Frightened about my future

milliemonster

Mouseann, of course you are not a hopeless case, there is always a solution to any debt problem.

Yes I believe the debt charities are funded by the credit industry, did Payplan say when they might phone you back? Have you tried National Debtline aswell?

I think for an IVA, it is something lilke a min of 30% the creditors would want back over the 5 years for it to be approved (although that figure may not be completely accurate!), could you afford repayments of that level?, I guess on 128k you would be looking at paying back around 40k of that, which would make your monthyl repayments quite high, maybe more than you could afford. I would imagine your creditors would not accept an IVA of low repayments in relation to what you owe considering you have £100k equity in your house. But it is still worth investigating as an option

mrscmr

hi mouseann

there is a different route for different people... think of the hundred of poeple who are in debt situations that call cccs and payplan.. no doubt they have heard it all... i only rang cccs twice and both times they were helpful and took time to talk to me even after their lines were supposed to be closed!

be brave... think of the relief when you have made a few positive steps... you are not alone in having this kind of problem and i know that it feels like its all a massive mountain to climb... just one step at a time... even if its two steps forward and one step back.. you cant continue to stay as you are.

may i ask a rather personal question? what did u spend the money on? for example we in mrscmr towers spent ours on rediculous holidays, cars, and as much shopping as i could carry! ... just still thinking that the ebay thing could be a way forwrd... also you need to tell the credit card people something cos even if you arnt using the cards the interest has a nasty way of creeping.. that interest needs to stop right now.

try a phone call or two.. i have had pleasant phone calls with some companies... if you face up to ur problems then they are much much more friendly.

try not to worry xxx

3Dogs

mouseann wrote: »

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.

Its me again - its not quite as it sound - the banks have to pay a levy to help out with debt - this is used as a fund to finance the free advice groups (CCCS, PayPlan, National Debtline) - so it is not as if the banks pay their wages or anything - these free debt advisors are totally independant.

As someone has already pointed out you may be entitled to help for fixing your heating - friends of ours had a broken oil central heating broken for 2 years - the went to a Help-the-Aged advice day at their local village hall and are now getting a new boiler, their system overhauled, cavity wall insulation and loft insulated - all FREE - if this were possible for you then your house would be easier to sell or at least you would save a lot on electricity !! - so it is worth checking out - they can only say no

"hugs" lots of them

mouseann

Thanks again everyone for all the advice,

I am going to have another go at CCCS - may not be today because I have a friend staying for a couple of days - and I am not close enough to her to confide my problems, at least not yet!

Thursday will be my (next) "face up to things" day! Am considering ringing Payplan again, also CCCS to see if there is anything which can be done. I fully accept that the amount of my debts (I am getting used to using that word!) might make any payment plan totally unacceptable because I can't make realistic repayments. Which I guess rules out DMP and IVA?

I didn't spend the money on anything extravagant - just used it for household bills, food, etc. - no big splashes! But, I was still living beyond my means! A salutary lesson!

I am also going to contact Help the Aged and Age Concern to see if I can get help with the heating situation. This would be one concern ticked off the list. I have checked my benefit entitlements and, unfortunately, my work pension does not make me eligible for any benefits. Unless they consider my outgoings?

I think doing a little something towards the problem each day is a great help and a step in the right direction.

Thanks again for all the support.

magical28

Hi Mouseman

I have just read through your situation and wanted to offer my support. I am too just starting on my road to debt recovery!

The best advice I can give is to stop saying 'i'll do it tomorrow' and get it sorted today. I realise you have a friend around but surely you can escape for half an hour to make some phone calls. I understand how nerve racking it is making those first calls and in effect 'admitting' to your problem but your situation isn't going to get any better and on that much debt, the interest you'll accrue daily will be emense.

I don't mean to sound harsh here, I really don't, but just make the phone calls. Believe me, once you have spoken to someone about it you will feel so much clearer and will be able to enjoy your time with your friend.

13Kent

Sorry, haven't got much to add other than to wish you luck and say if you were a member of my family I would want to know so that I could help you. I'm sure initially I would be shocked and horrified, but you know what I don't think I know anyone that hasn't made a mistake they've regretted at sometime in their life.

If it was a member of my family and I found out later and it was too late to help I would feel guilty for not noticing that something was wrong and for not being there to help you. I don't necessarily mean in terms of helping you to pay off your debts, but to be there to support you and help you through it.


If you were my Mum I would insist that you come and live with me whilst things got sorted out - (and my Mum wouldn't be a burden - she would be invaluable to me in terms of looking after the children - I could go out to work knowing that my children were safe with someone that loves them, and with the cost of child care nowadays it would save me a fortune.)

Good Luck

mamajojo

Just popped in to see how you are doing, good luck with speaking to cccs again tomorrow.
Let us know how you get on.

JasX

mouseann wrote: »

Unfortunately my current organisation has a policy of not employing anyone over 65 - which is why I could not stay any longer.

[STRIKE]Does that not conflict with the current raft of age discrimination leglistation we're forced to abide by these days?
[/STRIKE]
£120k is alot, find a debt charity and see what they suggest, also seek advice on the age discrimination, you might be able to force them to keep you on, or *deleted

EDIT: apparently age discrimination laws don;t apply to mandatory retirement age, comments deleted

mouseann

Hello agan everybody,

Not sure whether any of you still have patience with me and my dithering, but just want to report that I am finally getting to grips with things. Not pretty, an I don't even know how it will end up but I am taking the first steps.

I have arranged for a counselling telephone call with Payplan this evening but have just had an in-depth conversation with CCCS, who have explained everything to me, and why the recommended an IVA. A DMP is not suitable for me because of the amount of money involved and the fact that it cannot be paid off over a realistic timescale. (And I know, people on this discussion board have already pointed it out!)

In the meantime, CCS have advised me how to pro-rata the paments to the CC companies. I was just going to send a minimal amount, with the same to each, but I realise that this was not a good option.

I am going to see what Payplan have to say but it does seem as is the IVA is going to be the option. Now I am concerned that the banks won't accept it.

I have also read an earlier post regarding unenforceability but I really don't have a clue how to go about this. Again, not sure whether it will work.

In the meantime, I have applied to the Co-op for a basic bank account, am going to raid my spare room for anyhing saleable and get going on eBay.

Any further advice would be most welcome!

RAS

If you have a spare room, can you take a lodger - you can do this and earn upto £370 per month without it affecting your tax situation (tax-free).

£4K a year would make a difference.

By the way, also think amazon for books, DVDs and CD and car boot sales