dottyanne's debt diary

lynzpower

dont take it dotty is my advice.

Basically they have you over a barrell to pay it back as a loan, not as and when on an overdraft.

Yes they will give it to you as they know it will cost you more cos they are expecting you to default on it.

Others may have other ideas though, but thats my feeling

Had anymore thoughts about what to do about getting employed/ the shop etc?

dottyanne

Well - they are ringing me on monday to discuss but it was mentioned when i spoke to the bank on friday - it the % is lower than my o/d should i go for it??

Careful_girl

I think you should see what all the others have to offer and then pile as much as you can on the lowest rates. If the loan is a better rate than the OD then that is an improvement but can you make overpayments and will they penalise you for earlyrepayment? I think it is those sorts of things which should be looked at and Lynz's worries checked out.:j
All the best,
CG:

OberonSH

Dotty, I had that call today - basically my business loan has missed a payment. I didn't get given all the splurge, but apparently I will get this offer from debt management if they fail to collect a payment again. They offered my lower payments for a while, while natch will extend the loan and with it up the interest I will be paying. I would be surprised if they offr you a lower rate 'loan' t pay off the overdraft. They probably think you've seen all the ads and wee going to do that anyays, and want to keep your business (i.e. you throwing money at them) so got in there first. Makes 'em look caring and sharing wilst all the while making them more money. This way they're getting interest from the loan plus your repayments whereas if the don't they may not get paid at all. Get all the figures they offer, then take a day or so to look at it an see if it's worth it. The bank may surprise all us cynics.

I would explain to creditors. I did, and mine were all very helpful. The council especially, considering up to that point they were complete morons. The business ones were happy, as long as I kept my word about frequesncy and amount of payments. My advice would be don't offer daft amounts, only what you can afford. If you default it will make things much harder to renegotiate. The worst case would be they ge upset and take you to court (pretty unlikey) in which case you've already demonstrated your willingness to pay the debt.

Well done love, re-read some of your older posts and see the difference in you. You seem much calmer and happier, and we're all very proud of you. I reckon you're feeling much more in control right now, and a bit more positive about the debt. It's doable, and won't be forever. Well done.

Careful_girl

Another nice person Dotty. Do you collect them?

dottyanne

Hi all - been beevering away here to try and tackle some of my debts and arrears - have written to Egg about the unpaid DD for last month to see if they will add this to the term of the loan as I cant realistically lay my hands on £380 by the end of this month - will await their reply - OH's Barclaycard and Capital One have been written too aswell - I can only try to negotiate with these creditors - I want to pay everything back I owe and have made a realistic budget but I never seem to be able to stick to this because of all the arrears I cant bet on top off? I thought maybe if i renegotiate payments to most of the creditors i have arrears with then it will make it easier to get back on track.........what does everyone think - a step in the right direction?

dotty

ms_london

Hi Dottyanne!!

Good to hear you're doing well!!

I would suggest that you call the creditors and ask them how you should tackle the arrears - I am sure most will just re-negotiate a payment to include this. You cant be expected to tackle monthly payments AND huge great arrears.

Is your budget manageable or are you finding you're overspending? If there are new arrears then you need to take a look at your budget.

You are doing such a good job & I am pleased you are still posting!!

:T :T :T :T :T xx

dottyanne

Hi ms_london - nice to hear from you - not spoke in a while!! My budget is manageable IF my creditors agree to my proposals - otherwise im going to always be playing catch up! (unless a money tree grows over night in my garden!!)..........I really am trying my best but because of the arrears dont seem to be able to stick to my budget as these are sucking up a whole lot of monthly money that should be going towards other things - if they agree then hopefully things should get a bit easier - did you have many difficulties when you had big debt??

dotty xx

dottyanne

dottyanne wrote:

Yeah Lynz - with what i take from the business for myself and OH and the rest in other work/lodger/child benefit etc - we can cover everything (even paying a little over on some CC debts). Question is this :-

I can pay everything if i start from scratch with my bidget (so not trying to play catch up all the time ) but how to go about this??

Secondly - the business is doing a lot better but as you all know - there are arrears and debts there aswell - what can i do about these? is it best to do as i am and pay off whatever i can with whats left at the end of the week/month??

still not 100% sure of which way to do it but feel a lot more positive as im getting more orderely if you know what i mean??

Thanks in advance Lynz xx

Hiya - what do you all think about the Inland Revenue Payments - do you think i should just do as I have been and pay them off asap.......about £600 owed to them at the mo..........or contact them now to make offer of repayment - they havent been in touch as yet but i dont think it will be long before they realise i havent met all the monthly payments - any ideas??

dotty xx

ms_london

dottyanne wrote:

Hi ms_london - nice to hear from you - not spoke in a while!! My budget is manageable IF my creditors agree to my proposals - otherwise im going to always be playing catch up! (unless a money tree grows over night in my garden!!)..........I really am trying my best but because of the arrears dont seem to be able to stick to my budget as these are sucking up a whole lot of monthly money that should be going towards other things - if they agree then hopefully things should get a bit easier - did you have many difficulties when you had big debt??

dotty xx

I think that you need to be firm with them when you speak to them. Explain that you have prepared a SOA/budget and can afford to pay them £X per month (including arrears), until your financial situation changes. Unless you are proposing an unrealistic amount they should eventually give in - if you agree to repay an amount you simply cant afford, its no wonder you keep getting arrears.

With regards to the Inland Revenue (although your comments were directed to Lynz) I would contact them asap rather than waiting for them to contact you. If you have the money pay them now, otherwise call them & see hows best to proceed.

I was in a right pickle when I first had my lightbulb moment. Had arrears coming out of my ears (especially to 02) and it was quite tricky, but I managed to negotiate an amount I could afford, and then snowballed for my life! It was tough & took me AGES to even get myself straight!!

You are doing amazingly well, I am sure your family are really proud of you.xx