DMP vs Full & Final settlement and advice on SOA

Burlesque_Babe

time to go back to the drawing board when you find out the news. It might mean a new plan being drawn up but if you let us know the outcome then we can play around with the situation.

icecube2009

Burlesque_Babe wrote: »

time to go back to the drawing board when you find out the news. It might mean a new plan being drawn up but if you let us know the outcome then we can play around with the situation.

Thank you:rotfl:

icecube2009

Dh has just called to ask me to fiind out the exact totals of all the debts, that was all he could say over the phone, he sounded really upset though, I wish I hadnt talked him into going now

Burlesque_Babe

best to take a REALLY deep breath and get it all out in the open, that way, they can't say to you - why do you still have debt - when you've been half truthful and had the opportunity to come clean.

It really hurts - I cringe inwardly talking about debt to my parents to the extent that I just used to say I didn't have any over the years but the more times you can be open, the easier it gets.

They will be angry, and probably worried, but will still love your DH as much.

icecube2009

loaner wrote: »

Sounds hopeful.

I hope they can help. I know they have quite a lot of money and we are set for quite a decent inheritance (region of £200k just from the sale of their house plus other money from what they have stashed!!) just a shame we cant have it now when we need it!! LOL

icecube2009

Burlesque_Babe wrote: »

best to take a REALLY deep breath and get it all out in the open, that way, they can't say to you - why do you still have debt - when you've been half truthful and had the opportunity to come clean.

It really hurts - I cringe inwardly talking about debt to my parents to the extent that I just used to say I didn't have any over the years but the more times you can be open, the easier it gets.

They will be angry, and probably worried, but will still love your DH as much.

thanks for all your help x

icecube2009

loaner wrote: »

If they help you, and you cut back expenditure drastically to balance the books, this might be useful (when you find out the apr's and loan periods)

http://www.whatsthecost.com/snowball.aspx

i tried putting it all into the snowball calculator & it told me it would take me 525 months to pay it off!!

icecube2009

Right DH has called, he has left his parents (Mum even gave him a hug) they will help but want to speak to the financial adviser at their bank, not sure if this is a good move as it is banks that got us into this mess!!!

Burlesque_Babe

hmmmmmm..............be careful with a financial advisor. They will possibly try to get you to consolidate, many people feel a financial advisor will be the best thing but they often have a set agenda.

The 525 months is with your current outgoings. Get the monthly spend down and see how the total number of months tumbles.

icecube2009

Burlesque_Babe wrote: »

hmmmmmm..............be careful with a financial advisor. They will possibly try to get you to consolidate, many people feel a financial advisor will be the best thing but they often have a set agenda.

The 525 months is with your current outgoings. Get the monthly spend down and see how the total number of months tumbles.

aaahhh I just realised it is because one of my cards which is currently on a 0% fixed then reverts to 32% (yeah crazy!!) so if i am only paying the minimum the balance goes right up every month. I did this though as if I can pay off £800 a month which is the total of our monthly payments, i cant afford this much though