Hi everyone,
I need some advice on my best options to become debt free and start re-building my credit score to hopefully one day own my own property. I am 25 years old, and I had little to no knowledge on the importance of money. Now, I do, so I am finally taking the steps to clear my debts and start afresh.
Any adivice on what you think I should do would be massively appreciated.
My debts consist of:
Nationwide Building Society (Loan and Credit Card)
Credit Card: -£1500
Date of default: 20/08/2014
Loan: -£1263
Date of Default: 06/08/2014
Cabot Management Group Limited (Vanquiz - I believe):
Credit Card: -£393
Date of default: 31/03/2015
Lloyds Bank:
Current account overddraft: -£700
Date of Default: 29/08/2013
British Gas:
Gas and Electricity: -£1200
Date of default: - 07/04/2018
These are debts that are on my credit file, I have more - but to be honest, I have no idea to whom I owe what. I have moved 4 times in the past two years, and yeah, I neglected contacting creditors because I was and am strugging for finance. I am in a horrible predicament, in constast worry and no one to turn to for help. Though, the saving grace is that I will have a better paying job within the next 4 weeks. I would say I owe between £5-7000
I am mostly concerned about the debts on my credit file for the time being, I know I owe money for council tax, so will be sorting that out as a priority.
So I have been reading so much forums on what people have done and where people stand. If anyone has any clarity on any of the below, I would be so greatful if you could help me:
-i have continuously read about CCA and still unsure if I should do this to all creditors?
-Do these debts just fall of from my credit file after 6 years from the default date?
-If the debts have been sold on - what do I do?
-Statute bar?
So, over the past months, I have read a lot on DROs and it is something that sounds ideal, but I would rather not go to the extremits of insolvency. So, I have been reading on people doing Full and Final settlements with creditors from 30-70% of the full outstanding balance. So a £5ooo debt could reduce to £2500 at 50% discount - is this adviseable? What should I do? Where do I even start? Do I go for a DRO? Do I do a DMP?
Thank you for taking your time reading this, debt is crazy, and real, and deadly.
DJ