Help.. I can only see one solution!

flossiejo

mah wrote: »

Credit Cards
Argos£408.49 (no payments til September)
Virgin£11,662.32(1.8%/month)
LloydsTSB AE£5,187.02(1.7%/month)
Halifax Visa£4,642.63(11.9%APR)
Tesco ClubCard£2,619.74 (1.3%/month)
halifax MC£7,103.42(11.9%APR)
virgin£1,841.59 (1.8%/month)
Total£33,465.21

Mortgage ... £220,000.00


I have a £1000 rebate on tax to come and the tax office have finally sorted my code out, so £100 extra income from this month. but that only scratches the surface. Pay off Argos with this money & put the rest towards whichever has the highest apr argos doesn't need to start payments until September.as part of buy now pay later. i'll prob use rebate to pay off part of OD.

IMHO it makes more sense to use the 1k rebate to pay off part of a loan or credit card - the problem (as I see it) of putting it on the overdraft is that you may just spend that money again. But if you put it onto something that you can't then re-spend, then you've saved.

mah

Sorry it's been so long, but all hell broke loose on our situation....

We decided to go down the IVA route, due to a small additional income this was advised by CCCS. They recommended an IP and we started getting papework together.

The day the paperwok came through for us to sign, I was made redundant, so the IVA was put on hold.

CCCS recommened we reduce our payments to each creditor to £1 and send with a letter explaining circumsances. I did this for the first month but as they all ignored the letters We contacted CCCS again. We decided with CCCS that the best plan was to put a DMP in place. this was done and accepted by all but MBNA, whosaid they would sell the debt to a recovery agency.

Good nes though, after three month unemployment i have just been offered a better job, on more moneyto start in two weeks.

So it now looks as though we start again, owing more but more determined.... We got through this set back.

I'm now thinking the best bet will be to ammend the DMP instead of the IVA. Lets see what MBNA say?

Since 1st April and the redundancy, the debt has gone up by well over £1500 in fees and interest and the stress level has gone through the roof. However, I've spent time getting my fitness back and lost 21lbs, also took time to promote the new business and have even sown the seeds for another new one. I've put together a five year plan for me and the family and where we want to be. I'm now feeling healthier, happier and ready for the future.

Mrs_Jojo

I think it is fair to say that you are through the worst!

Well done you, you thought the worst had happened, and then it hadn't... (eek!) but hey, you are surviving and coping and ready to face the future - :-)

rachel6188

hi and i have only just read this thread but well done on coming through the problems - well done on the new job and the best of luck with the future. keep us updated.
Rach x

rachel6188

hi and i have only just read this thread but well done on coming through the problems - well done on the new job and the best of luck with the future. keep us updated.
Rach x

mah

Just got the new company car delivered and start new job on Monday. It's a real weight off my shoulders knowing i'll be working again.

So now I have to wait until I get a full months pay slip and then we can proceed with either the IVA or DMP. But at least we know things have started going in the right direction.

Once CCCS put the DMP in place we went from 4-5 phone calls a day to 0 overnight. I really didn't think it would happen that fast. Although MBNA & Lloyds refused the DMP they accepted hardship and then sent sevral letters threatening court action. All the others accepted it, Tesco, Next, Argos, Halifax.

I've made a note on my calender to call cccs at the end of August, initially to revise the DMP, but willstill need to look at the possibility of IVA due to the additional income.

Nemesis28

Hi there,

I have only just read your thread from start to finish and i want to say well done!! Despite the incredible amount of stress you and your family must have been under, your coming through it now. It has also made me realise that my own debts are manageable and i just need to get my own !!! in gear.

All the best, x

mah

Well, you just think you're over the hill and.....

Started the new job, which is fantastic.....but, PPI on Mortgage stopped imediatly and i don't get paid until the end of August so no cash to live on and pay anything on debts etc for six weeks.

Lloyds have now declined the DMP as well as MBNA, CCCS can't do anything for me now until i get my payslip in August. But even then this will be for six weeks salery and not a month so won't give a true reflection of income. So that will mean September before we can finalise a DMP or IVA.......

I just need to get this sorted and things arn't moving fast enough....

Verbatim

Can you get a salary advance? If not don't the DSS do a one off payment to help in such situations?
Congrats on the new job in any case and on your positive approach.

mah

Verbatim wrote: »

Can you get a salary advance? If not don't the DSS do a one off payment to help in such situations?
Congrats on the new job in any case and on your positive approach.

I can't get a salary advance, if i did it woud leave me short next month anyway.

re DSS....No, "not entitled"!! I hate that phrase, I got it a lot when talking about bennefits. After all, I have contributed to the system, I have never previously claimed anthing, We have three kids etc etc. And when I hit a rock in the road I'm "not entitled".... I only recieved contributions....and was offered courses on fork lift drivng and an assesment on my CV writing skills....

A friend of mine has now been unemployed for over two years. He previously lived abroad and paid no contributions or tax in the UK. he is single and fit to work yet he recieves £64 per week!....

Throughout my three month spell of unemployment i felt penalised for not knowing the system and that the system assumes that every one is there to fiddle them and doesn't want to work. I even had the comment from one of the staff that i shouldn't bother worrying about bennefits and money as i as i wasn't the sort that would unemployed for long

And...... After signing off I recieved a letter saying that i can no longer receive jobseekers allowance, RECEIVE WHAT?? but if i will not recieve any income for the first week then i may apply for a payment from the social fund, but no contact details... I looked into it and guess what! I'm "not entitled"!!!

And....And.... I have just opened a letter from jobseekers stating that my jobseekers allowance count's as taxable income!!! "for the period upto 18thJuly","you have recieved no jobseekers allowance." "so no refund is due"!!!

Basically i read it that because i've started work my allowance is now taxable, but as i didn't recieve any allowance no tax is due.....

Yes I know I haven't received any bennefit. No need to rub it in!....

Talk about a waste of the country's resoures, time and money.

It's time the government sorted it's self out.... Why have bennefits, tax, VAT, NI etc etc all run by umpteen departments with umpteen divisions that have untold teams with people unauthorised to make desissions at the cutting edge.

I can't believe they have a roll in the region titled "desission maker" when the reality is that they rely on a formula in a computer to make the decission and then just relay it back to the department....

And..and..and........ The ammount of forms and bits of paper that had to be completed and issued. 90% of which could have been done on line rather than having a trip to the job centre and wasting fuel, time sitting around and destroying my self esteem!!!

I think the biggest experience of being unemployed was my exposure to the wasted tax payers money.

:mad::mad::mad:

I've just reduced what i origionally wrote by about 80%, i'm so annoyed.

Rant over!