enough faffing, i need to make a decision

Sunny_Bear

As you have missed a few payments you could maybe also offer a full and final payment to Lloyds for you CC, which means you might have a bit left to pay towards the Halifax loan.

homealone_2

thanks sunny bear and peachy. i think this is probably the best course of action to take as you have all said me including. i will lose all assets either way and at least this way my monthly payments will onle be £191 to halifax not the £509 wanted for a DMP. i especially dont want to start paying large sums to hmrc for tax credit overpayments when am still not convinced i owe all this and they supposedly are still looking into it. if they do come after me at a later day and want ridiculous money i can always seek help then. i know i am in alot better a position than most. especially now getting benefits to help with bills i am beginning to think i could cope. should i pay all of lloyds off or do half each to halifax and lloyds?

peachyprice

I think that's definitley a way forward for you. I know you don't really want to lose your saving and shares, especially for debts that weren't yours to start with, but the sacrifice will save you an awful lot of trouble in the long run, and once you've got rid if the other debts you'll be able to start saving again.

I agree, would not pay a penny to HMRC until everything is agreed. you can always start putting some money to one side once you're sorted so you can offer a lump sum to start with, then go onto monthly repayment. If you pay now, as CCCS were going to do, and it turns out you never owed them in the first place you'll have real trouble getting your money back.

I would clear Lloyds completely, then you only have the one debt to deal with.

It's certainly worth offering Lloyds and M&S a reduced figure for full and final settlement, the folks on the DFW board will be able to help you with the letters to do that, you may then still be left with something to pay a lump off Halifax too.

homealone_2

thanks peachy for all your help. i guess i just wanted a fresh pair of eyes looking at it sujectively. it only dawned on me the other day that my circumstances had changed a lot from when i first thought i could not deal with these payments all on my own. now with my benefits it wont be as hard especially if i sell all my assets, not sure if it is really the best time to sell, but dont have much choice really. as for hmrc i was never happy offering them so much money when they had stated that they did not want any money from me until such a time as i could afford it. and only £8790 i am sure i owe them and when i was paying that i was only paying them £30 a month to it so would not have ended until i was 6 foot under but i think they left it low as i could not afford large amount plus they knew that mark would no longer be entitled to trax credit until he is 19 which is 13 months away i think then they were going to get back to me asking for a lot more of a reakistic figure monthly.out of the remaining £7,500 they think they have also repaid me ii cant see where it went because i didnt receive it and even if its confirmed that i have had it both me and husband are jointly responsible for that amount so i will only pay half of that. so i think either way i will have time before i need to tackle that. i am dealing with contesting it through a group on mse who advises and organises letters.
anyway i will get wheels in motion for share selling and isa selling, will break my heart as i have hung on to them through thick and thin but like you say doesnt make sense sitting on them when paying at least 8.4% interest on debts. at a time when their value is probably depreciating. i will pop onto dfw to see if they have a template letter i can use for a full and final payment on lloyds and thanks agin, good luck everyone with your brs

homealone_2

i was all decided, had info from everyone, read up on all the different routes and had decided to sell my assets pay off at least one creditor, not worry about hmrc until they started worrying me and use my benefits to slowly dig my way up to the surface and then yesterday i received 2 tax award notices one saying i owed £8700 and the other saying i also owed £7571 and could i contact them about when they could expect payment. i had been told prior to this i had been passed over to the hardship team so dont worry. so anyway i rang them and after an hour on phone was told basically they had passed the £8700 but not the £7571 on to the hardship, but she would do that now and to cut a very long story short they would probably not chase me too much until mark was 19 (13 months time) when he no longer qualified for child tax credit, so last night got out all my isa stuff and kids shares when low and behold today brown envelope arrives today saying an up to date account of what was owed was £1598.93 first time it put in writing and could i ring them urgently, so i rang them explained yesterdays call and they said ok not a problem we can see you are doing what you can and keeping us up to date and they ring again in april to go through another income and expenditure talk and work it from there. NOW my problem is firstly if i sell assets and pay say my lloyds cc off arent they going to ask how was i able to pay them off and not have any money for them. i cant remember if my £3000 isa was ever on any of my applications for tax credit as my husband filled in all forms like that and i know he would not have put kids shares down as even though they were in my name he knew they belonged to them from money left to them years ago. secondly if they overlook that will they then say well hey if you havent got that £160 a month to worry about perhaps you could start giving us that every month from now on. when i wont really have it as such as i will be paying them off to give me more money for things i cant claim for!!!!! what am i going to do i cant cope with this every time i decide to do one thing i get more info thrown at me which then makes me doubt my decision. i cant sleep i cant eat i am in constant pain as i have nothing in my stomach so when i take my morphine for my back i just throw it up so in lot of pain. dont want to ring any other agencies as they just throw more confusion over everything, please help me

Merry_Gentry

Sorry homealone, it's a bit difficult to read your post as it's in one big block. I'm not sure that things have changed? Inasmuch as using the shares, etc to pay off the other debts frees your money to handle the HMRC debt? Or have I read it wrong?

dalip

To my way of thinking and the fact that all this is really getting you down,why not just go bc,get rid of it all,let the OR have your ISA ect,accept whatever IPA they throw at you and then look forward to 36 mths time when you will be free of the lot of it.

The way i see it that has got to be a better option than all this s**t being thrown at you day in day out from the tax people not to mention the others.



Lets face it surely it would be better to maybe make cutbacks for 36 mths of an IPA than to have HMRC chase you for the next god knows how many years. Only my opinion for whats it worth of course:o

homealone_2

thanks merrygent and dalip, you have made some valid points and i think dalip you have laid it out pretty clearly and what you say makes sense. if i go br will i have to give them the kids shares as officially they are in my name? i guess looking at it from outside my box if i add my share of hmrc which is £12289.45 and what i owe to lloyds bank which £5638.07 and halifax which is £8490.71 marks and spencers £400 and few bits and pieces, this makes total of £27,000. if i go bankrupt i will give them £3000 isa and probably shares as cant prove they are childrens which is approx £4000 total £7000 to or then with a disposable of about £500 a month (still cant find it but hey) for an IPA i have been told i will need to give them about £375 for 36 months which is £13500 so in total would be giving or £20,500. so by going bankrupt i would be saving myself £6,500. GOD!! that is the first time i have actually sat down and number crunched so have a proper figure now to look at. with that knowledge is it worth going bankrupt to save myself £6,500???? or with the dmp i have been offered by cccs i will be giving them £509 for 36 months which is £18,324 cant remember if they take assest but if they dont then with a dmp i would be saving myself approx £9000...... so with all these figures to hand which way would you turn???????

lisamummytoarchieplusbump

home alone you would not be paying the full £500 to an ipa.

right do another SOA using this link then we can work out exactly how much you would pay.
http://www.makesenseofcards.com/soacalc.html

not sure about your assets with an iva/dmp

homealone_2

lisamummytoarchieplusbump wrote: »

home alone you would not be paying the full £500 to an ipa.

right do another SOA using this link then we can work out exactly how much you would pay.
http://www.makesenseofcards.com/soacalc.html


t sure about your assets with an iva/dmp

ok will do it now, hope you still there