Hi All, Where Do I Start

[inthenook7672]

Hi All,

Can really tell you all about the last two years as the story would take a page of its own but I have been struggling with debts since 2001 and I am now around £60,000 in debt. I have no assets, no income apart from J.S.A and no savings. And the last two years have just been peachy! So thought I would come and sign up with the hope that there might be some information and some help with either writing most of my debt off or at the very least reduce it.

Cheers,

In The Nook

[frisp]

Re: Hi All, Where Do I Start

To begin you have to obtain all the information you can in respect to the agreements you have. Send all your creditors a subject access request for all data on all systems - template on FORUM, it'll cost a tenner atime so start with the largest of your creditors and gradually work down.

[Caspar]

Re: Hi All, Where Do I Start

Also worth getting a free copy of your credit report online. Don't forget to cancel the subscription again!

http://www.experian.co.uk/experianho...earchlp1110609

If it's any comfort you are by no means alone! You've taken the hardest step now in starting to address the problem - well done you!

[inthenook7672]

Re: Hi All, Where Do I Start

Thanks for the welcome guys, and I have taken the above steps already all be it 3 months ago. The biggest problem is how can I pay anyone back when all I get is £125.90 a fortnight. Added to the £60K debt problem I now have an ex misses who has done no favors and gone to the CSA. I have no asset's. Everything I spent the last 18 years working for has gone or been taken away and all I really have is the cloths on my back and that's it.

[Caspar]

Re: Hi All, Where Do I Start

You really need to seek some professional advice - try CAB.

There are routes you can take, but we went to see them in a similar situation to you last year and they suggested we did absolutely nothing and wait for someone to make us bankrupt.

I really would go and see them or phone the National Insolvency Helpline. You'll get good advice there! (Not that you wouldn't here).

[Amethyst]

Re: Hi All, Where Do I Start

With no assetts, no income to speak of, such a big level of debt, and the CSA due to start chasing you, I;d certainly seriously consider bankruptcy. And as Caspar says, its a good idea to get an appt with the CAB - they may well advise you to wait for someone to make you bankrupt, or if you can raise the upfront fees you could get it over and done with much quicker. Then you will be able to start afresh.

[Caspar]

Re: Hi All, Where Do I Start

With no assetts, no income to speak of, such a big level of debt, and the CSA due to start chasing you, I;d certainly seriously consider bankruptcy. And as Caspar says, its a good idea to get an appt with the CAB - they may well advise you to wait for someone to make you bankrupt, or if you can raise the upfront fees you could get it over and done with much quicker. Then you will be able to start afresh.

Absolutely Ame! We discussed making ourselves bankrupt first, but were in a slightly different situation. Since then we have "disposed" of any relevant assets and decided we'd rather wait and let someone make us bankrupt.

I'll tell you something though, once you've accepted the idea it may well happen, it really backfoots creditors who call you up making threats and you reply asking them to make you bankrupt. Not a single one so far has known how to respond and many have simply left us alone!

[frisp]

Re: Hi All, Where Do I Start

I agree Bankruptcy may be your best option so you should seek advice, however I'd still do the work such as were you sold a dodgy PPI policy.

Have you prepared an income and expenditure worksheet (template on site) you should send it to all your creditors and offer £1 as a payment, this will show willingness. You never know they might even write debt off if they are reasonably small.

[TUTTSI]

Re: Hi All, Where Do I Start

Here is an Income and Expenditure sheet which you could complete to give us a better idea.
http://www.legalbeagles.info/forums/...ad.php?t=19592

Also if you have credit cards you must have racked up loads of charges - a simple letter to the credit card companies will get these refunded have a look in here http://www.legalbeagles.info/forums/...splay.php?f=33 some of our members have had refunds in up to 9 days. This may not help you greatly but could reduce your debts.

Anthother one is PPI which Frisp mention earlier you may have had a misold policy have a look in our PPI section if this could apply to you.
http://www.legalbeagles.info/forums/...play.php?f=125

Basically, there is no point in worrying as Caspar said one of his posts the creditors often will shy away when you stand upto them, Bankruptcy is not such a bad stigma these days but if there is nothing for them to take like a property to realise their debt they might not want to do it as it is costly for them.

[Shepherdess]

Re: Hi All, Where Do I Start

Are any of these debts likely to be Statute Barred? (More than 6 years since last payment/written acknowledgement)..or soon to be Stat Barred?
In your extreme circumstances I personally would check dates of last payment for each one before making any token payments or acknowledgements, so as not to restart the 6 year clock on any that may be approaching the magic number...

Shepherdess x

[Caspar]

Re: Hi All, Where Do I Start

Hi All,

Can really tell you all about the last two years as the story would take a page of its own but I have been struggling with debts since 2001 and I am now around £60,000 in debt. I have no assets, no income apart from J.S.A and no savings. And the last two years have just been peachy! So thought I would come and sign up with the hope that there might be some information and some help with either writing most of my debt off or at the very least reduce it.

Cheers,

In The Nook

Hi Again,

Was thinking of you this morning. Happened to be chatting to a friend I'd not seen in ages. Turned out he was made bankrupt just over two years ago. He says it's the best thing that ever happened to him - he can actually lead a normal life again now. A bit rough at the time was how he described it - name going in local newspaper etc... but VERY quickly blew over.

He took the same line I'm taking of wait for someone else to pay!