£100,000 Debt "club"

Debtomaniak

ZTD wrote:

Despite feeling down today, you seem to be a lot more focussed, assertive and determined that you were a few days ago. Would you say that was a fair assessment?

You put a smile on my face. Think all this encouragement from everyone made "bells" ring louder in my head.
So here it comes, Just added up as at today his cr.card debt is £90K, mortgage £83K. His cr.card debt increased from Nov 05 to this date just in interest by £2145 :eek: Think he must be getting the message now.

Debtomaniak

A bit more loud thinking now. Think our best shot is to go for IVA, that way we might get some debt written off. Or maybe not? Is it realistic? Any ideas anyone?

sanfrancisco

It depends on your income. I'm no great expert with IVA's but I have read on here that you have to pay a minimum amount of x, ie. you have to have sufficient income that over 5 years they will get somehing like 35-40% of the debt back. So...40% of 90k is roughly 36k, which is roughly again 650 -700 per month. Do you have this kind of money spare? Anyone can correct me if they wish.

Also, bear in mind that with an IVA your credit score will get screwed and so when you come to remortgage you will be on a !!!!ty rate.

You seem like you are very open minded, which is a great thing. You need to write down all your options on seperate bits of paper and write down as much info as you can on each at the top, then do a list of positives and negatives. I really think selling your house will be the cleanest and most sensible thing to do.

Oh, by the way has he stopped spending? Games, books, curry, beer etc.

Debtomaniak

sanfrancisco wrote:

It depends on your income. I'm no great expert with IVA's but I have read on here that you have to pay a minimum amount of x, ie. you have to have sufficient income that over 5 years they will get somehing like 35-40% of the debt back. So...40% of 90k is roughly 36k, which is roughly again 650 -700 per month. Do you have this kind of money spare? Anyone can correct me if they wish.

Also, bear in mind that with an IVA your credit score will get screwed and so when you come to remortgage you will be on a !!!!ty rate.

You seem like you are very open minded, which is a great thing. You need to write down all your options on seperate bits of paper and write down as much info as you can on each at the top, then do a list of positives and negatives. I really think selling your house will be the cleanest and most sensible thing to do.

Oh, by the way has he stopped spending? Games, books, curry, beer etc.

Thank you for thinking loud with me. The idea is that we sell the house and he asks his IP to apply for some debt to be written off and the rest he will settle in a lump sum from house proceeds. Say if Creditors by magic very kindly did write off £20K at least, we would pay the rest £70K immediately. And start from clean. Then of course his credit record would get effected, by mine would't because the debt is in his name, isn't it? So then I can apply for a mortgage in my name, I gather I should be able to get at least £50K, and we can make a fresh start. Dream, I dream.
About spending, he have not been spending on anything since he has been made redundant, over three years now, I think. We have not been on holidays for a couple of years. We still buy wine though, that is bad habit, need to cut back really. It is the only luxury I'd say we have these days. Some days I feel so :mad:, I could be dangerous if I do not have a glass of wine. Now I sound like an alchoholic, do not think I am.:beer:

Debtomaniak

blownalot wrote:

I wish I could put my finger on where its gone or point at something and say thats it sitting over there but I cant. It all went on living a good life that I couldnt afford. Expensive holidays, weekend breaks away, a nice car, eating out a couple of times a week. It soon adds up. As someone said to my "living a champagne lifestyle on a lemonade salary". Thats what makes it harder now as everyone has been using it and not just me down at William Hills - if that were true than I would be the only one making life changes now.

Hi Blownalot,
how are you doing, we have not heard from you lately. Are you OK? What you guys are getting up to, any progress with debt managing yet?

ZTD

Debtomaniak wrote:

We still buy wine though, that is bad habit, need to cut back really. It is the only luxury I'd say we have these days. Some days I feel so :mad:, I could be dangerous if I do not have a glass of wine. Now I sound like an alchoholic, do not think I am.:beer:

It depends why you drink the wine. If it is for the taste, have you tried buying slightly more expensive wine, savoring it more so not drinking as much and hence spending less?

If you drink to get drunk - then it's Lambrini and vodka for you girl! :rotfl:

kickingkay

Hi, hun,
you sound really cheerful tonight so im sorry when i say this but, from what i have learnt this is what happens with an IVA,
if it is in joint names then it will cost about 9k to set up solo i should imagine its half, for about 90k then you need to garantee payments for 60 months of £600+ however if you have sufficient equity then they will take that into consideration too (not always) youcan miss only 3 payments in those 5 yrs if you miss more then they can proceed to take you to court etc, you need 70-75% of creditors to agree to it, when i enquired about it i was told that i would pay £600 pcm, which is fine in the future but not at the mo, eg just this week my washing machine is broke i have had to find £90 for tomorrow, it has ruined my kitchen floor so if the insurance company dont pay then it sgoing to cost me in the region of £500 to replace it, i dont have that sort of money, my boiler needs repairing but i dont have a spare £140 quid at the mo im saving (making most of hot weather)
think about this go back to the cccs as them for an appointment and they can also send you out an IVA pack which explains it in depth
i hope this hasnt spoilt it but i just want you to have all facts first before you jump at an IVA
if you are going to sell then i would pay minimum offers to the crediotrs market the house then pay off and start again you could offer a reduced settlement figure when the house is sold
hope this helps
klare xx

Justindebt

Hang about.

What's this nonsense about they don't have an office ner you, Debtomaniak?

The CCCS interview one over the phone.

So, who exactly did you phone and what exactly did they say?

Or did you not phone at all?

bikerqueen

Is there an echo in here?

kickingkay

Justindebt wrote:

Hang about.

What's this nonsense about they don't have an office ner you, Debtomaniak?

The CCCS interview one over the phone.

So, who exactly did you phone and what exactly did they say?

Or did you not phone at all?

I dont think is was Debtomaniak that rang i think it was her hubby, who might well of go thewrong end of the stick, or he might of asked for an interview/ appointment face to face, or he might have bottled it, either way Debtomaniac has enough information now to tackle it again