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The Writing off of Debt

I feel your pain foolsgold. I too fell prey to the payday load dudes. I had / still have a job but couldn't get adjusted to the whole monthly payment thing. So basically i started using payday loans to avoid borrowing off mates, who i knew would lend me the money, but that still doesn't make it right. Anyway, i went well over a year using payday loans never missing a payment or whatever. The thing i missed was the minimum i was paying each month on my credit cards! If you had told me at the time that it was well over a quarter of my take home pay i would never have enertained the suggestion, but that's what it was and it ultimately fucked me. Right now my debts are just about equal to my take home pay for the whole fucking year. Its brutal man.
 
I went bankrupt at 22 for 35k but had been made redundant and was living with parents with periods of no fixed abode so never had to pay anything back. I was discharged and credit rating reset 4 years back, been paying direct debits and bills ect so credit rating going slowly back up.
 
Your debt is pretty small by the sounds of it - just write and pay what you can , I would deal with wonga as the interest rates are stoopid. I was/am in debt to thetune of 45k all in loans and cc's cot a debt management plan from a charity who sorted it all with creditors , now i pay 130 or so a month which aint bad as i earn 2300p/m (just ramp up the expences on the budget [plan)
 
Try a local credit union ? They are meant to be one of the best bets for people with debt problesm. They dont rip people off. Theyt dont seek to make extortiantae profits from people with debts.

Otherwise it might be best to have the debt on a bank overdraft i think. Chaeaper interest than cerdit cards or god forbid wonga, allthough the banks are very liberal with adding all additional charges they can think of. If you are on JSA you're gonna struggle to pay it off anyway ? Unless you pay it off at £10 a week or something.
 
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StoneHappyMonday said:
CREDIT CARD debts come bottom of the list and can fuck right off..
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Would like to know more about this if poss. Its the minimiums on my credit cards that are hacking up half my take home. What happens if you just fuck em off?
 
phone calls, letters, no more credit. That's about it. Blank the phone, blank the letters. then they go to another company and that's it. grow a rhino skin and blank it out if you don't care for credit.
 
Swarm said:
Would like to know more about this if poss. Its the minimiums on my credit cards that are hacking up half my take home. What happens if you just fuck em off?
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They have no court sanctions. They can only use bailiffs. You don't have to let bailiffs in. You can't go to prison for credit card debts.

Tbh it depends what your income is (and outgoings are). If you want to go the less confrontational route, write to them and ask for a moratorium on your debt. Supply them with accurate information of outgoings and income to show you are fucked. Agree low(er) figure to pay back. They will, however, demand you cut up your cards.
 
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