- Wed Oct 24, 2012 12:56 pm
With respect selling off your house to pay them off smacks of desperation. Read up on this forum and also vist the CCCS wbsitehttp://www.cccs.co.uk/
and National debtlinehttp://www.nationaldebtline.co.uk/
and get fully boned up on the ramifications / implications of consumer debt.
On this forum I draw your attention to the DebtMeister Kommandant himslef - Chandjay
plus all the other great Debt Sages who have successfully managed the expectations of their creditors.
Flogging your house is the very worst case scenario - sure thos DCA's would love nothing better than to trouser the proceeds - but want/wish/shout/holler and demand does not translate to hand it all over to them on a plate.
I was £93k in debt - I paid it all off via a debt management plan run by the CCCS - I had a very large amount of equity in my house and am still safefly ensconced in it to this day.
Consumer debt - credit cards, loans, HP, overdrafts etc are considered by the courts to be non priority debts - NON PRIORITY - very important words.
Worse that can happen is that each of your creditors will obtain a CCJ and each of your creditors then obtain a charge on your property. But and its a BIG BIG BUT - it is the court that decides how much you are going to pay - last time I checked the Courts were not able to conjure cash out of thin air. Read up on the websites I've given you the links to - the courts allow you to live first before deciding how much to stump up for your creditors.
Arm yourself with hard facts and information
Apply the knowledge to how you deal with the DCAs
Use this forum to get advice and know-how from battle-scarred veterans
Learn how to have a laugh in the process - there is some fine sport to be had
"Sometimes my perception of my own brilliance is only surpassed by its reality"