Frightened about my future

pixiechick_2

never-in-doubt wrote: »

Hi Pixie

Do you agree or have I missed any accounts out?

(how complicated)! :eek: :eek:

No you haven't left any accounts out.

However, used Lloyds TSB credit card to pay a utility bill and with the interest added for this month the balance now stands at £2620.

M&S have frozen the interest and the balance on my latest bill is £1340.
How will this affect your wonderful calculations?

never-in-doubt

pixiechick wrote: »

No you haven't left any accounts out.

However, used Lloyds TSB credit card to pay a utility bill and with the interest added for this month the balance now stands at £2620.

M&S have frozen the interest and the balance on my latest bill is £1340.
How will this affect your wonderful calculations?

Hiya

Ok well just knock £250 off one of the BT's overpayments lol - you need to be able to juggle things, so for instance where I said BT £2500 to M&S, just BT £2,250 as it still clears the balance and leaves an overpayment lol....

Happy? All make sense?

My calculations were not set in stone, it was rough to show you what you need to do - obviously all the amounts will change as things generate interest etc.. The figures I used were averages - just amend them to suit but whatever you do don't allow yourself to go overlimit with Lloyds....

GeorgeUK

Niddy, i've put my hands up and told Pixie that i don't know much about DRO's. I admit that - i would need to look at the legislation to see what may or may not work.

I had read this on the nationaldebtline webiste

If you forget about a debt and find out about it after the DRO has been agreed by the Official Receiver, the debt will not be included in the DRO. The creditor can continue to take action against you to recover the debt. This means you will need to negotiate repayments separately with that creditor. If this happens to you, phone us for advice.

If this debt takes your total debts over £15,000, the Official Receiver will look at ending or ‘revoking’ your DRO.

I took this to mean that if a debt was unenforcable and the creditor could not take action against you, then the debt should not count towards the total. I admit that this would need further ivestigation, but i was just putting ideas out there for now.

I'm also not convinced of your "worst that could happen argument". This too would need more investigation. I know you say that you wouldn't let anything happen to Pixie, but once the ball starts rolling - stopping it may not be possible.

Okay, yes - sometimes i am uber cautious. I would agree that looking at the unenforcability of the accounts opened pre April 2007 is the first step. It's just the rest that i'm having a hard time with.

Was typing out this post and looking through some legislation (difficult to do when trying not to be caught at work). Have noticed that Pixie is going to go for it now. I'll respectfully bow out, but trust that you have all the "what if's" covered and that she is making the decision fully informed.

pixiechick_2

Thanks George.

Niddy has reassured me and I have to trust him to advise in my best interests.

never-in-doubt

GeorgeUK wrote: »

Niddy, i've put my hands up and told Pixie that i don't know much about DRO's. I admit that - i would need to look at the legislation to see what may or may not work.

I provided links that explain it inside out mate, if you're unsure ask me and i'll clarify for you - I understand DRO's inside out..... no probs in elaborating if you need anything answered...

GeorgeUK wrote: »

I had read this on the nationaldebtline webiste - I took this to mean that if a debt was unenforcable and the creditor could not take action against you, then the debt should not count towards the total. I admit that this would need further ivestigation, but i was just putting ideas out there for now.

No, similar to b/r as Pixie is aware of the debts existence then it would need to be included because at the time of the DRO application the debt is valid and is in existence.

GeorgeUK wrote: »

I'm also not convinced of your "worst that could happen argument". This too would need more investigation. I know you say that you wouldn't let anything happen to Pixie, but once the ball starts rolling - stopping it may not be possible.

Oh its easy to stop court action mate - look over on my thread and you'll see us stop one today - its a daily occurrance to us lol.

GeorgeUK wrote: »

Okay, yes - sometimes i am uber cautious. I would agree that looking at the unenforcability of the accounts opened pre April 2007 is the first step. It's just the rest that i'm having a hard time with.

Don't worry so much - have a few beers :beer: :beer:

GeorgeUK wrote: »

Was typing out this post and looking through some legislation (difficult to do when trying not to be caught at work). Have noticed that Pixie is going to go for it now. I'll respectfully bow out, but trust that you have all the "what if's" covered and that she is making the decision fully informed.

George I really do appreciate your advice - you know that, however I think you're forgetting that a DRO is the last straw, one below B/R so really why jump in at the first hurdle with it? I'd rather let Pixie have some control for the moment and see what happens, if anyone tries court action we will have them set aside in no time.... no problems there!

Have a read of the last page of my thread and you'll see Mojo has been served court papers today - watch that space and see what happens when you have us on the case

GeorgeUK

Niddy, i was just throwing the idea of a DRO out there - is you say it's a non starter then fair enough. As i said, i've never really looked at them.

I agree that you should test the older account for enforcability - see, something we agree on

Stopping a civil case and stopping this may not be the same, but i'll have a look at your thread. I'll leave Pixie in your hands and stop muddying the waters now that there is a plan in motion.

Got my fingers crossed all goes to plan.

never-in-doubt

GeorgeUK wrote: »

Niddy, i was just throwing the idea of a DRO out there - is you say it's a non starter then fair enough. As i said, i've never really looked at them.

I agree that you should test the older account for enforcability - see, something we agree on

Stopping a civil case and stopping this may not be the same, but i'll have a look at your thread. I'll leave Pixie in your hands and stop muddying the waters now that there is a plan in motion.

Got my fingers crossed all goes to plan.

Hi George

A DRO could be a good idea, but it is always a last resort because legally it is classed as a form of bankruptcy, as is an IVA etc. Thus if you are asked at any point in your life whether you have been subject to b/r orders you have to declare them, ergo I hate these types of things and they should really be a last resort.

It is only my opinion, not categorically saying not to do it.... But we have been PMing and Pixie feels she can handle the original plan and it is therefore worth a shot, no?

Regards to the older UE accounts, this is something we do need to get sorted but either way, chances are they are UE due to the lenders and the start dates - as you know, they don't exactly have a good track record :rotfl:

I do and always will appreciate your feedback and comments, as do the users george, but sometimes you have to play devils advocate and go with something that you KNOW will help, even though others may think it is wrong. If it backfires, fine - then we look at a DRO / BR which is pretty much back at square one, however we'll have some of the debts UE by then meaning the overall debt may fit into the DRO afterall.... as I say, the formal route is a last resort...

Have a good weekend, :beer: :beer:

pixiechick_2

Think I might need a bottle of wine tonight! :beer:

never-in-doubt

pixiechick wrote: »

Think I might need a bottle of wine tonight! :beer:

You might? You've got the easy job now woman - haha :rotfl: :rotfl: :rotfl:

I have been breain dead for 2 days!

mouseann

pixiechick wrote: »

Think I might need a bottle of wine tonight! :beer:

I might join you!

I prefer very robus, strong red - Rioja, Zinfandel (gosh my mouth is watering at the very thought of it!)

Bet you watch Mastermind regularly!