Frightened about my future

mouseann

Thanks again for all the replies and support.
Think I may have another go at contacting CCCS - I guess I just owe too much money for a realistic DMP - and the idea of living to 109 does not appeal to me at all! (Sad attempt at some humour here!)
I have read a bit about IVAs and am now wondering whether the amounts involved are just too great for even that.
Perhaps if I do sell my house the banks might just accept a reduced amount fo the card debts - provided I can find someone to buy it! Although renting is not actually a cheap option, at least the repairs are someone else's responsibility.
Trying to be positive here!

GeorgeUK

I agree with happyhaddock - if you haven't spoken to anyone at CCCS and it was just the debt remedy program saying that you should 'go it alone', i think further clarification and advice would be warrented from them. Do you know if the program takes into account the fact you're retired?

I have read in a few cases that even after making payments to an IVA and completing it, you may be required to release equity from your property and possibly sell. I would post on the IVA board if you do go down this route so that you know what may be expected and what questions to ask before signing anything.

mouseann

Just a quick afterthought.

Presumably my mortage and secured loan payments will be calculated separately and not included in the IVA? I was kind of thnking that they are "set in stone" and need priority payments, otherwise things will be dire. Not really sure how it works with an IVA, though.

milliemonster

Renting may not be as cheap as your mortgage currently mouseann but you quite possibly would get help with your rent (housing benefit and council tax benefit?) which you never get as a homeowner, so its worth a look at.

Also, your council tax should reduce now you are retired, my dad is single and retired in his own home and he pays around £9 a month now (for a band c property!)

milliemonster

mouseann wrote: »

Just a quick afterthought.

Presumably my mortage and secured loan payments will be calculated separately and not included in the IVA? I was kind of thnking that they are "set in stone" and need priority payments, otherwise things will be dire. Not really sure how it works with an IVA, though.

Yes these would be separate to the IVA as they are secured on your house

3Dogs

Sorry you did not get a definite answer today - I would ring them back tomorrow and say you did not quite understand what the Dept Remedy meant and could they explain it fully to you

Just a thought, in case you had to sell your house, I would advise you to get your name on the council housing list - at least then, at some point, they may be able to house you - though I believe that they would class you as voluntarily homeless if you lost your house through bankruptcy (not sure but someone may confirm this) - their 'old peoples' bungalows are generally very good - in fact perhaps you could apply for one of those now. We got ours due to my lack of mobility though we are not yet pensioners and we are very happy here. It is small but that does keep running costs down. It is just a thought but it is another option to consider.

Another point, have you answered the point raised about your income - does it include the State Pension? Would you be entitles to Pension Credit and/or any other benefits? If you go to www.entitledto.com you just enter your details and it tells you what benefits you should be due - well worth a visit.

Meanwhile - chin up Pet :beer:

sarahb7538

I just wanted to wish you all the very best. You have come to the right place for help and support. You couldn't wish for a nicer bunch to get you through.

I dont know what income you will have when you retire but look into making a claim for pension credits - contact the pensions service they will visit you at home and will do a benefit check with you . They will also help you complete claim forms for other benefits such as council tax benefit that you may qualify for. Arrange this anyway even if you are not sure if you will qualify, you wont know unless you try. Entitled to is a good starting place.

I notice that you mention that you have a problem with your heating. Try looking into schemes run by your local council.

The Decent homes grant is one of these open to people on a low income, I think that being in receipt of a means tested benefit is possibly a qualifying criteria. One of the decent homes criteria is that your home offers a reasonable degree of thermal comfort.

Maybe also try looking into warm front grants, many councils also run their own schemes to help make residents homes more energy efficient. Try The Energy Savings Trust Advice Centre on 0800 512 012 they can give you details of any other grants you could be entitled to.

Good luck

alfiecat

hi mouseann,
couple of things for you to think about, do you live near a further education college. i know they are often looking for casual exam invigilators which pays around £7 per hour, this work goes on throughout the year and retired people are our preferred person as they have the flexibility needed for the job.
also if you speak to your family or friends then they might work for an organisation that offers an employee assistance program - we have one that our friends and families can access and they offer free debt managment totally confidential
good luck - and stick with this website, some of the challenges are quite fun and will help you keep on track

Nargleblast

Mouseann, if you did go in for an IVA then your payments would be worked out exactly like in a DMP - housing, heating, lighting, food, water, phone etc etc, i.e. essential costs of living would be taken from your income first. Then certain amounts would be agreed for you to spend on clothing, car costs, repairs, insurances, pets, etc etc. Any surplus after that would be the basis of the calculations for the monthly payment. In the last year you would be expected to find out if you could remortgage to release some equity. If not possible, then you might have to do an extra year's payments instead. The IVA forum has lots of people on there who either have IVAs or work in the financial sector so can advise you better. It might be that bankruptcy is the option for you instead - scary I know, but I am sure the people on the bankruptcy board can put your mind at rest about that. I am not saying these things are a walk in the park but they are not always as bad as they sound, and you will be free of debt at the end of it. But persevere with talks with CCCS and maybe Payplan, you need to be fully informed before making your decision.

mouseann

Thanks again for all the advice,

Am just wondering whether my repayments will be high enough for an IVA, given the amount of money I owe. Which I have finally faced up to!

Have been looking at the IVA discussion board and noticed a comment that CCCS is funded by banks. Does this mean that they will inevitably take the banks' side? This is not the impression I have received from other comments so I am a bit confused now.

Will try to pluck up enough courage to ring CCCS again. Payplan have not yet returned my call. I am beginning to think I am a hopeless case and that no-one can find a way out for me!