What on earth shall we do ?

lynzpower

do you need the TV bit?

I pay about 30 a month for LL, broadband, and I have a digi box, so I dont pay for the telly. Get my evening & weekend calls via Primus 2. ( 4.20 a month for other calls, evening & weekend free, package free)

Mike_St_Helens

Its a 12 month package we have just opened with them, it is the basic tv poack no fancy channels mind....

MD

chevalier

Quote SOA : ( CT Is Council tax arrears because of that damn pub !)

£396.00 Mortgage
£121.25 Car Is this a car loan, or is this an estimation of your maintenance and car tax bills monthly?
£26.62 Water
£25.00 Gashave a look at https://www.uswitch.com to see if you can pay less.
£25.00 Electric Same for this
£33.45 car Ins Is this for both of you, could it be cheaper
£23.00 Home Ins Is this for building and contents? May be cheaper with someone else.
£50.00 Lpool CT
£40.00 Wigan CT
£70.00 St H CT
£320.00 Payplan Is this paying all of your creditors?
£50.00 Telewest Is this just for phone, or for cable, internet and phone? Try the I am going to leave trick and they may give you a better deal
£10.00 TV Licence
£7.00 Account Fee What is this for?
£20.00 Mobiles
£150.00 Petrol and Travel Do your employers reimburse you for any travel expenses?

Income approx £2k per month end Quote

Hi Welcome to MSE. Thankyou for the SOA, however could you also tell us how much you pay for food each month? The amounts above total to "£1336.32. Also could you tell us all the loan, credit cards, and other debts with the apr? Then we can see where you can target any extra money you may get from savings, or say if you get a bonus for example.

If your income is approx £2k, then perhaps it would help for both of you to do a spending diary to see where the other money goes?

As far as Payplan goes, look at it this way, at least your creditors are now being paid. The situation is NOT getting any worse. You don't, or will not soon, have the stress of debt agencies or bailiffs calling on the phone or at your door at all times of the day and night.

If you are worried about how Payplan are handling things (and I have heard nothing but praise for them by the way), then go back to them and ask the questions. Such as
'if we get some extra money, will any of the creditors take extra payments?'
'can we change banks please? etc etc
I am a bit puzzled about the not changing accounts thing. From other posters I have heard that it is something payplan usually advises, so that you can start building up a positive credit history with someone else.

Does where you work have a union? If so then join it and ask about their financial advise services. These are usually free/very cheap for members, and they could give you a second opinion. However as I said above I have only heard positive things about payplan.
Best of luck, and sorry it is a bit long!:D

Mike_St_Helens

Hey thanks

Payplan are very helpful... just the IVA issue i was worried about really.. guess im looking for a quick exit from all this !

The changing bank thing simply means i have to stay with my same bank forever because of my crap credit history then no one will touch me !

Car - HP
Gas-Elec - just changed via uswitch
car insurance- cheapest on earth and just for me
payplan - yeah for dmp
telewest - tv, phone and broadband
account fee - lloyds tysb for a select account (has free travel and aa cover so works out cheeper than buying them separare)
Petrol - no chance.... I have to pay it

The situation does feel like its getting worse.. with piles of letters every day, more charges and costs and threats of court..... all feels like downhill...

Thanks

MD

CLAPTON

presumably you are only at the early stage of the DMP with payplan? unfortunately during this period you are usually swamped with default letters, threats to take you to court, demands for more money etc etc...but this will die down once they start accepting the DMP with payplan.

SoA.
as i add up your spending and adding 200 for food it totals to about £1570 and your income is about £2000? so there ought to be over 400 being spent somewhere.
you really need to understand exactly where all your money is actually being spent.....keep a spending diary over the next month to see exactly what you spend...going out, lunchs /snacks at work, haircuts, etc and also sit down with OH and think about all the yearly and oneoff costs,..car servicing, car tax, holiday, clothes, present/xmas, emergency fund for 'events' and divide by 12 and add them to your SoA. Start saving for the annual/one off spend so you have the money to pay them when you need to.


although the idea of an IVA is very attractive to you, i would advice that you spend a bit of time working out your SoA and living within it before considering the IVA.
see whether you can actually live within a realistic budget before trying for an IVA.
If you go with a IVA (and of course you have to get your creditors to agree) but you find you can't keep it up you may well be made bankrupt. in your case you would mean both losing your jobs and income...its a very high risk strategy unless you have proved you can cope with living within the budget.

Mike_St_Helens

Very true, thanks.... I just want it all over and settled...,. guess that will happen soon...