Morning all. Im a newbie to this site so please be gentle but have found the information i have read so far on this site to be extremely useful. 8-)
Situation - Got into a mess about 12 months ago with separating from partner. Defaulted on mixture of 6 creditcards/loans/overdraft. Since then I have been in the payday loan trap with 4 payday loans on the go.
In August 2010 i decided to open a parachute account where my wages are paid into and looking at starting a DMP with CCCS with regards to payments towards the 10 creditors. They have calculated that I have £100 disposable income each month to pay the 10 creditors.
Creditors
BARCLAYCARD 3099.07 HALIFAX CREDIT CARD 2345.13 CAPITAL ONE CREDIT CARD 1066.87 HALIFAX CURRENT ACCOUNT 1522.23
HALIFAX LOAN 7668.41 BARCLAYS BANK ACCOUNT £600.00 WONGA LOAN 642.99 PAYDAYUK LOAN 625 LENDING STREAM LOAN 402 PAYDAY EXPRESS LOAN 195
Possible Solution - This is where I need your valuable help and advice. My family have offered £10,000 to help clear these amounts. Obviously doing my maths it is not enough to repay all and my family are unable to help any further.
I have done a full and final settlement calc as follows:-
BARCLAYCARD 1703.11 HALIFAX CREDIT CARD 1288.77 CAPITAL ONE CREDIT CARD 586.3 HALIFAX CURRENT ACCOUNT 836.54 HALIFAX LOAN 4214.21 BARCLAYS BANK ACCOUNT 329.73 WONGA LOAN 369.75 PAYDAYUK LOAN 343.5 LENDING STREAM LOAN 220.92 PAYDAY EXPRESS LOAN 107.17
All of these are now in the default stage, and wondered if you had any ideas if i should go with the F+F settlement and if payday loans accept these. I know that the Barclays current account and Halifax Current account have had lots and lots of default charges applied to the accounts which has bumped them up considerably.
Failing that would you consider to clear off the smaller debts and then deal with CCCS with regards the larger outstanding ones? Or pay off the payday loans first?
Any help would be appreciated - Thanks in advance.