Eso1967

ESO1967

Hi, I am a newbie and joined today...Just a quick outline..2005 husband had road traffic accident he couldn't work for nearly 3 years, had debts at the time of £41000, took advice from National debt line and now in debt management with Payplan down to as of todays date £32000.
Unfortunatly i'm now in ill health (some of it due to very high stress intake) and waiting to undergo a medical assesment (Civill service) wheather I can continue to work at my present job, but still paying into debt management but just payments differ with my wages until I know what will happen to my job and or until I get back to better health.
I read on this forum people are getting debt free much much quicker than me at this rate it will take me forever....Can anyone let me know if I can do it quicker please ? We were considered for an IVA in March but it was refused because of my ill health and income is not sustainable at the moment. Also I have a mortgage and at the moment they are being very very understanding.
I hope someone can answer my question thank you.
P.S your all very lovely on here...

Tixy

Hi ESO and welcome

Sorry to hear about your health problems.
Do you know how long your DMP is currently expected to last?
Considering the position you are in and the fact that your income could reduce further you might want to consider if any of your debts might be unenforcable - its not a route everyone feels doing but it certainly might help in your situation, and as you have been in a DMP for a while I would assume your credit ratings are already very poor.

The first couple of pages on this thread might be worth a read- then you can ask niddy any questions you might have.
https://forums.moneysavingexpert.com/discussion/2532927

Fitzer2000

Hi ESO, What is the "make-up" of the debt, credit cards, loans? Can you post a SOA (Statement of Affairs) and we can take a look at your circumstances and advise :T well done for posting :T

ESO1967

Thank you for your response I will go and do a SOA for you and get back to you thank you what does it mean when you say my debts may be unenforcable, sorry for bein a bit dim...even tho we have been in DMP it dosn't get any easier...thank you

NorthernLas

Debts being unenforceable means that the agreement that you took out with the credit card / loan companies is not valid in law and therefore you cannot be taken to court to get the debt back.

The debt is not wiped, but you can choose not to pay. It has implications on your credit rating but if you are already in a DMP then the defaults will have already have happened.

Read Tixy's link and it will become clearer.

never-in-doubt

NorthernLas wrote: »

Debts being unenforceable means that the agreement that you took out with the credit card / loan companies is not valid in law and therefore you cannot be taken to court to get the debt back.

The debt is not wiped, but you can choose not to pay. It has implications on your credit rating but if you are already in a DMP then the defaults will have already have happened.

Read Tixy's link and it will become clearer.

Will that be Niddys link! :rotfl: :rotfl:

See here: Unenforceability & Template Letters IV

ESO1967

Thanks everyone for your responses and the information...I will do SOA for you to see I will have to do them tomorrow in the morning as my computer is playing up.
I don't have anything secured but when you see my SOA I have wondered about bankrupcy but I have worked hard for my house and don't realy want to loose it...is there anymore options please..Payplan have been wonderful but it seems to be lasting forever. at the moment my DMP is going to last for the next 11 years at the payment of £180 mth at the moment but with the reduction of my wages its a long haul....and I was the main wage earner..well thx folks chat tomorrow ..

ESO1967

Hi Fitzer and everyone who posted to me sorry it's taken so long having probs with computer, can you tell me where to go onto SOA please I can't fint ....thank you..

Tixy

Hi

http://www.makesenseofcards.com/soacalc.html

Then choose format for MSE and post on this thread

ESO1967

Well good morning, you would not believe the probs I'm having with my computer.
I am going to go and do my SOA if it kills me please watch out for them so you can have a look please (if the damn computer plays ball) the other thing is because we are with Payplan do they take a dim view or even suggest doing this unenforcable thing for clients ?
I have read through Tixy's links and OMG the begining looks straight forward but I'm blinded by the wording,I am not the the brightest tool in the box (pardon the expression) and I admire all of the above people......I don't understand most of it but is willing to give it ago...I am going to get my credit report to begin with to see where I am with defaults and things, I am going to give Payplan a call and get all my up todate details from them and then get meself going.
So just to reconfirm I am denying I owe this debt? I f there are any other things you can tip me on then please do,...wish me luck will post my SOA asap...and thanks for all your invaluble information.

xxx