Hey guys, I'm after a little more clarification please. It's more a general point, so I can start a new thread if more appropriate?
Appreciate your thoughts on this because I've been reading online and I can't just get my head around it.
Massive amounts of unsecured debt with one lender. (My situation).
How do the dice fall with the following courses of action:
1. I just stop paying. I get into arrears, a deforestation of paper arrives threatening all sorts. They default me. Immediately the clock starts ticking down to 6 year statute barred so long as I don't move and defend any letter of claim which may or may not arrive.
2. I phone them up and say I need breathing space, freeze the interest. Yet in reality I'm only kicking it down the road because I still won't be able to resume payments even after the break.
3. I phone them up and come to a payment arrangement of £1 a month, and can send I&E forms to prove this is reasonable. However, in doing so, I won't ever be defaulted and am running the debt to infinity.
4. Pay £99 and go for a DRO and then have it all done in 6 years, since I can't get any more credit anyway, it's not such a problem.
5. I've read enough to know I should never just bury head and run from debt, lest a backdoor CCJ gets issued, or worse, "bob the bailiff" turns up at my front door in his size 12's kicking my car, etc.
What is the definitive best action for me, please? Obviously not, number 5! I'm reading such conflicting advice here - no one ever seems to come back to say how following the advice here worked out, so I'm concerned that it's all social media keyboard warriors with no come-back. Since I've also read by site teams' admission none of you are legally qualified so it's all "Bar Stool Preacher" online tip.
I''ve got about 8 days breathing space left before I will have to choose a course of action, so any definitive response would really be appreciated.
TIA.