Help.. I can only see one solution!

Verbatim

Sorry


Roll on your first payday.

mah

Verbatim wrote: »

Sorry


Roll on your first payday.

I wasn'thaving a go at anyone here... I'd just opened latest letter saying i could owe £0 tax on £0 bennefits but i may be eligeble for something but i'm "not entitled" and it got me going.

Marisco

A tad angry then mah?:rotfl: Sorry for laughing, but it just struck a chord with me, and it is far from a laughing matter:mad: They make the transition from unemployment to work so difficult, re money, that I think sometimes that is why some people don't bother. They really do need staff who can make an instant decision without having to fill in 20,000 pages of guff:mad: I'm stopping now, you've got me going!!:eek:

mah

Marisco wrote: »

A tad angry then mah?:rotfl: Sorry for laughing, but it just struck a chord with me, and it is far from a laughing matter:mad: They make the transition from unemployment to work so difficult, re money, that I think sometimes that is why some people don't bother. They really do need staff who can make an instant decision without having to fill in 20,000 pages of guff:mad: I'm stopping now, you've got me going!!:eek:

Lets all meet in Downing Street and stage a Coupe whilst all the MP's are having Jollies......:T

We could sort out the country before they get back and !!!! it all up again......

kaz0705

Blimey! Sounds like you've been through the mill!

One of the things that struck me was your comment about not being able to give your kids anything until their teens.

As a child of someone who went bankrupt during the last recession (1989), I can assure all parents that we really don't care.

My first concern, when the initial cracks happened, was that mummy was ok (didn't know what was wrong, just knew she was upset) and that was it.

I never went to any clubs or had extra curricular activities and we have only ever had one holiday abroad as a family (France, in a gite with my grandparents and cousins). I'd never been to a theme park until I was 16 (with the school) and shared a room with my sister until I was 15.

HOWEVER, I had an awesome childhood and didn't have a clue that I was even 'missing out' on anything. The strongest, fondest memories I have of my childhood are simple things like having a sunday roast and then sitting at the table together for hours chatting.

I guess it helped that I had two siblings to play with but HONESTLY all the things that you desperately want to give your children aren't necessary- a loving home is the single best thing you can give and that (ignoring the stress of money worries!!) is free!

Best of luck!

Kaz

SuziQ

Kaz you are so right! I grew up in a home where every single penny was accounted for, my parents really were up against it as they were one of the first of their generation where I came from to buy their own home. I remember us going on a long-saved for camping holiday to Cornwall,camping charges were higher than they had expected, and dad panicking at the petrol station as he wasn't sure they had enough money to buy enough petrol to get us home. The car was searched, bags emptied and even what little pocket money my sister and I had left over (spending money given us by our uncle) had to be turned in to get us home. I think we pulled up our driveway on fumes-but it felt almost like an adventure (to us kids-I daresay my parents were frantic!)My mum used to make all our clothes and I looking at old 'photos, I look like little orphan annie, lol, but I had a fantastic childhood and I haven't grown up needing 'things' to make me happy like some of my 'better off' friends. I think it would do us all good to return to that mentality.


mah, keep your chin up: I was so pleased to get to the end of your thread, and to read that you and your wife are still together: I am sure that means far more to your children, than things or trips.

mah

FINALLY CALMED DOW ABOUT JOBSEEKERS!!! NOT!!!

But i wanted to add to the thread about today's conversation with CCCS as it may be usefull....

I've been panicking about MBNA and LLoyds not accepting the £1 / month DMP that CCCS put in place whilst i got another job.

We've had letters that they are selling debt and still applying interest so i've been panicking.. I wanted notify them now and up the payments imediatly. But CCCS have advised to wait until i recieve a payslip so we can see the actual take home income and have a base figure to work new payment offer from.

They even suggested it would be better if the debts where sold as this would freeze the interest and that debt colletion companies are more likley to accept lower repayments on the DMP.

This doesn't sound likley but they know what they are talking about and i'm pretty committed to following their advise now.

I'm going to look at the SA with the new figures in and see how things look. So i'm prepared for the end of August.

Thinking back to January, I wish i had played thing slightly differently, missed some of the bigger repayments to completly repay the smaller ones. that would have given some more free cash towards the bigger debts and a chance that a DMP would be more favorable when negotiated. that would mean i wouldn't have had to go down the IVA route which took so long to get the agreement written up. I wouldn't have allowed my mother to get involved. I possibly should have put a hold on the on-line business until after the DMP was in place as this rally complicates things and they want so much from this it will prevent growth. Too late now though and i would still have been unemployed for three months which would have cause all the hassle.

Checked the dates for the mortgage and i'll just be paying at the end of the month instead of the begining. so ok on that. just got to find money to live on now. might have to go to bank of Mum and swallow my pride for the sake of a month.

Anyway, time to look forward.....new job, new start, not too late to look at DMP instead of an IVA.

PS. New job is fantastic, great employer and product, can't wait to get out infront of customers and getting sales in.

mah

kaz0705 wrote: »

Blimey! Sounds like you've been through the mill!

One of the things that struck me was your comment about not being able to give your kids anything until their teens.

As a child of someone who went bankrupt during the last recession (1989), I can assure all parents that we really don't care.

My first concern, when the initial cracks happened, was that mummy was ok (didn't know what was wrong, just knew she was upset) and that was it.

I never went to any clubs or had extra curricular activities and we have only ever had one holiday abroad as a family (France, in a gite with my grandparents and cousins). I'd never been to a theme park until I was 16 (with the school) and shared a room with my sister until I was 15.

HOWEVER, I had an awesome childhood and didn't have a clue that I was even 'missing out' on anything. The strongest, fondest memories I have of my childhood are simple things like having a sunday roast and then sitting at the table together for hours chatting.

I guess it helped that I had two siblings to play with but HONESTLY all the things that you desperately want to give your children aren't necessary- a loving home is the single best thing you can give and that (ignoring the stress of money worries!!) is free!

Best of luck!

Kaz

Thanks,

i know your right, it's similar to my early years. Dad went bust and did one, mum and gran brought us up. no debts but lots of thrift whilst mum went to college. we didn't have a holiday until i was 14 and home made school uniform really makes you stick out like a sore thumb at school.

That's one of the reasons i found it all so hard, i always said we wouldn't be like that.

Maybe thats why i never saw the warning signs

Verbatim

mah wrote: »

I wasn'thaving a go at anyone here... I'd just opened latest letter saying i could owe £0 tax on £0 bennefits but i may be eligeble for something but i'm "not entitled" and it got me going.

Yeah, realized that! :cool:

glad you're feeling more positive and it's great you're enjoying the new job. :T

Many people here have said the same thing about DCAs buying the debt, interest is frozen and f &f s can be offered at various percentages of the debt. I gather that this is due to DCAs buying debts for a small proportion of the face value so anything over that is profit for them. might be worth posting a query on that later on when you can offer a f7f.

mah

OK, Quick update.....

Have the paperwork done with cccs For a DMP and it looks like 25 - 27 YEARS......

So just had first phone call with Grant Thornton about an IVA. Wich looks like 41p/£ over 5-6 years.

I know which looks the better option!

But, I was talking about it to a relation, they have suggested that i make Full and Final Settelment Offers to all creditors and my relation pays them off, then i pay my relation.

I've contacted all the creditors, obtained current balances and the amount of interest and charges since i first notified them of dificulties. also contact addresses for the letters etc. Debt has increased since Jan from £60K to £62.7K..... plus £55k family loan and mortgage.

So now I have to send letters.

How much do I offer %?..
Are there any terms I should insist on for this?
Do i hold the threat that we will go to IVA over them?
What if some accept and others don't?
Do I get the best deal from each?
Do they all get the same %..?
What if some refuse and persue to IVA, do I pay those who accept and add relation as a creditor?
If some accept and others don't then I may end up in a position where I can afford the repayments on those that didn't accept, How do i play that one?
Do i tie it up that if one party rejects the offer then all the debt goes to IVA or if one comes back and makes a settlment offer thats a little higher than everyone elses should i increase the payment to the others as well?

It seems like a minefield..

Any help, suggestions or legal advise would be appreciated. I am talking to CCCS again this afternoon, but when i spoke to them this morning all i got was "go for it!, tell us what you choose to do!"

My personal thoughts are to make an offer a bit higher than the IVA (41p/£) possibly 50% of debt minus the interest and charges since Feb! and notify that my only other option is to prsue the IVA route. Get the best offer from each creditor individually and pay it. If this reduces the debt significantly the do the rest on a DMP or IVA with family member as creditor.