Jump to content
style="text-align:center;"> Please note that this topic has not had any new posts for the last 3752 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

Hi all, Wonder if i could get some advice. We are in a bit of a mess at the moment and not sure where to turn.

I had to leave my job last June to look after my son as child care wasnt working out and after paying it only having peanuts left. At the time it was fine my OH was earning good money and we were coping fine. However at the begining of this year my OH wages dropped significantly and this has had a real impact on our financial situation.

What hasnt helped is having bank charges which I will be trying to claim back but because of all this the credit cards have mounted up as we are having to use them to live on and i am having to rob peter to pay paul. Although things are getting paid at the moment I know it is only a matter of time before it all comes falling down around my ears.

 

Unfortunatly i am unable to look for another job at the moment as I am expecting our 2nd child any day now. But as soon as this one is a little older will be looking for maybe some evening work but dont think our finances can hold out that long and wouldnt be able to earn enough to cover the mounting debts anyway.

 

We own our own home but there is no or very little equity in it and do not want to loose it also we own a car but all our family live at least 50 miles away and need the car as i have no other form of transport.

 

I am just not sure what way to turn at the moment and the stress of it all is not doing me or the baby any good!

Any advice would be very greatfully recieved.

 

Gem77x

Share this post


Link to post
Share on other sites

Gem, how much do you guys owe?

 

How stable is your partner's new earnings?

 

an IVA is the right option for very few people so if we need to ensure we get a little more understanding about your circumstances.

 

Best wishes,

 

Seq

Share this post


Link to post
Share on other sites

Hi Seq and thanks for the quick reply.

 

we owe roughly £15000 on credit cards, £15000 on a unsecured loan with nothern rock and hp on the car around £8000.

 

My Husbands job is secure (well as secure as it can be in the current climate) he is paid hourly and his hours have been dramtically reduced in the last 7 months or so. He also gets paid every 4 weeks rather than monthly which also hasnt helped.

 

Gem77

Share this post


Link to post
Share on other sites

could anyone give me advice please?

Share this post


Link to post
Share on other sites

Hi Gem77, I cannot tell you what to do but i will try and compare the options available for you.

1) Debt Management Plan, This is a non binding agreement to pay less to your creditors. it does not reduce your overall debt but can suspend interest for a period. This is only really applicable if the reduction in wages is going to t be temporary. If the drop is more permenant and their is no way you will be able to keep up with payments then the next two options are applicable.

 

2)IVA - An IVA is a formal solution to debt where the creditors agree to payments (usually over 5 years) which overall will pay a lower amount than the debt itsself, upon completion the debt the rest of the debt is wiped off. The amount you pay would be all your surplus income and is therefore more arduous than a bankruptcy leving less room for movement when circumstances fluctuate. Why would you go for an IVA then. It can be protection against bankruptcy for cetain types of jobs but the main reason for most people is that it allows them to protect their assets.

 

3)Bankrutcy - All debts wiped off after a year, protection from collection withi that year. The amount you pay each month is likly to be less than the IVA and is only for 3 years. HOWEVER to keep the property you (or a family member of friend) would have to buy out the equity in the property. Also there are tighter restrictions on keeping he car as you are not in employment.

 

Hope that helps

Share this post


Link to post
Share on other sites

My situation was similar, around £12k in credit cards, £15k in bank loans and around £5k in HP.

 

I agreed an IVA for the credit cards and bank loans and was able to keep the car (the HP was kept outside the arrangement). Instead of monthly outgoings of £1,000 I paid £200 a month for 19 months followed by £395 for the final 41 months once the HP had finished.

 

There may be better options and debtinfo sums it up perfectly.

 

The first few months are tough then the next few years breeze by and gradually it just gets easier and easier. And when the 60th payment is done the sense of relief is amazing. I've been debt free for just over 2 years now and never want to see another credit card again.

 

Good luck

Share this post


Link to post
Share on other sites

i,ive got debts of around £15k im working husband on incapacity benefit i pay around £290 a month formy debts this month couldt afford as some weeks left with little money been on debt management before a few years ago stillkeptgetting phone calls they wasnt paying my credititors on time,mised one month on all m creditors couldnt belive it had phone call at 8am from one wanting money,fed up now need advice on a iva

Share this post


Link to post
Share on other sites

Hi all. I have been trying to sort out my debt problem and Stupidly went to CAB nearly 2 months ago. They said they could help and arranged an appointment for a few weeks later to sort out my I & E which they did and told me they would send me the draft letters to send to my creditors in the next few days for pro rata payments. I also set up another appointment with them which was on tuesday. Well the letters never turned up i couldnt contact the office to find out what was going on. so turned up on tuesday to find they had forgotten to do anything and they would get them done as a priority. Well today in the post i get a letter from them saying they arent going to do anything and just sent me a leaflet for payplan :evil: . so my i am back to square one with my debt growing due to interest and charges.

I am really at the end of my tether now and dont know how much more i can take!

Does anyone know if there is a complaints department for CAB? i have looked on their website but cant find one.

How good are payplan. will they be able to help or are they going to drop me in it as well?:(

Share this post


Link to post
Share on other sites

Complaints procedure for clients of the Citizens Advice service

 

Someone else will give an opinion about Payplan etc I've never had any dealings with them.


Anthrax alert at debt collectors caused by box of doughnuts

 

Make sure you do not post anything which identifies you. Although we can remove certain things from the site unless it's done in a timely manner everything you post will appear in Google cache & we do not have any control over that.

 

Vir prudens non contra ventum mingit

 

[sIGPIC][/sIGPIC]

17 Port & Maritime Regiment RCT

Share this post


Link to post
Share on other sites

Besides Payplan there is CCCS which although a registered charity are funded by the credit industry; CCCS | Free debt help and debt advice from the UK's leading debt charity


Anthrax alert at debt collectors caused by box of doughnuts

 

Make sure you do not post anything which identifies you. Although we can remove certain things from the site unless it's done in a timely manner everything you post will appear in Google cache & we do not have any control over that.

 

Vir prudens non contra ventum mingit

 

[sIGPIC][/sIGPIC]

17 Port & Maritime Regiment RCT

Share this post


Link to post
Share on other sites

thank you cerberusalert. Be writing to them as soon as.

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...