help?

WASHER

You should really offer all creditors a token payment, even its just a £1.

Bank accounts cost nothing to set up, you need a basic one, no overdraft etc. The Coop bank has one, I'm sure other bank do to.


You need to decide on what you are going to do, take the inheritance (and even with that, you are still going to be approx £20K in debt), a DMP for the whole amount, or bankrupcty, (your OH may lose his previous car).

WASHER.x.

NorthernLas

Jessie -

Rather than ask to the bankruptcy board you need get a plan together. I really think it would be helpful for you to get face to face advice or telephone advice from CAB/CCCS/NDL. Even if this is to give you breathing space to decide what to do.

You need to open a new bank account because the bank can use the money in your account to pay off other debts that you have with them. By transferring your salary and priority bills to a new account, this makes sure that you can pay them.

Instead of stopping immediately, you can continue too pay minimums if you want, but you have a big deficit. You should talk to your creditors by letter and send them a token payment.

Have a look at http://www.nationaldebtline.co.uk/england_wales/debt_advice.php

And Martin's article http://www.moneysavingexpert.com/loans/debt-help-plan

NorthernLas

thread bump ...

lindens

Looking at your SOA, you have enough money to live on and pay off your debts. The car needs to go and get one for £500.Start a spending diary today and write down every single penny you and your partner spends.I used to have a n ostrich of a partner like you. Unfortunately we are talking about tough love here, you are going to have to tell him in no uncertain terms that things must change.It's tough that he works many hours, and he probably thinks he deserves a nice car and holiday for that, but life's not like that.
Good luck, you can do it and it's easier for you if he's on your side.
Defo DO NOT accept any money from your parents.

RAS

jessie

I agree that you need to open a new basic bank account - most banks do one but it has to be with a bank that has no association with any of your creditors.

I am very concerned that you do not seem to know where rather a lot of money have gone (this being the royal you) and until you understand this it is impossible to rein in the expenditure that has already required you to sell up a house and is now threatening your inheritance.

You need to carefully ask your parents to withdraw the offer of an early inheritance. Quite simply until your OH is forced up against a brick wall, dealing with your debts is not going to happen, you will be back in this mess in three years time.

Given that you cannot accurately account for the last three year's expenditure, I would advise that you have a personal rather than phone counselling session even if you have to wait. Go for a specialist advisor at CAB, or CAP who will come to you. Both are listed in Martin's article that Northern Las linked to.

Edit: Just to say that I think you are really brave facing this. It will be tough and I think you need as much practical and moral support on the ground as possible.

jessie-jane

Where do i find info for the letter to send to credit card companies asking for reduced payment acceptance?

RAS

jessie

Are any of your credit cards associated with your bank?

If so, do not send them a letter, as they may very well clear out your bank account to reduce their CC debt. This is called off-setting and is legal. Or they may pay the CC debt from the bank account and leave you with an OD, in part because they can get away with charges on bank account but CC charges are capped.

Have either of you spoken to a debt charity yet?

NorthernLas

Jessie - If you follow the national debtline link above you will see a letters section.

There is one letter to tell your creditors that you are having difficulty. This should hold people from taking action for a month and tells them you are taking advice. The other one is asking them to accept pro-rata payments - ideally you should have a budget that you are confident about meeting (they are close to the top in the letters section)

The information on the website is good and there is a self help pack that leads you through things. It is worth a read so that you can be clearer what step to do next.

Here is an example letter http://www.nationaldebtline.co.uk/england_wales/temp/3582_94061.pdf

Please take RAS' advice about being cautious regarding credit cards with the bank you have your current account with.

Best to understand your situation and get prepared first.

This article tells you which banks are linked http://www.moneysavingexpert.com/savings/safe-savings?dd#whatcounts

RAS

NorthernLas wrote: »

Please take RAS' advice about being cautious regarding credit cards with the bank you have your current account with.

Thanks Northern Las

Jessie, better still, learn which banks are linked following the numerous recent mergers, and insure that your money is not in any group where you have debts. Before you send out any letters.

Please, pretty please because we get a lot of very distressed folk here whose money has been siezed to off-set debts.

katsu

Jessie,

Once you have sorted out your new bank account, Can you look at your bank and credit card statements for your existing accounts, to work out where your money has been going? If you use cards a lot this might help you work out where your spending does not match the SOA you've done. Then you can update the SOA and get advice on reducing the spends.