A question about : Wanna be debt free help!!
Hi everyone
I will be needing advise on starting to finally come to terms with bad debt i and my missus has had for a fair few years now 
Basically long story short debts not paid due to losing job etc etc and since have not been in a position to pay due to low paid jobs and just not dealing with them
Now onto now, me and the wife have better jobs have income that's disposable and its time to finally face facts and deal with all this!
So we are both around Ј20,000 in debt most have been forwarded to debt collectors, for now i'm gonna list details on my wife's credit report only this will become clearer in a bit so..
Santander - Ј3,444 default date 16/06/2010
Santander - Ј3,203 default date 09/03/2011
Barclays (Lowell) - Ј1,978 default date 27/08/2010
Lloyds (Lowell) -Ј205 default date 14/07/2010
Total debt Ј8,830
So onto what i shall be doing about all this My Plan as such
I intend to get my wifes credit score clear before dealing with mine and try and repair it while i pay mine off.
Im looking at trying to settle each one of these debts before February 2014 via offering a cash sum for Full and Final payment.
Lloyds - Ј205 - tbh this should just be paid no problems
Barclays - Ј1,978 - In november i get a payout from work around Ј450 + my weekly wage i should see Ј900 that week i'm hoping to get Lowell to accept around this amount for full payment.
Santander - Ј3,444 + Ј3,203 - Currently i'm saving my overtime at work which goes into a kinda bank account that can be withdrawn at anytime, a safer way to save.. by February i should have around 200 hours which will get me around Ј3,450 for that week! i intend to again get this figure to pay for both the loans to santander.
If anyone thinks of a better plan then please do say i have a few questions.
1# How to i go about offering lower amounts for full and final payments i would obviously prefer my money to go further lol
2# I want to get mine and my wife's credit back on track, not to go crazy and get back in debt but for example because of my job im entitled to join ford privilege and lease a car its a very good deal and as we both have very well paid jobs now would be nice to take advantage of this, also mortgage reason's
How can i do this? if it is even possible
Please don't think i'm being frivolous by asking that, we were very stupid back when we took on all that debt and are now very savy with are finances and save for most things.
I can provide more details of the letters we are receiving etc they have even offered lower amounts to us both or any other things anyone needs to know 
many many thanks to anyone who helps
cheers
Best answers:
- It would be a good idea for you to post up a Statement of Affairs so that people can help with your budget and give you some advice.
- Out of interest why is only only YOUR plan? If your wife isn't on board with paying it back, why are you trying to sort out her debts first?
Also, and I am not deliberately meaning to be offensive, but what if you pay of all her debts and then she leaves. You still have your debt to go, but she is free and clear. Surely it would be a better learning experience for both of you it you paid off the debt in the order of APR. That way you can pay off both peoples debts.
What will your OH be doing to increase their money to help pay back the debts quicker.
It just seems a bit one sided to me at the moment
chev - Hi thanks for your replies
trust me it isnt at all one sided she has indeed started earning more money and bills etc she is taking on to free my money my plan was in hope i can repair her credit quicker while paying off mine?
As i have said we both have extra income spare so putting up a soa isn't really gonna help anyone we are now well off its as simple as that i dont mean to sound harsh with that its just the truth
we can both easily afford to save over 600-700 a month while not having to stretch other budgets..
its just how i go about doing it i need help with? i want to pay off 20k quickly and as cheaply as i can i mean if i can get that 50% cheaper it would be amazing and obviously need help how i can repair the damage done.
for a general info our out goings are around 1.4k including mortgage, shopping, utility bills etc we have a average income of 3k a month? we have the cash i just need help with the way i go about paying it off
cheers - wow
i dont think im trying to shirk my responsibilities at all, one debt we owe on is from a bank account that had a 500 overdraft that now i owe 6k on due to interest and charges even tho i requested charges etc back and told them at the time i was struggling with money problems they just refused and carried on adding these defaults.
BUT i do think your right in a way and we should pay back as much as possible BUT i have it good now even paying out 600 a month would take 3 and a half years and who knows what will be around the corner in 1 year i dunno? hopefully i still be in a good job but if i'm not then i'm just back in !!!! street again.. and the charges would start being added etc etc making it a waste of time!
If i had a contract written for 5 years then yes of course your right, but fact is next week i could be given notice and only have 3 weeks work
hence why i just wanna get them off asap..
but i have a feeling im not gonna get much help from this forum - Well, the defaults will drop off your file after six years anyway, whether you pay it back or not. Given charges of 6k on a Ј500 overdraft (I know how that can happen, I had a similar thing with Co-Op bank years ago, though not for that amount) I'd be feeling inclined to simply ignore that one.
- I don't really wanna ignore it now tho I really just want to get back on my feet credit wise?
Is it a case that no matter what I do I'm messed up for another 3 years or can it be repaired quicker?
That's my reasoning to pay the missus off I can get all her things off by feb and hopefully she can start seeing a better credit line?
As for the bank Lloyd's grr it bugs me it's all charges they refused them back to me even though I was in serious financial problems but I'm willing to pay half of the 6k if I think it will help
Do I need to send off cca requests to these? I know it's my debt I'm not trying to say it isn't or just send a f&f letter please ppl - As I understand it, you're pretty much screwed until 2017.
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