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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by hdl[/i] [br]I owe approx £45K - £33K to Barclaycard - £5 to Lloyds Bank Overdraft - £3 to Lloyds Credit Card Barclaycard, have usually at my request, increased the credit limit over the years. I have had the account for 10+ years and until 4 months ago, the account has always been in order. I have no property or assets I have been running a consultancy business, which is not going well, for the last 3 years While my financial situation got tough, I moved to Tel Aviv, to cut expenses. Life here is about 40% cheaper than Central London, where I am from. I return to London every 3 months. My work is on the Internet, so I can work from any location. My expenditure is less than my income by £500.00 per month. I have received a ‘Default Notice’ from Barclaycard in Sept. A few weeks Ago they sent a 2nd letter asking me to contact them, adding that they may be able to make a payment plan, also that they might sent around a local debt collection agency. They are also leaving messages for me every few days to call them. I responded to the ‘ Default Notice’ , by mail, asking for them to give me 6 weeks, without anymore interest to let me decide what to do. Until I stopped paying the monthly account, the account, which I have had for 10+ years, has always been in order. Both my Lloyds Bank Overdraft and Lloyds credit card have only been in default for the last 2 months. I am trying to work out which route to go: 1. Bankcruptcy – I have no assets to be taken. I am unlikely to want a job which a Bankcruptcy would cause problems for. 2. IVA – Though currently my income is less than expenditure, I could take a personal loan from family and pay an IVA. I calculated that if I could get an agreement for 25p in the pound that would be about £190 per month for 5 years. 3. Direct Negotiation – Is it likely that I can get either of the companies to agree to a final offer from me ? I look forward to hearing your comments on: 1. Which is the best option for me ? 2. Should I make any contact with Barclaycard and Lloyds in the meantime, both companies are leaving messages every few days. I just had an hour long session with CCCS. It was suggested that my main priority is sorting out my personal situation - Getting to a point where my income at least equals my expenditure. With regard to the unsecured credit debt (Barclaycard and Lloyds) it was suggested I write to them that I am in a monthly deficit and tell them I will pay £1 a month as goodwill untill the situation changes. Also to ask for 6 months without any added interest. I was told there was no reason to immediately go Bankcrupt or enter into to an IVA. It was pointed out that there is very little Barclaycard or Lloyds can do if I have no property, assets or disposable income after my living expenses. And that this situation would not change even if they go for a CCJ. The main message was to conscentrate on getting a income exceeding expenditure rather than worry about Barclaycard and Lloyds. Any thoughts on this ? [/quote]   Check here to include your profile signature.