payments for the various debts. I looked into going bankrupt but I couldn't afford the fees and it never happened.

    The last 3 years I've been lucky enough to have an office job for a Bank. It's enough to get by. I have no savings, no car, no assets, nothing but basic household possessions and I rent unfurnished. I'm in my 60's and there's no hope of ever paying off these debts.

    Now 3 of the debts have been sold on again and the DCA is being very persistent. I've explained exactly what the situation is. If they start bankruptcy proceedings I will lose my job as I'd have to tell the Bank, who would immediately fire me. I'd end up on Universal Credit, have to move flat. They were so persistent that I eventually said look, there's nothing I can do and you're being such a pain I'm not even going to offer token payments.

    Do you think they will file for bankruptcy? There's really nothing in it for any of the creditors to do so. Am I right in thinking they'd get nothing while I'm on Universal Credit? What else could they do? They keep saying they will commence collection proceedings but I have no idea what that means. CCJ? Bailliffs? I've got nothing for them to take.

    I haven't deliberately planned this, it just seems to have happened. Not quite sure what the way forward is.
Page 1
    • sourcrates
    • By sourcrates 17th Jul 19, 9:47 PM
    • 18,037 Posts
    • 16,967 Thanks
    sourcrates
    • #2
    • 17th Jul 19, 9:47 PM
    • #2
    • 17th Jul 19, 9:47 PM
    Hi,

    Creditors donít file for bankruptcy, especially if you donít have any money or assets, what would be the point in that ?

    They would spend £680 for no gain, it isnít going to happen.

    Collection activity, all that means is there going to continue ringing and writing to you, itís possible they may take you to court and obtain a CCJ, but again, if you havenít got the money, why bother.

    How old are all these debts ?
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".

    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views expressed are mine and not the official line of MoneySavingExpert.com.

    Helping you deal with problem debt.

    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
    • Oldandpoor
    • By Oldandpoor 17th Jul 19, 9:51 PM
    • 3 Posts
    • 0 Thanks
    Oldandpoor
    • #3
    • 17th Jul 19, 9:51 PM
    • #3
    • 17th Jul 19, 9:51 PM
    I started defaulting on them about 8 years ago when I lost my job.

    Your thinking is my thinking too. Why would they spend £680 for no return? I guess I just needed another person to say it as well. Thanks for the reply.
    • fatbelly
    • By fatbelly 18th Jul 19, 6:45 AM
    • 14,057 Posts
    • 11,060 Thanks
    fatbelly
    • #4
    • 18th Jul 19, 6:45 AM
    • #4
    • 18th Jul 19, 6:45 AM

    They would spend £680 for no gain, it isnít going to happen.
    Originally posted by sourcrates
    It's a lot more than that for a creditor petition.

    It's a shame about the token payments as these would have gone statute barred by now - shows what a poor strategy token payments is, unless done for a short period ahead of something different.

    For where you are now, you should try to build a fighting fund (obviously don't save or even bank anywhere that is connected to your debts) even if it's only small in relation to the 60k. For any creditor who is persistent, do a CCA request on them.

    If they comply, then it is potentially enforceable, and you could suggest a figure in full & final settlement. Using the National Debtline standard letter does not restart the statute barred clock.

    Maybe start a thread on dfw or the diary subforum.
    • Oldandpoor
    • By Oldandpoor 18th Jul 19, 7:39 PM
    • 3 Posts
    • 0 Thanks
    Oldandpoor
    • #5
    • 18th Jul 19, 7:39 PM
    • #5
    • 18th Jul 19, 7:39 PM
    Thanks for the reply. The token payment was the suggested route back in the day, and it had a benefit of stopping the creditors/DCAs from harrassing you. From reading further and recently I can see what you mean.

    I shall probably just ignore them all. THere's nothing for them to take even if they try.
    • fatbelly
    • By fatbelly 18th Jul 19, 7:46 PM
    • 14,057 Posts
    • 11,060 Thanks
    fatbelly
    • #6
    • 18th Jul 19, 7:46 PM
    • #6
    • 18th Jul 19, 7:46 PM
    The token payment was the suggested route back in the day, and it had a benefit of stopping the creditors/DCAs from harrassing you.
    Originally posted by Oldandpoor
    Yes that was the recommended strategy. I always had my doubts about the net benefits of token offers, more so as the years have gone on.
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