New here and overwhelmed

xnatalie81x

I have messaged the counsellors but thought i'd introduce myself properly.

My name is Natalie and i have managed to accrue 33,338 worth of debt (ish) and that doesn't even include my student loan!

Unfortunately i have been with debtcare for many mths now under the impression i was paying an IVA, recently found out it is not as i cannot afford enough and is instead a payment plan! :mad: - i could be doing this myself!

I wasn't even sure of the amount of my debt and still not as i send all the paperwork to them now and don't have a clue how much of the money i pay to them actually goes towards my debt! Anyone know percentages?? I pay 137 mth.

I am very scared about taking control myself incase they tell me to naff off and declare me bankrupt. I don't want to lose everything i own!

I have 3 children aged 4.5,2.5 and 1. And one dog who is just over 1.

I do have a job but have been on maternity leave and am now signed off sick with stress and post-natal depression. I do some part-time swimming teaching (2hrs wk) but i cannot face returning to my main job yet.

Well nice to meet you, any advice appreciated 33k is sooooooooooo much money what the heck have i done!

pink_princess

Hi natalie ,im useless at this stuff people will be along soon to help but welcome to MSE.
PP

Numpty_Monkey

:hello:Hi nat

welcome to the boards

I think you need to contact one of the debt charities
have a look on this link
Non-profit Debt Counsellors' List

You shouldn't be paying for a DMP (thats what im on:cool:)

If you post your SOA
The cleverer bods will have a look
http://www.makesenseofcards.com/soacalc.html

and we'll see what we can do:A

poorandindenial

Hi Natalie (welcome again - I just saw you on other Natalie's thread )

I can do the percentages for you if you pop up the amount that you owe to each of your creditors (although there is a chance that the debt mgt company haven't divvied it up fairly).

Basically the creitors will probably be happy as all the money you pay will go to them rather than the amount you pay having a big chunk taken out by the debt management company so the money to them goes up a bit.

10past6

xnatalie81x wrote: »

Unfortunately i have been with debtcare for many mths now under the impression i was paying an IVA, recently found out it is not as i cannot afford enough and is instead a payment plan! :mad: -

What lead you to belive you were in an IVA?

xnatalie81x

Because when i set it up i told them i wanted and IVA and throughout the process not one word was said to me about it being a DMP - in fact they led me to believe it was an IVA. I guess they never expressly said it was one but the impression i got was that it was.

xnatalie81x

Will put up my statement of affairs when i get home (at mummies for free lunch ) - and also how much i owe and to whom as i sat and worked it all out last night.

I have a question i have drafted a letter to rbs wh i owe 169 to (as per the template provided on my 'if you don't ask you don't get thread) offering half the money i owe them as mummy and daddy and sisters have given me cash for my b'day and i have split it between 2 co's. I have offerred them half £85. questions 1. will they be likely to accept or am i wasting a stamp 2. will debtcare get funny or should i wait till i have fired them before i send the letter.........................

And how do i cancel debtcare, shall i write to them as i am so weak that if i phone and they give me loads of spiel i will fall for it and not cancel! And i really think i'll be better off their plan!

I want to start contacting the co's and asking how much i owe and how much dc have been paying them but should i wait until they are officially out of my life???

xnatalie81x

Ok, here are my debts if poorandindenial can work it out for me.

MBNA about 8,000
HFC about 2,000
National Debt Rec, littlewoods about 500
Lloyds credit card 7,000ish
Lloyds student account overdraft about 1,500
Lloyds current account o/d 250ish
Cahoot 9500 about
Royal Bank Scotland CC 170 (only one i'm sure of as had statement recently and not sent to debtcare. Am hoping they will accept reduced settlement on this of 85........)
HM Revenue and customs (tax credits) 2,000ish
Egg cc 200 ish
Enfield Council old rent 2,000ish

All no's are near estimates, if anything slighly higher than they really are as i have not seen any statements for about a year due to sending everything straight to debtcare.

My SOA is more complicated. I am doing it yearly as i can plan for a year better as prob be leaving work, currently off sick.

Income for year

Wages 7290
tax credit/wtc 6956 ish
Child benefit 2208
Housing benefit 4900

Total 21354 (averages 1779.60 a month so months where over this will save save save to cover mths where lower)

Working out outgoings leaves about 350 mth for debts which is more than the 137 i was paying to debtcare but i very recently returned to work and haven't told them yet as now i'm thinking bout leaving them.

dancingfairy

Can you post up your monthly SOA please? all your outgoings - eg food,electric, council tax etc - see makesenseofcards and fill that out and post it up here.
With regards to the job - is it the money situation causing the stress or is it actually the job that is causing the prolems? Once you have a handle on the debts you may find work easier to tackle than you thought?
When you have done your SOA you may be able to see whether you need an iva or whether a DMP - but done properly (not through some fee paying company) will suit you best.
Good Luck
df

poorandindenial

Right - am posting this from Excel so it will probably go iffy

If it does PM me your email address and I will email you the spreadsheet it is on, actually that will help you to do it more precisely when you get the exact amounts too.

EDIT: YUP - WENT IFFY - trying again

Will update as I go - posting one creditor at a time

MBNA
Amount owed8000
Amount you multipy repayment by0.241546
Percentage of overall debt24%
Amount creditor gets if £137 £ 33.09
Amount creditor gets if £350 £ 84.54

HFC
Amount owed £ 2,000.00
Amount you multipy repayment by0.06038647
Percentage of overall debt6%
Amount creditor gets if £137 £ 8.27
Amount creditor gets if £350 £ 21.14


Nat Debt Rec
Amount owed500
Amount you multipy repayment by0.01509662
Percentage of overall debt2%
Amount creditor gets if £137 £ 2.07
Amount creditor gets if £350 £ 5.28


Lloyds CC
Amount owed7000
Amount you multipy repayment by0.21135266
Percentage of overall debt21%
Amount creditor gets if £137 £ 28.96
Amount creditor gets if £350 £ 73.97


Lloyds Student OD
Amount owed1500
Amount you multipy repayment by0.04528986
Percentage of overall debt5%
Amount creditor gets if £137 £ 6.20
Amount creditor gets if £350 £ 15.85

Lloyds current ac
Amount owed250
Amount you multipy repayment by0.00754831
Percentage of overall debt1%
Amount creditor gets if £137 £ 1.03
Amount creditor gets if £350 £ 2.64

Cahoot
Amount owed9500
Amount you multipy repayment by0.28683575
Percentage of overall debt29%
Amount creditor gets if £137 £ 39.30
Amount creditor gets if £350 £ 100.39

RBS
Amount owed170
Amount you multipy repayment by0.00513285
Percentage of overall debt1%
Amount creditor gets if £137 £ 0.70
Amount creditor gets if £350 £ 1.80

HMRC
Amount owed2000
Amount you multipy repayment by0.06038647
Percentage of overall debt6%
Amount creditor gets if £137 £ 8.27
Amount creditor gets if £350 £ 21.14

Egg CC
Amount owed200
Amount you multipy repayment by0.00603865
Percentage of overall debt1%
Amount creditor gets if £137 £ 0.83
Amount creditor gets if £350 £ 2.11

Enfield BC
Amount owed2000
Amount you multipy repayment by0.06038647
Percentage of overall debt6%
Amount creditor gets if £137 £ 8.27
Amount creditor gets if £350 £ 21.14

poorandindenial

Natalie

Not sure when it is coming but this would be useful for you:

http://forums.moneysavingexpert.com/showthread.html?t=1406443

it is an enhancement to the statement of affairs calculator at www.makesenseofcards.com

One thing that has struck me is the £350 amount you think you have spare, have you tried living on the budget that you have prepared that leaves this amount?? If not you might need to be a bit more lenient with yourself or you could risk overdoing it and then the DMP might fail. Also there are allowances for each of your expenditures that are designed to make sure you don't overstretch yourslef. To make sure this doesn't happen to you you might want to get in touch with one of these charities who can either run your DMP for you or can advise you on how to run it yourself

http://www.moneysavingexpert.com/loans/debt-help-plan#help