apologies

delboypass

Im not a troll

whats the point in giving advise out of our time if then the OP is going to go away and spend further into debt??

A few issues:

1/ Tell your husband. On your wedding day you signed into an oath. I understand this could be difficult but how on earth can you start tackling the issue if you are going to hide everything away.

£29,000 isnt going to disappear and no solutions can be formulated until its all out in the open.

2/ Stop spending.

Im sorry if i dont come across hugs and kisses but im a realist and we need to address the situation. You have been posting for over 7 months and not listening to any advise on any of your postings it appears so why was my time?

Numpty_Monkey

Thanks RAS
think it has over stepped the mark tonight
hope it gets pprd

as RAS has said please keep posting

Numpty_Monkey

delboypass
you have been a member for 3years so you should know the rules
Announcement: Pls remember Debt-Free Wannabee's for support and help not judgement

rog2

Good morning petal - I hope that you have had a chance to reflect on your options, and are not put off by the pointless posts of dbp (they should disappear soon as they have been reported to 'abuse').
Whatever anyone says, the deed is done and it is impossible to turn the clock back, so no amount of abuse, even under the thinly veiled excuse of 'tough love' is likely to affect your situation.
The main objective, now, is to find a solution, and there are many. Consolidation, especially through the dreaded 'managed loans' are little more than the Banks making more profit out of your situation, so let's list a few of the options that are open to you:

1. DMP - This will depend on how your income/expenditure stacks up. After listing all of your necessary expenditure, any surplus income would be used to throw at your debts. Whoever is managing your DMP - I see that you have tried to do this yourself - highly commendable, and there are a few posters who have very successfully managed their own DMPs, but, in your case, I would most strongly reccomend that you do this through CCCS, NDL or CAB - would negociate a reduced monthly payment with each of your creditors, hopefully freezing interest and charges. A DMP is a 'voluntary' agreement between you and your creditors and is, therefore, not legally binding. Banks, in particular, seem to be the least willing to agree to a DMP and, often, refer your debt to a dca, rather than agree to a reduced monthly payment. This can, in fact, be a good thing as many dcas, with some notable exceptions, are more willing to listen to a DMP proposal, especially if it is through one of the debt charities. So a DMP will depend on the agreement of your creditors and you will pay back all that you owe, albeit over a much longer period.

2. IVA - an IVA is a form of 'Insolvency' similar to Bankruptcy, although you would avoid the actual 'Bankruptcy' procedure, i.e. petitioning and Court Hearing, and you would not be subject to the restrictions of bankruptcy. Very simply, an IVA must be managed by a licenced Insolvency Practitioner, who will negociate a reduced 'settlement' figure with your creditors. Unlike a DMP, an IVA requires the agreement of a majority of your creditors and the rest will be legally bound by the terms of your IVA. Once the settlement figures are agreed, then you pay a monthly premium to your Insolveny Practitioner who, after deduction of his fees, then distributes the rest amongst your creditors. An IVA lasts, usually, for five years, after which you are absolved of your debts.
That is a very simplistic explanation of an IVA, but it is an option that can be attractive to somebody who has assetts, such as a house, which they would, otherwise, lose if they petitioned for, or were petitioned for, Bankruptcy.
A strong word of warning about IVAs - There is a massive Industry built around IVAs, as the 'fees' can be very attractive, especially as they are deducted before any money is passed on to your creditors. Be extremely wary, therefore, of all of the adverts promising to 'write off up to 95% of your debts over five years, due to a little known goernment law'. If the debt charities reccomend an IVA, use only an Insolvency Practitioner that they reccomend. IVAs can, and often do fail, and bankruptcy is usually an inevitable consequence of a failed IVA.
IVAs are, also, published on the Insolvency register in the same way as bankruptcy.

3. Bankruptcy - if you are in an impossible situation, and there is really no way that you will be able to pay your debts, then the debt charities may reccomend that you petition for your own bankruptcy.
Bankruptcy will totally clear your debts and give you a 'fresh start', but it is not an 'easy option'. Any assetts that you do have, may be siezed by the Official Receiver and the proceeds would be distributed equally between all of your creditors. If you have surplus income, you are likely to be given an IPA (Income Payment Agreement) whereby you would pay a portion of your surplus income to the OR, for distribution to your creditors, for three years.
Bankruptcy lasts for a maximum of one year (unless there is any indication of fraud) during which you would be unable to get credit of more than £500 (as if you would want to) and can not be a Company Director, hold certain public offices or work in certain professions. Your name will appear in the paper, although it won't make page 1 headlines and the 'stigma' that some say is associated with bankruptcy is, in the main, all 'hype'.
That said, Banruptcy is a legally approved way of dealing with your debts and, often, the advantages can far outweigh the disadvantages.

Whichever option you choose, your 'credit rating' is likely to be shot for the next six years, but, at least you will be dealing with your debts.

The above are only a few of the options that are available. It is not up to us to say which is the best option for you and, ultimately, the choice is yours - hopefully acting on 'professional advice', so, please make the first move and ring one of the debt charities.

And 'do not be put off by negative posts'. This forum is an open forum and will, inevitably, attract those whose only interest is to gain some sort of pleasure from the misfortunes of others, but, I can assure you, those posters are most definitely in the minority.

Sammy_Girl

Hi Petal,

I just wanted to drop in to see how you are. Please take others advice and call CCCS or National Debtline. They will be more than happy to help you come to a realistic solution. There are loads of helpful people on here who will be more than happy to offer and encouragement or support you need. Please PM me if you like.

Please keep us updated, remembre you're not alone.

S x

petal9

thanks to all those people that gave me so much support the other day,its really nice to know people care and thankyou very much.I know there was somebody who disagreed with my waY OF HANDLING things,all i can say in defence is that ive been through a rough time,no excuse i know but until you have been through ill health and a number of personal problems you cannot fully understand.I have messed up completely i know and just wanted some advice,if theres anybody out there who has advice on the NATWEST BANK ISSUING DEFAULTS and what will happen next i will be very very grateful any experiences will be welcomed.I thankyou all again for your support xx

Deep_In_Debt

Just ignore delboypass, I've read many of the posts and all of them have been quite nasty. Should be banned from the site. The rest of us are a nice supportive bunch.

I'm not really up on all this but from experience Nastywest are not easy to deal with.

Could you change your bank account to a basic one not linked with NW so that your wages get paid in and DD's SO's go out and then offer Natwest a repayment plan? I don't think it's too much to worry about if you receive a default, I have a few - don't want credit again so it doesn't bother me. It's just that because of a reduced payment plan, you are breaking your original agreement with them.

Get in touch with CAB who will help you write letters etc.

Please don't worry, there is a light at the end of this. You will feel better soon.

Good luck and keep posting.

rog2

petal9 wrote: »

I have messed up completely i know and just wanted some advice,if theres anybody out there who has advice on the NATWEST BANK ISSUING DEFAULTS and what will happen next i will be very very grateful any experiences will be welcomed.I thankyou all again for your support xx

Petal - there is absolutely no need to apologise. you may feel that you 'have messed up' but there are thousands, possibly millions, out there who have similar problems, and what sets you apart is that you are looking for a way to deal with yours.
Do not worry unduly about 'defaults' - you will find that most creditors will register defaults against you as soon as you admit, to them, that you are having problems in making payments, or if you start on a DMP. 'Default notices' are not the same as CCJ's, although they will be recorded on your credit reference agency details - they will disappear after six years, although, sometimes, it is possible to have them removed.
The Banks, and NatWest seem to be one of the worst, are usually among the first to register defaults and pass the 'debt' to the dubious world of 'debt collection' - I am tempted to beleive that they automatically assume that, once a debtor has informed them that they are having problems, they are unlikely to see any money back, so will cut their losses by selling the 'debt' to the bone-pickers for a fraction of its value.
Some of us are old enough to remember the days when, if you had a problem, the bank manager would, personally, look at the circumstances and find ways of relieving your problem.
That, unfortunately, was when 'human input' actually counted in their decision making. Most of them no longer employ people to make decisions as computer software is cheaper and less flexible.

petal9

THANKS ROG2 FOR THE ADVICE,Ive worked out finances and decided im going to send a letter to the natwest stating a monthly offer,i will of course include an i&e.I enquired wit payplan etc and there offer to natwest would be a lot less than what im i can afford £280 towards my loan instead of £430 and £50 towards my overdraft.Does this sound reasonable? I could also do with advice on putting a good letter together,if anyone can help there,id be grateful,ive been given 2 weeks by the lady i spoke to at natwest birmingham collections,to contact someone for advice and get an offer to them before a default notice is issued.Thanks again all those that have given advice,your support means so much to me xx

SuzySu

Hi Petal

Like you, I am in a similar position owing money to NatWest. My account has now been passed to a DCA (Tamarisk Debt Management) who threatened to "send someone round" if we did not agree to their payment scheme. Unfortunately I am not on a DMP yet (long story) so am having to deal with them myself.

I have three days to give them an answer, otherwise they will default me. Having asked for some advice on here, I can see that this really is the only course of action that they can take. I can't afford the payments they want (well, I can, but then none of my other creditors will get a penny and that hardly seems fair). So......game on.

Keep us posted about your situation.