me and my debt resulting from gambling hell - help

[sequenci]

Hey Josh.

 

When I was 21 I was totally useless with money and got myself in to a whole world of trouble. I'm now a qualified debt counsellor working in the charity sector. I can still remember just how my old creditors were with me.

 

I can see you've had some great advice so far, I just wanted to put a few other important points to you.

 

1) - If you choose an IVA you must be able to meet the instalments for the 5/6 years it is likely to last. Although you can modify the payments it can sometimes be tricky to do so - it usually requires the creditors' consent.

 

2) - If you decide to become bankrupt it's possible that the official receiver will ask you to eneter into a bankruptcy restriction undertaking; although you'll still be discharged from the bankruptcy after 12 months you could be subject to the bankruptcy sanctions for a little longer. This may not be a bad thing though - a lot of people feel having such a restriction keeps them on the straight and narrow, so to speak.

 

Do as much research as you can, take your time, ask as many questions as you need.

 

Best wishes,

 

Seq.

[sequenci]

Hey Josh,

 

Here's a downloadable copy of 'Dealing with your debts' - it's really very usfeul:

 

http://www.nationaldebtline.co.uk/england_wales/pdf/self-help-pack/self-help-pack-full.pdf

 

If you would like your creditors to hold action for a while, send them something along the lines of:

 

The Loan Company

Company House,

Church Street,

Newtown,

Kent,

R1 7HG

Dear Sir/Madam

Re:- Account/Reference Number 4563210025897412

We are writing to inform you that we are seeking advice and assistance regarding our current financial

difficulties.

To this end, we would appreciate if you could hold any action on the above account for a period of at least 28

days.

Also, during this period, could you please freeze interest and/or any other charges accruing on the above

account.

We look forward to hearing from you as soon as possible.

Yours faithfully

Mr A N Other

[sequenci]

Sounds good. You could also have a go through this online system - it can give you basic tailored advice about your best options: https://www.mymoneysteps.org/

 

It'll be worth seeking telephone advice, though, as the gambling angle is something that would need to be talked about.

[sequenci]

Hi Tawny

 

Glad to see you're still around on the forums!

[sequenci]

National debtline are 5 minuites down the road from me! But i dont think they will let you walk in, so I will give them a call when I finish work and ask for their input.

 

Tawny - the payday loan companies are due to take money on 01/08/2013 - i am therefore very keep to send off the 28 day suspense letter to stop me getting more charges / letters on the first -

 

do you suggest i call national debtline and ask if they think i should send the letter or what should i do? I really want to get something emailed off asap

 

They don't let anyone walk in, sadly.

 

You're in Birmingham too? So am I

 

For the record, if you feel you need fact-to-face advice there is the CAB on Corporation Street and Birmingham Settlement in Aston/Nechells.

[sequenci]

The two biggest from a telephone perspective are Stepchange and NDL.

The CAB and Birmingham Settlement are both excellent, too.

 

I've heard the name - probably seen the place. I work at Five Ways

[sequenci]

Good grief.

Could be minutes apart.

 

Our offices are about 3 minutes apart just along the Hagley road.

 

Well, more like 20 minutes during rush hour haha.

[sequenci]

How long have you lived in Birmingham, Josh?

[sequenci]

Forever, unfortunatley, I myself find it rather a grim place, how about yourself?

 

i will be pming you again soon

 

I really love Birmingham. I've been here about a decade. I love the vibrancy, the food, the culture and the music scene. I don't particularly care for the rubbish public transport system, mind you!

[sequenci]

I used to have an appartment on New Hall Street, I REALLY miss it. Loved it so much - within 30 seconds walk I had about 30 restaurants and a similar number of pubs. The shops were just down the road, too.

 

I moved up from the South - as much as I love it down there I actually think my next move might be further up north. Really love the feel of Leeds.

[sequenci]

i might go into branch to do this to be fair will be easier!

 

Let me know how you get on matey

[sequenci]

Hello there.

 

I like to think of self-negotiating where you would do 100% of the work whereas a DMP the DMP provider does about 70% of the work. I think it's important to still keep a slightly hands-on approach to ensure that the creditors are playing ball - especially where payday loan firms are involved - as some of them are notorious for being a bit of a pain to deal with.

 

- Seq.

[sequenci]

Oh Hi Josh. Didn't even realise it was you that was asking.

[sequenci]

I agree that you should avoid bankruptcy if at all possible. If the debt stems from gambling it's highly likely that you'll be asked to enter into a bankruptcy restriction undertaken (or forced into one via a court order). Contacting one oft hd debt charities is a good idea. You should calculate what you need to live on from your income (this covers housing costs, food, travelling, bills, clothing etc.) - your creditors should then be offered a pro-rata share of what's left over. You can either do this yourself or via a FREE debt management plan. Depending on your employment situation you *may* also wish to consider an Individual Voluntary Arrangement. You can find info on all optiosn via nationaldebtline.co.uk