help needed

edthebus

Hi all this is my first post on here well we finally owned up to ourselves and admitted we needed help and had a meeting with somebody from the C A B today and was pointed out that we have more going out than coming in at the moment which we knew as we find ourselves robbing peter to pay paul most months lately and pay one thing one month and pay another the next.
But after our time together today she advised us and she is getting a letter showing our shortfalls and drafting a letter to put all debts on hold and ask for a £1 per month token payment until we are out of this credit crunch as Im self employed so money up and down but mostly down at the moment sorry about the long story but just want to get everything covered and our main worry is that they may reject the offer and just go straight for a bankruptcy as we have equity of around £60K in our house.
Anybody else gone through this and could offer advise would be most gratefull many thanks

debttornado

Can't really offer any help as I'm pretty new myself. But wanted to say hi :wave:and that accepting there is a problem is one of the biggest steps. Things will slowly get better. Some of the experts should be along soon.

chevalier

hi there
If you decide to go down this route, then you will need to enclose a statement of affairs (income and expenditure sheet) to show that you are struggling.

Can I suggest that you use the one at the end of the link below?

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

If when you have filled everything in you press the MSE button and then copy and paste, you can put it on this thread. People might then be able to suggest things to make life a bit easier.

best of luck
chev

edthebus

thanks but im worried at the moment about them making us bankrupt as we have £70k equity in the house and we owe £25000 out in total but have no spare money every month at the moment as im self employed and not much work out there for me

doodledo_2

Hi Edthebus and welcome to the forum you have found a fab place

Definately follow the link given above and post your details on here as you will get lots of lovely advice on how to reduce your outgoings.

Sorry I don't know about the bankruptcy thing but hopefully someone who is on one of these repayment plans will be along soon to offer some advice.

Good luck with your journey to being debt free

russt2000

Hi you dont say if any of the cedit is secured or unsecured on the property? if its all unsecured then there should be no worry of that as an immediate problem.
Did CAB suggest which agency to go to cccs /payplan for the DMP? To put your mind at rest I would cal the cccs and explain your concerns/ situation about entering this type of agreement , they will tell you right away what your creditors optons could be.
hope it helps
russ

edthebus

Thanks for the response ive just written down my income and outgoings wow didnt know i spent that much a month but have seen where i can save money land line phone is going as need mobile for my buisness sky is getting reduced as our special needs daughter does need something to do as shes stuck in house all the time and have seen where there is other savings to be made thanks for helping point this out i will ring cccs to ask there advice later this afternoon as non of the debts are secured against the house or anything.
Have just sorted out gas and elec now lets bring it on im ready to face it all and become debt free :T

TotallyBroke

Depending on the age of your daughter and the childrens channels that she watches a few of them can be received for free via a freeview box, cbeebies for example.

It's other savings that can be made elsewhere as well, like expensive shower cleaners when good old soap and vinegar will do. Stock cubes for sauces etc when you can make your own and freeze, using up milk before it goes off to make cheese or white sauces for lasagne again can be frozen until needed. Buying things like lentils and beans and even couscous to bulk out one pot meals instead of all being meat.

Try for this week and look through your cupboards, fridge and freezer and list what you have. Work out how many different meals you could make from all of these ingredients, go bold and mix and match (my mum used to cook us "ifits" once a week, "if it's" in the house it's getting cooked), you'll be amazed at what you will have and may only have to buy bread, milk and fruit next week. Once you start meal planning it'll save a lot of money.

edthebus

Just got off phone with the cccs WOW what great helpfull guy he was was told as loan was unsecured there is nothing they can do and have to accept what i offer as otherwise would just go to court and judge would award what was on offer due to our income and outgoings yipppie good nights sleep to be had tonight :j

russt2000

thats good news Ed, well done mate , there is loads of help out there and they are used to all the different problems people face.
hope you can now move forward to a solution
cheers
russ