full and final offers and debts help!!

the_jaybird

im in debt by around 9k i only work part time and am having serious issued with my debt i know its not a huge amount but it is getting to me now everyday i wait for the calls and letters and ive had enough my brother has offered to lend me 2k i just wondered what the likelyhood of any of the following offers being accepted are? i have £80 per month spare so do not qualify for a dro i am going on a dmp which will last 8 years but im thinking of going br as i cant deal with this anymore i just want a end to it if i go br will they need to see my partners income details? i live with him we are not married and do not have any joint finances.
he doesnt know the full extent of the problem though.
can someone advise me what to do...
thanks for any help

all these are dcas which are on dmp getting £5 per month roughly

avon owing 50 offer 10
cabot owing 50 offer 10
eos owing 50 offer 10
newman and co owing 70 offer 15
gdr owing 100 offer 20
anglian water owing 200 offer 40
lowell owing 340 offer 70
robinson way owing 380 offer 70
fenton coop owing 490 offer 100
wescot owing 1700 offer 350

the other debts i have not paid for 3 months due to go onto dmp
studio £2200
fashion world £1500
brill gift shop £300
jd williams £200
simpy yours £500

still paying minimum payment on these not on dmp but being added on
capital one £300
vanquis £300
aqua £250
overdraft £300

Tixy

Hi

I think quite a lot of your creditors would not accept the offers you have suggested and if you paid off some of them and then went on a DMP then you would not have any money spare to repay your brother which could then be difficult.
The thing is with the smallest debts of £50 if you currently pay £5per month they have no reason to accept £10 as a F&F, they will just wait until they get it all after 10months. And I be suprised if Anglian Water would do a F&F at all.

When you say some of your debts are already on a DMP do you mean you have negotiated with each creditor seperately?
Who have you had advice from regarding the new DMP you are about to start and the possibility of DRO/bankruptcy? Is it one of the debt charities? Is your new DMP just going to be £80 between all your creditors and who is going to administer it for you? (as you mention you have £80 spare with regards to a DRO).

the_jaybird

Tixy wrote: »

Hi

I think quite a lot of your creditors would not accept the offers you have suggested and if you paid off some of them and then went on a DMP then you would not have any money spare to repay your brother which could then be difficult.

i hadnt thought of that!

The thing is with the smallest debts of £50 if you currently pay £5per month they have no reason to accept £10 as a F&F, they will just wait until they get it all after 10months. And I be suprised if Anglian Water would do a F&F at all.

When you say some of your debts are already on a DMP do you mean you have negotiated with each creditor seperately?

yes each one currently gets like £5ish each

Who have you had advice from regarding the new DMP you are about to start and the possibility of DRO/bankruptcy? Is it one of the debt charities? Is your new DMP just going to be £80 between all your creditors and who is going to administer it for you?

cccs are going to deal with it for me but said i wouldnt be eligable for a dro as i have 80 spare a month and they accept 50 or less

(as you mention you have £80 spare with regards to a DRO).

thankyou for any assistance as i really am useless with all this

the_jaybird

do you think it would benifit me going bancrupt i dont ever want to use credit again i only earn around 8k per year and cccs said this is going to take 8 years 4 months to finish!

Tixy

There are people on here on DMPs that are forecast to take 20years or so. Do you think that you are likely to be able to increase your hours overtime or get a better paid job? If so then obviously that would bring down the amount of time you would be on a DMP.

Did CCCS mention bankruptcy at all?

With regards the F&Fs I think I would wait and set up the DMP as it is for now, and maybe you could F&F some once you have been into the DMP for a while. If brother could still lend the money then and either wait a while for you to pay it back, or you'll know by then how you are manging on the CCCS budget and if you can save on anything in your DMP list of expenses, so that you can start paying him back (eg not everyone uses all of their allocated food budget or whatever).

downnotout

You seem to be in a similar sort of boat to me, I don't believe that going BR is worth it for the sakes of 10k. It seems alot to be outstanding but its not really in the scheme of things. What you might like to try is taking an extra shift at work a month and using that extra income to pay off a little bit quicker.

the_jaybird

Tixy wrote: »

There are people on here on DMPs that are forecast to take 20years or so. Do you think that you are likely to be able to increase your hours overtime or get a better paid job? If so then obviously that would bring down the amount of time you would be on a DMP.

Did CCCS mention bankruptcy at all?

With regards the F&Fs I think I would wait and set up the DMP as it is for now, and maybe you could F&F some once you have been into the DMP for a while. If brother could still lend the money then and either wait a while for you to pay it back, or you'll know by then how you are manging on the CCCS budget and if you can save on anything in your DMP list of expenses, so that you can start paying him back (eg not everyone uses all of their allocated food budget or whatever).

i have no real way of doing extra hours i have a 3 year old and rely on my mother in law to have him for 3 days i work. my partner works 6 days a week so there really is no leway to work extra

cccs didnt think it was a good option to go bancrupt as the dmo was under 10 years.

the_jaybird

downnotout wrote: »

You seem to be in a similar sort of boat to me, I don't believe that going BR is worth it for the sakes of 10k. It seems alot to be outstanding but its not really in the scheme of things. What you might like to try is taking an extra shift at work a month and using that extra income to pay off a little bit quicker.

yeah i think it seems a lot but reading a few other posts its not a lot is it . i wish i could work extra but i have a 3 year old and my mother in law looks after him while i work for 3 days she can only do 3 days as she is 65 herself. my partner also works 6 days a week so i cant really do any extra days

Tixy

Remember though, you might only be able to pay that £80 now, but in a couple of years he'll be at school and then you might be able to work more days. Your DMP timescale/debt free date doesn't have to be fixed, as you pay more the length of your DMP will shorten.

mum2one

Totally agree, your son soon be in nursery, then school, even if you picked up some mystery shopping work, there is a thread on here, do some surveys, write reviews on dooyoo, they may help in the short term.

If you did borrow the money off your brother, make sure its all in writing, my concern would be that if you paid some money off some off the debts, and not others some of the creditors may not take too it, keep that option on the back burner for now.

Ok, the 8yrs 4 months may feel like an eternity, but as the other posters have said, you might not use up all your allowance, and if you can pick up extra once little'un at school, or maybe a 2nd job, evenif its one evening a week, barmaid, or a supermarket, soon be flying away.

Def think that 10k to go bankrupt when u have the ways it could be managed may feel likes its easier, but its not always the answer, make sure you get good advice from a charity, there are links on the top, as private companies do take a commission for eg, you may be paying £100 per month, but only £60 going on the debt....
xx

LuckyBiscuit

Hi, im currently paying 3 creditors monthly amounts i can afford and making, by selling unused stuff, cashback and saving on food buget, any extra money so i can make full and finals.

it may be a slow process, but one at a time and its rewarding!!!
you'll get loads of support from the guy's on here, and tips
why don't you post your SOA for them to mull over

Good luck