Getting there.....

twinkle75

..... My husband finally faced up to facts 2 months ago and has now declared himself bankcrupt. It is such a relief and the OR has said he will probably be speed tracked and be free in 8 months.

I am now looking to do an IVA as over the last couple of years I have bore the brunt of the bills and got myself further in debt then I would have liked.

What I would like to know, in anticipation of taking out a new bank account is which bank accounts you would recommend?

I can't use Natwest and I won't use Halifax.

Which banks are best for low charges?

Who have best deals at present?

GeorgeUK

It may depend on the state of your credit report.
Have you had late payments, defaults, ccj's?

Are you sure an IVA is the best option? Have you spoken to one of the free debt charities?

By deals, do you mean 0% interest on balance transfer? (Virgin money- 15 months).

twinkle75

Only had a couple of late payments.

Had contact with Payplan, but wasn't very impressed. Their best advice was to start paying £1 a month to my creditors until things change.... which they are unlikely too.

Plus the paperwork sent through is soooo long winded.

I need to sort something and fast. Getting loads of bank charges which are gettinfg me further into debt

GeorgeUK

If you post up a SOA, we may be able to spot some areas to save money from.
http://www.makesenseofcards.com/soacalc.html

Have you reclaimed your bank and creditcard charges for the past 6 years?

twinkle75

iThe bank charges, I am told, won't be refunded untill the current court process is over and only then if they find in the customers favour.

I ultimately need less money going out each month, I want the debt clear soon as humanly possible, and I cannot go bankcrupt.... although I seruiously wish I could.

Whichever route I take my credit rating will be shot, so this seeems to be the best option for me

GeorgeUK

The banks are appealing the court decision after it was found in the customers favour. Credit card charges are not part of this test case so you should be able to apply for these.

It will depend on how much income you have and how much debt, but 0% cards can be quite handy to use for shuffling debt to save you paying interest. The virgin card is 3% BT fee, 3% min 1st month, then £25 min 2nd-15th month so may help reduce your monthly payments enough for you to make an impact on the higher interest debts.

Alot of the companies that suggest an IVA will be getting £5k for each one they set up. I would suggest going through one of the free debt charities if you are considering an IVA.

twinkle75

My charges are on my current account not credit cards... and this is the biggest problem.

The Iva is through Freeman Jones.... I haven't signed up to anything yet. just that they were the easiest people to speak to on the phone.

Payplan can't help with Ivas... So wheer do I find the best IVA service for free?

GeorgeUK

CCCS can do IVA's i believe.
Are you sure a DMP or shuffling on creditcards isn't an option?

twinkle75

Credit cards won't have enough impact on monthly incomings.... Dmp solution on CCCS is a consideration.... but using their online service it will take 15 years to clear my debts

twinkle75

Your Income Amount
Your take home pay £1,250
Your partner's take home paycapacity Benefit
Child Benefit £81
Child Tax Credit £41
Total income £1,372

Rent £575
Water £32
Council tax £120
Gas £30
Electricity £55
Building and contents insurance £15
Telephone, mobile & internet £50
TV licence £13
Satellite £21
Household appliance rental £20
Food, toiletries, cleaning £202
School meals/meals at work £30
School trips/activities £5
Medicines/prescriptions £7
Dentist/opticians £15
Hairdressing £13

Clothing & footwear £30
Sports, hobbies, entertainment £10
Children's pocket money £10
Sundries/emergencies £10
Total expenses £1,263

No of adults 1
Dependants 1
Totals Amount
Total income £1,372
Total expenses £1,263
Surplus (Deficit) £109

GeorgeUK

Just a few suggestions for you to look at - there may be some things you haven't looked at for a while.

Council tax £120
If paying over 10 months, can you ask to pay over 12?

Gas £30
Electricity £55
Have a look at some comparison sites to see if you are getting a good deal. (uswitch, moneysupermarket)

Telephone, mobile & internet £50
Satellite £21
Can you combine the satelite, phone and internet but have the mobile on PAYG?

Food, toiletries, cleaning £202
Have a look at the old style board for meal plans etc. Have you moved down a brand - shops own?

School meals/meals at work £30
Can you take in sandwiches etc?

You've probably already looked at most of these but thought it may be worth mentioning just incase.

Can i ask what the total amount of debt you owe is? I was hoping a few 0% cards may be enough, but from what you've said it doesn't seem that way.