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massive debts no money
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Simon, as you have debts with your bank, you will need a different account that is not linked in any way to any of the finance companies you owe to - payplan have a list of who owns what, card and loan wise.
For a DMP with someone like cccs to succeed you need to have a minimum of £100 as a monthly surplus and ideally less than 10 years to pay it off - however you can do your own low start DMP and pay whatever you can realistically afford.
Don't go to one of the blood sucking IVA companies - from what I understand about them, the monthly payments are very high and if you default it's effectively bankruptcy, plus you give them any equity in year 4.0 -
I opened a basic bank account with the Natwest - you will need to open yours with another bank not connected with Natwest (I recollect you said your existing account is with Natwest)
A basic account comes with a cheque book, a debit card which you can use in shops & online etc.
It has no overdraft at all.
...Linda xxIt's easy to give in to that negative voice that chants "cant do it" BUT we lift each other up.
We dont count all the runners ahead of us & feel intimidated.
Instead we look back proudly at our journey, our personal struggle & determination & remember that there are those that never even attempt to reach the starting line.0 -
Hi Simon and family,
I'm a newbie on here too but just wanted to say that so far everyone on here is lovely and will always try and help you. I'm in a bit of debt, but have friends with much more debt so I know how you feel.
I know it seems like a massive task, but just take it a step at a time. Look into sorting out your bigger debts, but at the same time try and change some of your smaller expenditures - like someone said your phone/tv/broadband is way too expensive. To give you an idea of what you can get, we are with virgin - XL phone (line and 24hr calls), M broadband and XL tv with V+ and Sky sports for £52.95/month - roughly what you are paying for phone alone.
Good luck with everything - you will get addicted to this site! x0 -
One thing with the new bank account though, remember to make sure it's with a bank you don't owe money to, as they've got the right to go in and take whatever's in there. Also make sure that the bank's not linked to one you owe money to, a lot are owned by the same groups. There's a list somewhere with who's associated with who, I'm sure someone else will have the link.Unless I say otherwise 'you' means the general you not you specifically.0
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Ooops other people got there while I was still typing.Unless I say otherwise 'you' means the general you not you specifically.0
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It's easy to give in to that negative voice that chants "cant do it" BUT we lift each other up.
We dont count all the runners ahead of us & feel intimidated.
Instead we look back proudly at our journey, our personal struggle & determination & remember that there are those that never even attempt to reach the starting line.0 -
A parachute account is basically a bail out account. You set this up before all the letters go out advising that you can no longer keep up with the loans. CCCS I'm sure will advise you of the wording for the letters or may do it for you. Walk into a bank and open a current account so at least you have a debit card and cheque book. Do not ask for any overdraft or credit. This would be wrong. Then write to all the companies - rather than the other way around.
I did mine without any help from a debt counsellor as I found so much information online, but that is upto you. One thing for sure when completing an income and expenditure form remember everything. You have young children - remember nappies and everything. It is harder to add items on later.
Stebiz
thanks for your help just filled out the cccs page and will call tomorrow. will also have to sort that bank account out before sending letters then. makes sense thank you once again0 -
Simon,
Come back after speaking to CCCS and let us know how you got on!
If you need to write to your creditors yourself there are letter templates on here that you can use.
...Linda xxIt's easy to give in to that negative voice that chants "cant do it" BUT we lift each other up.
We dont count all the runners ahead of us & feel intimidated.
Instead we look back proudly at our journey, our personal struggle & determination & remember that there are those that never even attempt to reach the starting line.0 -
One thing with the new bank account though, remember to make sure it's with a bank you don't owe money to, as they've got the right to go in and take whatever's in there. Also make sure that the bank's not linked to one you owe money to, a lot are owned by the same groups. There's a list somewhere with who's associated with who, I'm sure someone else will have the link.
good advice will have to check who deals with who first. thanks0 -
bank_of_slate wrote: »Simon,
Come back after speaking to CCCS and let us know how you got on!
If you need to write to your creditors yourself there are letter templates on here that you can use.
...Linda xx
WILL DO LINDA THANKS FOR ALL YOUR HELP TODAY...AND GET OFF DANIELS FACE HE MUST NEED A BREATHER XXX SIMON0
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