How will I ever pay it off

Dee5412

I have just completed a personal budget sheet for NDM - who I am hoping will manage the debt. But I now feel sick - I am 55 years old and have debts of £21,000 with £177 free to pay it off - have I got a hope in hell chance do you think for my creditors to accept payments. I only have my salary - my husband pays all the bills and the mortgage so I don't have those to worry about but if I go thru the IVA on bankruptcy they will have to take my house into consideration and hence my husband's wages and that is not a route I want to go donw. Any advice please I would be really grateful for.

magentadreamer

Dee are NDM a private company? ie will they be making a profit out of your debt? If they are then you should think about trying payplan or CCCS -who are non profit making organisations

What you might like to do is list your SOA on here and see if there are ways to tweak things and save you money to pay off debts with.

Alleycat

Hi Dee,

I've not used them myself, but loads of people on here recommend Payplan or CCCS for help with large debts. They are completely free and can help you put together a debt management plan or look at an IVA if you feel that bankruptcy is not an option. They may also be able to negotiate to freeze any interest. If you do a search on this board for CCCS or Payplan there are lots of threads with more details.

Alternatively there will be someone along shortly who can give you more advice!

It must seem scarey as hell at the moment, but you have come to the right place. There are lots of people on this board going through all sorts of debt problems and it is a fab place for advice and support.

Alley

Dee5412

thanks it is the National Debtline - I thought it was free actually

Dee

homersimpson_3

cccs are free. post a statement of affairs - incomings and outgoings- any spare/saved money can be targeted towards debt.

Dee5412

Loan £3019.80
Saga Credit Card £2025.21
Lloyds Platinum £6512.11
Lloyds TSB Overdraft £2500
B/card £156.31
Egg Card £4,578.65
Egg £3,922.48
Lloyds Loan £394.97

My take home pay is £773.00 per month. I used to earn double that but had to take a pay drop

Thanks

Dee5412

Dee's SOA

I forgot to add the following: Life insurance/pension £89.50, Housekeeping £200, Travelling expenses (car etc) £100, clothing £60.00, Telephone £85. My pricate patient £71.79

Sorry

homersimpson_3

you need to state apr (how much interest you're paying) and minimum payments aswell. general rule- you target the debt with the highest apr because more of the money you're paying is interest. once that debt is payed off then the amount you were formally paying in interest can be used to target the 2nd debt and so on.
if hubby paying all bills you need to state the amount for these aswell
e.g. gas £15, electricity £30, tv licence £11, phone £30, sky £30 etc etc
the idea being we offer suggestions in changing providers/reducing bills and then you use that money to target the debt. (e.g. if only 2 of you may be worth changing to water meter etc)

headchef

Dee - one way to check - have you signed any paperwork? What does the small print say and how did you hear about them? We want to b sure. We CAN and WILL help you no matter what - we want to start with the basics and so we want to make sure you are not paying unecessarily for advice and help you can obtain free from the charities listed above this forum (and from usof course!). Please please post back! We won't judge. We just get frustrated that these so called 'get out of debt' companies advertise on TV and charge for it when the advice and HELP can be free. Even if you have signed something - please reply to us and we WILL help you sort it out xxx Please dont' feel foolish or anything - we are all in the same boat!

Dee5412

I will come back to you with the other bits and pieces have to get paperwork out and no headchef -haven't signed paperwork but Ihave checked andthe National Debtline (I got the initials and things wrong in my panic) are free