Help.. I can only see one solution!

**confuzzled**

mah wrote: »

On line with advisor from CCCS now

:DGood luck:D they are fab and if you're anything like me, once you get off the phone & the ball is rolling you'll feel a huge sense of relief:D

mah

The only way forward i could see was to go personally bust, i was worried that doing this would effect the additional income and the online business i have set up.

I even thought about transfering everything into my name and the business to my wife. but that would probably make things worse

i hadn't even considered or heard of CCCS. i'm just reading the plan now. but looks like this is what needs to be done. I'll keep posting.

Perhaps i'll start a blog on it.

Tanks to everyone so far.

pepe2008

mah wrote: »

The only way forward i could see was to go personally bust, i was worried that doing this would effect the additional income and the online business i have set up.

I even thought about transfering everything into my name and the business to my wife. but that would probably make things worse

i hadn't even considered or heard of CCCS. i'm just reading the plan now. but looks like this is what needs to be done. I'll keep posting.

Perhaps i'll start a blog on it.

Tanks to everyone so far.

Have faith mah, there are more people out there on our side than you can count..........even the Courts!
On the figures I worked out above you should easily qualify for a repayment Plan with CCCS.

Verbatim

Glad you have contacted CCCS and hope that this is the way forward.

In terms of upping the income have you considered a lodger/fpreign student?

mah

pepe2008 wrote: »

Mah, you are correct, there could be only one solution:D
Ring CCCS/NationalDebtline/CAB because...

If you drop the ciggies.................162
Make sandwiches..........................60 saving
Holiday cancelled..........................83
Change phone contracts, say..........75 saving
DVD, entertainment.......................30 saving
Total Saving...............................410 Nothing TOO drastic, but a start.

Current Expenditure..................4231
LESS CC and Loan (not Family).....908
LESS Savings ( above)................410
Total Outgoings.......................2913
Available for Debt Repayment......501 RESULT!

I pay CCCS approx £420 on , Originally, £64,000 of debt.

£501 on £34,000ish is a good offer for your Creditors. It WILL work. Do it.

Is this an IVA that you set up with them?

pepe2008

mah wrote: »

Is this an IVA that you set up with them?

NO! No need ( and wouldn't touch an IVA with a sh**y stick:eek:),you have sufficient within your budget to offer your Creditors a realistic and fair repayment plan ( a DMP ). Mine will take 12 years to clear, well it will be a lot less because the Mortgage will be repaid beforeth end, but in the meantime I have control with CCCS help.

Beware IVAs! They are designed to protect your property ( if you have one, but they still SELL them to anyone!) but at the end of the 5 year Term, at which point the provider will have made 000's, you will be expected to contribute from the equity in your property.
Also with an IVA , if you miss a payment, they can make you Bankrupt v quickly!

gonzo127

pepe2008 wrote: »

Mah, you are correct, there could be only one solution:D
Ring CCCS/NationalDebtline/CAB because...

If you drop the ciggies.................162
Make sandwiches..........................60 saving
Holiday cancelled..........................83
Change phone contracts, say..........75 saving
DVD, entertainment.......................30 saving
Total Saving...............................410 Nothing TOO drastic, but a start.

Current Expenditure..................4231
LESS CC and Loan (not Family).....908
LESS Savings ( above)................410
Total Outgoings.......................2913
Available for Debt Repayment......501 RESULT!

I pay CCCS approx £420 on , Originally, £64,000 of debt.

£501 on £34,000ish is a good offer for your Creditors. It WILL work. Do it.

Meh the above was posted to show you what you can do in your situation if you get on a DMP except the bit in blue which is to show what this person managed to get on their DMP

this of course will be a rough guesstimate as the debt charity will work it out for you properly but it was just to show you that making the changes to your expenditure (£410) that has been suggested + getting a DMP which will freeze your interest and charges on your unsecured debt (credit cards and loans) and get rid of the minimum payment amount (less £908 that you currently pay your unsecurded debt) you would then have £500 a month to pay off your £34000 debts,

now the bit highlighted in blue was to show you that soeone with more debt than you has had a DMP accepted with lower monthly payments than it appears you should be able to manage

mah

gonzo127 wrote: »

Meh the above was posted to show you what you can do in your situation if you get on a DMP except the bit in blue which is to show what this person managed to get on their DMP

this of course will be a rough guesstimate as the debt charity will work it out for you properly but it was just to show you that making the changes to your expenditure (£410) that has been suggested + getting a DMP which will freeze your interest and charges on your unsecured debt (credit cards and loans) and get rid of the minimum payment amount (less £908 that you currently pay your unsecurded debt) you would then have £500 a month to pay off your £34000 debts,

now the bit highlighted in blue was to show you that soeone with more debt than you has had a DMP accepted with lower monthly payments than it appears you should be able to manage

Thanks, the first option CCCS suggested was an IVA and i paniced. when i read further they suggest an option of a DMP.

figures work out at £505 p/m against £45K

pepe2008

mah wrote: »

Thanks, the first option CCCS suggested was an IVA and i paniced. when i read further they suggest an option of a DMP.

figures work out at £505 p/m against £45K

7 1/2 years then. That seems to be the way ahead mah.

You haven't yet had the pleasure of constant phone calls and letters as you are not behind on the payments......its not nice! This will prevent all that happening and take so much of the worry away.

Work together as a Family, control the Budget, and you clear it even quicker. Good Luck.

gonzo127

well thats excellent news,

i take it that was just done on their online calculator? if so it might be modified a little bit when you speak to them in person but thats just the difference between their advisers using their knowledge against a computer program

but ijust wanted to say a big well done for taking these steps, you have really moved forward so quickly from this morning to actually taking full control of things and you really should take some pride in having the guts to own up to your problems and seek help, far to many people dont!