Had the big payplan phone call

fizzel81

yes i know my lightbulb was earlier in the month with everything that happened and dh going away we missed our phone call appointment we rung them yesterday and today we were rung back by Luke to get all out infomation (never knew the phone call would take so long) to cut a long story short they have cut our soa to what they find acceptable (ive no worrys with this they must know better than me about budgetting for each person in the house, dh 180.00 per month me 150.00 each of the kids 80.00 the all out bills hp for car etc) they have worked out we can afford to pay our creditors 400.00 per month, this will then have to go up to 595.00 per month in 3 years time when we have paid our car off and from there figures they estimate we should be debt free in 4.5years.
all this should take 4 weeks to set up so we now have to decide if we pay b&e next month or we pay each of our creditors a token payment for the month either way is fine with them
Strange as it sounds it feels like a massive weight has been lifted, the next 4.5 years will be hard watching quite a large amount of money going out for what we got ourselves into BUT i know now there will be light at the end of the tunnel.
My next thing to do is too look into any bank charges we have paid over the last few years to see if they are worth claming back.
Thank you to all on here who suggested payplan to us :j

dottyanne

well done - a positive step forward - good luck to you..xx

Lewby

Well done Fizzel. It is great to see a light at the end of the tunnel... no matter how long the tunnel is it is still a way forward that is manageable.

You should sleep better now knowing that you have done something positive. I've got 3 and a half years until I'm debt free and look at it as a challenge. It took me 9 years to get myself into the mess that I did so 3 and a half years isn't so bad to undo the damage. The incentive is to imagine what it will be like to have all of your money to yourself at the end of it.

We'll feel rich!!!

Lewby xx

aimme13

Well done, i remember that feeling soooooo well, the phonecall took ages. but got off that phone with a smile on my face. The time will pass in no time at all....great news for you

System

Huge weight off isn't it. You know that subconciously there was an underlying tone of being in debt. I in actual fact no matter where I was, no matter what I was doing I was always thinking about it. After the phonecall I felt like a weight had been lifted and I wasn't constantly frowning. Woo ooo

streetgirl74

fizzel81 wrote:

yes i know my lightbulb was earlier in the month with everything that happened and dh going away we missed our phone call appointment we rung them yesterday and today we were rung back by Luke to get all out infomation (never knew the phone call would take so long) to cut a long story short they have cut our soa to what they find acceptable (ive no worrys with this they must know better than me about budgetting for each person in the house, dh 180.00 per month me 150.00 each of the kids 80.00 the all out bills hp for car etc) they have worked out we can afford to pay our creditors 400.00 per month, this will then have to go up to 595.00 per month in 3 years time when we have paid our car off and from there figures they estimate we should be debt free in 4.5years.
all this should take 4 weeks to set up so we now have to decide if we pay b&e next month or we pay each of our creditors a token payment for the month either way is fine with them
Strange as it sounds it feels like a massive weight has been lifted, the next 4.5 years will be hard watching quite a large amount of money going out for what we got ourselves into BUT i know now there will be light at the end of the tunnel.
My next thing to do is too look into any bank charges we have paid over the last few years to see if they are worth claming back.
Thank you to all on here who suggested payplan to us :j

Hi we are in a similar situation to you and are thinking of phoning paypal but jusy wanted to ask a question hope you dont mind?
My daughter has almost £500 in her bank account (shes 7 years old) they wont make us put that towards out debt will they?

fizzel81

streetgirl74 wrote:

Hi we are in a similar situation to you and are thinking of phoning paypal but jusy wanted to ask a question hope you dont mind?
My daughter has almost £500 in her bank account (shes 7 years old) they wont make us put that towards out debt will they?

No they wont touch anything like that, both our boys have savings accounts and we never had to mention them(we did though as we put so much in a month so they added that in our soa before working out what was left for creditors). they will only take for your creditors what is left from your wages once they have taken into consideration your living expenses etc

Go for it and ring them i feel so much better for doing it, and dont let anyone talk you into any of the debt management companys that charge for there services thats where we went wrong

streetgirl74

Thanks for that fizzel81. Also what do you have to pay out of the money that they budget for each person, does that include just food and stuff or do you have to pay all your bills, mortgage, car hp and food?
Sorry for all the questions

fizzel81

streetgirl74 wrote:

Thanks for that fizzel81. Also what do you have to pay out of the money that they budget for each person, does that include just food and stuff or do you have to pay all your bills, mortgage, car hp and food?
Sorry for all the questions

they take into account all outgoings you have to pay out for each month ie all bills if you have a mortage or rent(we dont have a mortgage and rent is taken for our house before dh gets his wages) we were then given a set amount for each of us each month dh 180.00 me 150.00 and each child 80.00 this is for food, clothing etc, they gave dh a fishing allowence!! which i was quite surprised at and they also allow an amount each month for upkeeping a car(i.e tax) as well as a budget for petrol

sorry if im not makeing too much sense this morning the kids were up all night so much for my great nights wrooy free sleep ive had planned

streetgirl74

That will please my OH as hes into fishing as well :rotfl:
Thanks for all your advice will try and get OH to give them a ring, will keep in touch.
Thanks again :T

Annie_Fanny

Well done for contacting Payplan fizzel81....great to know that you have a realistic budget to stick to which even takes into account your oh's passtimes! I hope he enjoys the fishing! :rotfl:

Good luck with claiming back the bank charges!

Annie
Xx