I will try and make this short adn to the point.
Hubby and I have debts with the following over x amount of years
nothern rock £18.5k - 25yr unsecure loan
Tesco £15K 10 yr loan
egg card £6k
egg loan £6k 6 yr loan
RBS inc overdraft £11k over 5 yrs
The above is down to stupidty and thinking we could handle it.
A few years back we started struggling and had the debts reduced. We then went abroad contd to pay our debts but had to come home due to illness then had to stop paying debts.
Stupidly we stuck our heads in the sand and didnt deal with it. I am now working (albeit temp contract) and hubby works. We earn a good wage compared to some and dont own a home, just a cheap second hand car worth about £1k. No savings or furniture, had to sell it all to pay to move back home.
I am paying back RBS (will take a hell of along time to pay it back at £150pm) and I have just recd a letter from Northern Rocks debt collection agency asking that I call them (letter wasnt sent recorded delivery). My plan is to contact them MOnday to discuss repayments.
What do you think is the best route.
Contact all creditors with a repayment agreement?
Apply to go bankrupt... if so what is the percentage of earning they would take off of our salaries?
Or a DMP
Or a Trust Deed.
I am no doubt that Northern Rock will issue a CCJ if we dont pay or contact them.
Am I right in saying that will a trust deed we pay so much then after 4 years the debt wiped off. As the same with sequestration.
Thanks for taking the time to read this and any advice would be so grateful.