Diary of a Poor Person aged 46 1/2

chevalier

Lurker1972 wrote: »

I'm voting C, then later when you CAN'T sit outside you could ebay

ironing never gets priority.....some of my friends just iron what is needed for the next day??????

Why do you need to iron at all. If you fold things straight off the line, and hang up shirts straight off the line there are no creases? I don't iron anything..... AT ALL....:eek: And no we don't look like scruffs either :rotfl::D
chev

mrscmr

my faithfull and true followers.. thank you for your words/thoughts/support.

only 4 hrs sleep last night just feel constantly sick.
todays plan:
ring bank
ring cab
ring cyprus estate agent
try to speak to mother without father listening
cry
cry some more
see if i can get some more work

chevalier

mrscmr wrote: »

and another question.. how the heck do i tell my very straight and narrow parents?



x

You tell them the truth, they are adults they can take it. Also it saves loads of grief at birthday and xmas as they know not to expect any presents:D

It would also explain you asking for money for your birthday and xmas as they know it will go towards debt busting....

I don't know how well off they are obviously, but could they say help with school fees, IF you are set on the children staying at the same school?
(ps could you ask the school to reduce the fees? Or do they have a scholarship you could apply for or something)
chev

mrscmr

they are wealthy but strict as strict
they pay child #2 fees already

Raini

Scottishmummy wrote: »

Is there a journey you could both take somewhere along a long motorway or something so you are both in the car and he can't just storm off once you start asking for more info.

That's a really good idea ...

Lots of good advice from Chev too xx

mrscmr

Progress:
ring bank - done - she is calling me later to do the figures over the phone - fingers crossed there might me some good news i hope
ring cab - always engaged and cost 5p a min. will go to town and go in
ring cyprus estate agent - done -but not good news - will investigate further when we go there in summer hols
try to speak to mother without father listening - no answer they are out
cry - did that
cry some more - and that
see if i can get some more work - spoken to some good contacts and will continue to do so. OH might have something lined up - major fingers crossed.

reckon if we can sort the bank thing/OH get this job/CAB can help then we might might just be ok. if i can get job too then great!

Happytogetdebtfree

that sounds great love, hope things work out im crossing my fingers xxxx

chevalier

mrscmr wrote: »

hi can anyone help? what is an iva? An iva is an Interim Voluntary Arrangement. I believe it is only for personal debt. Basicallly an insolvency practitioner (which CCCS will recommend eg if it is the right way forward), sits down with you and your creditors and works out a repayment plan. It will be for so many pence in the pound, and the money will be prorata so the bigger creditor would get a bigger share.

BUT If your creditor agree to a payment plan, usually over 5 years, they are agreeing to write off a large part of your debt. However you HAVE to pay the set amount, no lee way AT ALL. No wiggle room. If you stop paying then the IVA fails and any of your creditors can make you bankrupt. (I don't know if the full debt becomes due again, you would have to ask CCCS or Payplan). Also there is usually a clause in the contract where a lump sum has to be paid in the last year or so, which may mean you would have to sell your house, or at least draw down the equity from it. I am sure CCCS or Payplan will have information about this on their websites, their details are at the top of this forum.

what is one of these debt management co's that manage ur debt? There are two types of debt management companies, ones who take a fee and advertise heavily on day time tv, and ones who don't take a fee. It is a no brainer to me that you go for a non fee paying one as then all the money you pay into the debt management plan (DMP), is passed onto your creditors, and not eaten up in fees. This means that the repaying takes less time.

There are 3 main organisations CCCS, Payplan, and National Debtline. (though I am not sure the last one actually runs DMP's but rather offers advice). Tel numbers and web addresses at the top of the forum. They all basically do the same thing, but if you can't get through on the phone CCCS has a debt remedy tool on their website, into which you can input all of your details, and it will come up with a suggestion to follow up.

What a DMP company does is talk to your creditors. They will ask for interest to be frozen on accounts, and that charges are stopped. They will also divvy up the money you pay to them on a pro rata basis. The pluses are that someone else is dealing with these companies, and generally if you use one of the 3 I mention above, creditors are pretty good at stopping interest etc. But at least at first NO debt is wiped off the total owed. However it is not unusual further down the line, for companies to accept full and final settlement figures just so they get some money back quicker than they would if they waited round for years to get money back through a DMP.

The other thing is that creditors will take a varying amount of time to accept a DMP, and in that time, you may get a lot of phone calls and letters about the debt. Some may be pretty intimidating in tone. Also some companies may not stop charges for ever, (though some do and it is random who will and who won't). It is NOT a quick fix. There are set categories for things and not being funny but some things in your budget now you may not be allowed on a DMP. Also it is VERY important that you don't get any more credit whilst on a DMP.


i have heard [only becos i took the trouble to find out for myself and not as OH] that he needs to come up with 50k or else will be struck off as a dir. I will just wave a magic wand shall I. Pls whatever you do don't be talked into drawing down equity out of the house for this. Do all the directors have to find this money? What is it for? If the only reason the business is failing is due to cashflow, then what is it for. Can you talk to the company accountant and ask him?

What are the consequences of being struck off? Would your local Business Link know? If all it means is that you can't be a director for 3 years, then that isn't worth 50k in my opinion. And after all this stress would he WANT to be a director again. Life is way to short for all this.

sorry i dont even know what i am asking or saying. all i know is we have 2 weeks to get 50k and he knew since monday - but i have only found out today. Out of interest what is his plan to get this money? You know he is panicking and desparate inside don't you. Don't let him pressure you into something you will BOTH regret later.

he is not released from his co - he cant get a job. - dont know what to do.

Why can't he get a job? Just because he is a director, doesn't mean you can't get a job say in Tescos ( I am being extreme I know but you know what I mean). I was a director of a company and I worked full time for another business. No problem there?

If they won't let him work somewhere else because of a contractual thing, then he has to demand some form of payment. It is mad otherwise. Could he at least sign on JSA is carp but better than nothing.

Can you get any job that is 16 hours or more a week? You could claim working tax credits then. But I don't think you could be self employed as well.... something to ask?

Other than that you will need to get all your paperwork together of your debts for the chat you have with a DMP provider. You might want to fill in a Statement of Affairs for this as you need to include yearly costs divided by 12 for example. A commonly used one is this one

http://www.makesenseofcards.com/soacalc.html

I will stop at that for now. I am really sorry that this has happened to you, and I hope that you can work through things with OH.

chev

savingholmes

some good advice there from chev.... ring those numbers girl! You can do that!

lunar

Sorry to here about your OH's job, I had to delurk when I read about it.

I know when you first started your diary you didnt want to post your SOA and seem to remember you were worried people would be judgmental as you have higher than average wages. most people here have completly different debt levels as we all seem to have spent what we thought we could pay back on credit.

Maybe now is the time to post the SOA, even when you think you have done everything possible there are still great suggestions from members on the site. I remember being so scared to post mine initially but was so glad when I had. If you dont want to post it you could sned it to a couple of members who you trust on here that can give you a second perspective on things.

I really hope things work out

Lunar