General Advice Please

[Murada]

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[gizmo111]

Is Northern Rock your highest % of debt? I can't see how payplan can predict what they will ad won't accept. Turning unsecured borrowing into secured by remortgaging is not usually a good idea and Ifrankly horrifeied that payplan have started advising this, - would you like to post some more details of your total debts and who you owe them to here, so we can maybe advise furter.

[Murada]

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[gizmo111]

I've had a look, and i am guessing that you would be off snowballing these as you have a high income - Have you done an income and expenditure with paypaln - what does your monthly surplus come out at after you have paid essentials - have you tried a 0% balance transfer for the tesco card?

I think you will be better off looking at what you are spending each month, and seeing how you can tackle the debts as they are - borrowing more will cost you dear in the long term and you don't have enough equity to clear them all in one go.

If you have a proper budget I bet you could with a few changes save that £200 a month and clear them your self.

[2Grumpy]

You might be able to delay a payment by putting the accounts into dispute with CCA requests & SARs - enough to get things straight

 

I agree that re-mortgaging sounds like bad advice

 

What about agreeing payment plans with your creditors yourself, try for getting interest reduced / frozen.

Complete the income & expenditure spreadsheet & see what you can afford; offer pro-rata payments to your creditors - be prepared to tell them what your total debts are and that you will be making the same offer to all of your creditors.

 

Grumpy

[Murada]

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[sequenci]

As it stands today I have £445 a month left after paying all my Direct Debit bills (including utils) - this £445 would be for food, fuel, emergencies etc. Done the full income and expenditure with payplan (I will give them there due, very thorough) - they tell me I have £890 for my creditors - which as I said is only £100 or so less than I pay in full now. Given my income I think they are all going to hound me so I think I stand little chance on my own. Perhaps I am being selfish and £445 is acceptable for food etc?? However, because of the nature of my job I spend £60 per week on petrol alone (realistically I need £800 per month after bills) - so you can understand why I am feeling the heat. I am told remortaging is a common recommendation from Payplan for people in my position (i.e. high debts but decent income). Perhaps 75k of debts is not as rare as I thought! My option at the moment is to remortgage a little over half the debt which will save me around 250 per month and work on clearing the rest.

 

how many people are there in your household? £75k isn't *that* rare at all. I spoke to someone the other day with over 4 times that.

[Murada]

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[2Grumpy]

I have a friend who got a low interest loan from his life insurance company in a similar situation to yours.

 

Ok, the life insurance was worth less for a few years, but it got him out of his hole.

 

Might be worth an enquiry