token payment or belly up

fairylights_2

Kickingkay

Have you tried filling in the MSE budget sheet? You can download it from somewhere on this site and it works out exactly how much goes out each month. It might help prove to your creditors that you really have taken EVERYTHING into account.

Also, and this may sound a bit harsh, but you're paying out a lot for childcare since you're only bringing in 600 a month. That doesn't even cover your grocery bill and childcare bill. Do you really need that dear/much childcare?

Also, have you looked at ways to bring your grocery bill down? We are a family of four (with one under one) and spend just over £200 a month on groceries. It takes a bit of self control, but it would help to pay off those debts.

thetope

i'm not really too experienced in this and am not really sure if it is possible in your circumstances, but have you thought about switching temporarily to an interest-only mortgage for a couple of years while you repay your debts? this will free up some extra money which you can use to (presumably) make more than a token payment a month, whilst still retaining the equity on your house. it'll still take a while, but in the meantime you keep your house.

just a thought -not sure how practical it is - anyone?

Xbigman

Talking from experience.

You should set up a DMP and pay what you can afford, and it better be more than £1. Do your own budget because there are certainly things you can cut back on that others wouldn't. If you do this kind of serious budget hacking then you must write down everything you can think off and even then I'd allow £20 a month for emergencies/unexpected expences. You won't believe just what comes up that you never allowed for.

Bankruptcy wise. Been there and done that too. Even although the situation at the time was terminal I still half wish I had tried a DMP. My circumstances changed for the better the year after I was discharged and I 'might' have pulled it off.
Regards



X

kickingkay

hi thanks for ideas
im going to pull back my grocery bill but i dont want them to think i can live on 200 quid per month but any spare i have i will trow at my debts at the end of the year(a birthday gift if you like)
as for child care i work in a school so the hours i work are paid over the whole year and not the weeks i work eg we actually work about 36 weeks a year but are wages are paid evenly over 52 weeks a year so im on less and i do have childcare free weeks in the holidays jsut paying a retainer fee so i will have money to throw at debts then
i have contacted my mobile phone company who are happy to disconect me immediatly and not offer me a more reasonable deal even though ive been with them some 5 yrs and never missed a pyment etc!
anyway im still in the fighting mood i know i have to have emergancie money and thats fine i will save 50 quid a month to cover all that but i want to pay off my debt with every effort i can, im just tied for tyhe next 3 and a bit yrs with the amount i can pay unfortunatly
with out interest being added my debt free date is november 2018 1 year before my mortgage ends!!!!!
i am going to ring the mortgage company and see if i can change to a interest only thats not a bad idea but i no longer have my endowment policy running so not sure if that will matter
anyway off to calculate
ta klare xxx

snowball2

I would reccomend payplan they have sorted out our debts and we pay £144 a month. At the current rate it will take us 26 years to pay it off but everyone we owe have accepted the payments and stopped adding interest.
Go online and fill in the form - u have nothing to loose!

smcaul

Klare,

I would double check about your CPC,As far as I can remember there is no restriction on the CPC holder, they only need to be professionally competent, it is the O'Licence holder who needs to be of good standing. I assume you are acting as the Transport Manager for your Father's business and that the O'Licence is held by him. Have a word with your local traffic commissioner or VOSA, but I am 90% sure I am correct. If that is the case then maybe bankruptcy is an outside option.

kickingkay

smcaul wrote:

Klare,

I would double check about your CPC,As far as I can remember there is no restriction on the CPC holder, they only need to be professionally competent, it is the O'Licence holder who needs to be of good standing. I assume you are acting as the Transport Manager for your Father's business and that the O'Licence is held by him. Have a word with your local traffic commissioner or VOSA, but I am 90% sure I am correct. If that is the case then maybe bankruptcy is an outside option.

i am the cpc O licene holder, sorry didnt make that clear i took the exam i am the transport manager but he only runs 1 lorry and makes enough to cover his and my mums llving and running costs etc i wont ask them for money even if they had it my mum has retired she is in her 60' and far to ill to work or cope with this stress it would kill her
i am going to try the payplan people though thanks
i have been awarded again wftc god only knows why they tell me monday i owe 5k in overpayments now they tell me im entitled to 3 1/2 k until next april payment immediatly so i have no idea what is going on there!
cheers klare xx

smcaul

Oh right, I just assumed you would only be acting as the Transport manager and not the O'licence holder as well. Usually the setup is as I described yours is a little bit different from the norm. So that means you had to put up the financial standing for the busines as well then?

kickingkay

no being as its my dads business he did he has employed me to act as transport manager i sat my CPC exam some 2 yrs ago and he obtained the o licence from this but as far as im aware if im to go bancrupt he will need to employ a new transport manager which isnt a overnight task its quite straightforward but sounds complicated

klare xx

kevker

I sympathise with you. The advice i was given by some of the agencies isnt so much how much you owe, but to whom. With the creditors I had, some would accept the reduced payments, but i was told that some of them wouldn't. The Official Receiver confirmed this for me (from his experience). I too was very apprehensive, and to it was getting me down (as I can see from your post). I tried for two years to struggle through and just ended up getting myself in more debt. The Official Receiver advised me that it would have been better to declare bankruptcy much earlier. Once I did declare it was like a weight was lifted from me. Don't get me wrong, although I am strangely much happier now as a bankrupt, there are still lots of downsides, so make sure you get several opinions.