Hi, long time reader, first time poster.

blackbug

bargainbetty wrote: »

This is why we are all here! I had some rough stuff, and the people here were all fab about letting me vent and offering useful advice.

Yeah, it's cool here Even staying silent, even reading without posting is reassuring.

Look, if you take and IVA or a DMP it will stay on your record a long old time. If you can do this yourself, and it sounds like you have the drive and financial position to do it, then I would try. Give it six months and re-assess your position?

I've been thinking long and hard today. An IVA would be 5? years, DMP for me (assuming the banks play nicely) would be about 7 and a half. However, three of those loans will be paid off in under 5 also (9240 + 1105 + 5000). After that money will be freed from those payments to pay into the credit cards. So if I can stay level at the least I'll then be able to eat into those.

IVA/DMP affecting my credit rating? Well, arrogantly I see that as a fair trade for a safe clean slate in five years. To then rebuild from there. I'm not 100% on that arrogance, but the thought is there.

As for six months, it is six months since I initially my own clearing of the decks are reducing where I can. So I'm already at an evaulation point.

PM me if you want to go over the card tarting. I've got my overall debt down to £600 on cards from £8k in a couple of years, and I have paid less than £200 interest the whole time! I hate giving those smug g*ts money.

Wow, that's impressive, well done. I've only need enough space for one of the cards to tranfer too I think. Because both Halifax and Barclaycard are always offering me 0% transfer offers. So I could slide one away, and push one the other.

It is the cards I begrudge the most. Contractually you go into a loan eyes wide open knowing the total cost. Barclaycard especially have already had their pound of flesh from me.

I may well take you up on that offer. The only thing that scares me is getting somewhere large enough to transfer enough to make it worthwhile.

Cheers,

Chris

blackbug

TurnaroundSue wrote: »

Hi and welcome! You haven't put your house value into your assets box, and even though it doesn't change the monthly disposable income, it will make your net position look better and then in turn that will make you feel better.

Thanks for the welcome (and to anyone else I haven't mention). At the moment my house isn't what I'd call an asset really (even if it is). I'm three years into the mortgage and about £1000 off the balance!

Could you take in a lodger for a while which will help you pay off your debts? I'm not sure of the limit, but I know you can earn a certain amount through this means without having to pay any tax on it.

Alas me and my doggy share a small 1 bed house. Nice garden, but I don't think I'd get a tented lodger

blackbug

Hello again, thanks again for the advice. I've spoken to cccs and payplan. They both differed in allowances by about £50. Payplan also said to me that an IVA isn't as likely for me as other people because about 50% of my debt is to one company, making the 75% of companies in agreement thing a lot harder to get.

For plan b, they both think on a DMP (should all the companies involved play fair) I would be debt free in 7 to 8 years.

Never one to be unprepared, I've been looking at the snowballing tool for options. Assuming I can make the adjustments to create extra payments, which would be hard or taking another job, I could work out the worse of the debts in under 10 years. Leaving me in a better place.

Also been running scenarios with card tarting, with inspiration from bargainbetty (although I've not spoken to her), to see about speeding things up.

If nothing else I've been sleeping a lot more soundly since spilling my guts here.

blackbug

Oh, plans a (IVA), b (DMP) and c (going alone/tarting) aren't neccessarily in order of preference.