The time has come to sort out my mess !

Bartimus

Hi folks,

Been reading through the forums for a few weeks / months on and off and am so impressed with the level of support offered , hopefully i'll be able to benefit from it in the coming months / years / decades .....

Just waiting for my first call from PayPlan to try and sort out the £44k that my partner & i have built up in recent years (can't believe i have finally admitted it :eek:).

In recent years the debts built up, we had 2 kids (loss of income) & then a few problems here and there have made this unmanagable.

I'll see what PayPlan say about the mess then i'll be back to spread my 'joy'

Tixy

Hi

Good first step in contacting Payplan, remember if they advise anything you are unsure about then you can always get a second opinion from one of the charities officially recommended on MSE - https://forums.moneysavingexpert.com/discussion/2077631 - , or you could always just talk it through with people on here.

Whilst waiting for the call from Payplan it might be useful to set out an income & expenditure account (or statement of affairs) as Payplan, or anyone, will need all this information to be able to advise you best - this is the format we recommend (as you are probably aware from your reading) http://www.makesenseofcards.com/soacalc.html

Whatever payplan suggest don't feel pressurised into making an instant decision about how to move forwards from here, a few more days or so whilst you ensure you choose the right path will be time well spent.

Good luck

Bartimus

Cheers

I've already got a detailed list of bills, account, payments, account numebrs etc for PayPlan when they ring. I am also waiting to hear from CCCS. I'll see what both have to say, hopefuylly the same thing, then take it from there.

Bartimus

The advisor from PayPlan was great, fully supportive etc.

They have suggested a few options which i'd be happy for any comments on :-

1) Me - IVA as most of the debt is in my name. Likely to be for 5 or 6 years paying £264 a month.

PLUS

2) OH - DMP for £129 for 3 years

3) We are both on the same DMP for 6 years paying £393.

I am awaiting the full details & will contact CCCS for a second opinion.

Bartimus

property.advert

I know some differ from my viewpoint but I feel I am sometimes more practical, if sometimes with too sharp a point !

I think that at certain times of one's life, you need light at the end of the tunnel much more quickly than some 5 or 6 year plan which robs you of your freedom for thousands of days stretching out in front of you. It sounds nice, pay this every month for half a dozen years but it is often impractical. Think of the sacrifices which you have to endure before agreeing to any plan and if that means no chocolate cake on a weekend and cheap tasteless bread instead of a decent loaf, then such things cannot readily be endured by most people for any great length of time.

A few months is easy, even a year or perhaps two but then you are not even half way there and you are working to feed this ever gorging behemoth which swallows every spare penny you have. Beware the later BR or other failure to manage such an austere plan. Years of sacrifice for no reason, no reason at all.

If you are going to agree something, make bloody sure it is practical from your point of view and for years going forward. If that means arguments over amounts before you begin then damn well argue and threaten them with anything and everything including BR. It damn well hurts me to see people who have fallen off the wagon so to speak because their plan was ill thought out and those wasted years in the poverty wilderness mean nothing because they end up BR anyway. Don't be like that.

Tixy

Hi Bartimus

As they have suggested an IVA I would recommend a read of this guide - http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf. Consider how secure your income is etc as well as just your current financial situation.

If you are considering an IVA then its definitely essential to get advice from more than one source to ensure the people advising you are acting in your best interests (and not just thinking of the fees). So good to hear you are also going to be speaking to CCCS as well.

Good luck

debtdesperado

I think property advert makes a good point... if you can afford to pay more each month, I would suggest that to bring the length of time down.

I had £42k of debt and my LBM was in Oct 08... I am really had enough of paying back debt, and right now the only thing that is getting me through is the goal of having it under £10k by the end of this year (have just dropped to below £20k still outstanding, so am on target). I am currently paying back just under £1k a month.

You might not be able to pay that much, but I would advise offering as much as you can and trying to keep the payment period as short as you can, so that you deal with it and can move on with your life!