Worse at night time?

Quietdesperation
Quietdesperation Posts: 23 Forumite
in Debt-free wannabe
Hello,
Newbie here, and I'm wondering if there are any words of advice please?
I owe 28k in credit card debt.
I have been paying the three creditors £1 per month each for 10 years.
I am on a low income and receive working tax credits.
I lodge with family and have no partner or children.
One of my debts has just been sold on again and I am suddenly feeling very out of control and despair of ever getting my life back on track.
Any advice would be most gratefully received and I thank you very much.
Quietdesperation.
«13

Comments

  • sourcrates
    sourcrates Posts: 28,833 Ambassador
    First Anniversary Name Dropper First Post Photogenic
    Hi,

    Ten years is a long time, any reason why you have not gone bankrupt ?
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Quietdesperation
    Quietdesperation Posts: 23 Forumite
    Thanks for replying, sourcrates.
    I don't know what my options are really. Is this something you'd recommend I look into?
    Really, Thanks for replying.
  • McKneff
    McKneff Posts: 38,819 Forumite
    Name Dropper First Anniversary First Post
    If you only pay for lodge can you not pay more money off your debt. Look foe another job, look for an additional job
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • sourcrates
    sourcrates Posts: 28,833 Ambassador
    First Anniversary Name Dropper First Post Photogenic
    Well going solely on what you’ve told us so far, you have no assets the creditors can realise, and are on a low income, so taking action through the courts will not give them any more than they are getting now.

    Basically there is not a lot your creditors can do to you.

    Your options are either to carry on as you are basically forever, as you will never pay off the debts at the current rate, or, you could declare Bankruptcy and get rid of all your debts, and have a new start.

    Any chance you can increase your income at all ?
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Quietdesperation
    Quietdesperation Posts: 23 Forumite
    Yes I will take on evening work to boost my income which will help.
    I will check out the possibility of bankruptcy this week and make some decisions.
    Thank you for your welcome advice.
  • Sncjw
    Sncjw Posts: 3,504 Forumite
    First Anniversary Name Dropper First Post
    Do you work full time. 10 years is a long time to still be in a situation that you can only pay £1 a month and nothing changes. In that ten years could you have got a better paid job to improve the chances of paying off the debt. Could you do this now.
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Overpayment start date 1/3/23.

    Starting balance £66,565.45

    Current balance £63,787.16

  • Quietdesperation
    Quietdesperation Posts: 23 Forumite
    I do work full time, self-employed. I've been getting by but living in stasis. I've messed up repeatedly and I am afraid and ashamed. However I feel clearer this morning about my plan of attack. I suppose I came here looking for some moral support when I was feeling down and alone, but in the end I AM alone - but I am also in charge and only I can change this situation I created for myself. Talking endlessly about something never solved it. It's time to roll up my sleeves and crack on. Taking charge feels positive.
    Thanks for replying.
  • poppasmurf_bewdley
    poppasmurf_bewdley Posts: 5,909 Forumite
    Name Dropper First Post First Anniversary
    If your debts are at least 10 years old, then it's well worth sending off a CCA request for each debt, and see what comes back.

    Send a postal order for £1 for each application, not a cheque, and print the signature on the latters, not use your actual one.

    https://forums.moneysavingexpert.com/showthread.php?t=709639
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
  • Quietdesperation
    Quietdesperation Posts: 23 Forumite
    Thank you for this - added to today's action plan.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Name Dropper First Anniversary Combo Breaker First Post
    Hey

    I just wanted to say, kudos to you for paying what you can for this long

    Bankruptcy is still a very big step to take with debts this old and will impact you for a good few years which seems a tad unfair as you've already dedicated quite a chunk of time to paying it off

    These debts will no longer be on your credit file so short of giving you a CCJ which would benefit no one as you have no larger income to dedicate monthly then there is not much they can do

    We found it helpful to contact creditors and tell them we were considering bankruptcy but would also consider making a small payment in full and final offer by way of settlement

    This worked for us. If you are making token payments of £1 even if you offered £24 (two years payments) to pay it off that might remedy it. You never know till you try.

    Also, ask for your credit agreements, as you may find that some of these accounts are unenforceable

    Don't lose hope, you can solve this. The creditors certainly aren't losing sleep over your debt, and neither should you

    Lots of useful letters and fact sheets available on National Debtline website, you can also do a live chat with national Debtline and get some advice in minutes

    All the best to you :p
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