Would we be accepted??

FulLightBulb

Hi All - after lurking for a few weeks I have finally taken the step and am now posting

Me and hubby had our lightbulb moment last week and have only just now worked out exactly what we owe. The total amount is £61,864 and we have a surplus income of £430 to spread out between our creditors.

I have set up a session with the CCCS for Friday but am now worrying that they will tell us to go bankrupt (which we do not want to do).

Do you think £430 is enough to pay the creditors - what I've worked out the payments don't actually seem that low?

Many thanks

skylight

As long as you hvae been realistic in your outgoings (housekeeping and all expenditure etc) then things should be AOK with the surplus.

Wait for the CCCS and see what they have to say. They will check your figures and advise accordingly. But dont worry about it until you have spoken to them - you'll spend a week worrying needlessly!

lynzpower

big welcome to you fulllightbulb ( brill name!!)

If you want us to find you some extra savings, you know an SOA will be needed

fatbelly

Actually, an IVA might work for you - would probably be cheaper per month and finished in five years rather than 12.

Depends on your situation whether that is a better option than bankruptcy with a three-year income payment arrangement.

Let us know what CCCS suggest

Mrs_Sparkle

Welcome! You've come to the right place for support. I recommend posting your SOA as people will probably identify places for you to cut back. Good luck!

Baggiebird1nil

My OH and I were in more or less the same situation as you last year. I was frightened to answer the phone, read the mail etc. One day I was off work sick and was looking through the paper and came across an advert for a company who said they could help. I rang them and couldn't beleive how sympathetic they were. That was in May. By this time last year we had made our first payment of £320 on our IVA. All the phone calls and nasty letters stopped, we could sleep and all our debts will be paid off in 4 years at an affordable rate. We found ourselves in debt after a series of redundancies for both me and OH.
Just saying explore all options.
Good luck

FulLightBulb

Thanks everyone

I've just done some quick calculations and as at this moment is time the length of a DMP would be 12 years, 1 month

Whereas when hubby returns to work this would reduce to just over 4 years