Five years to retirement - help!!

SadieM_2

It really is a relief to know I'm not alone with this and your comments are gratefully received. Our mortgage is repayment so at least we haven't got to worry about paying the balance in 7 years.

With regard to a DMP, has anyone had experience with Halifax Visa, Mint, or Virgin Credit Cards as to whether they accepted the DMP. I'm pretty worried that if we enter this sort of arrangement they may hassle me at work which could cause me huge problems. My Chairman is pretty anti any kind of debt and if he was to get wind of this life could be grim.

Also, as the personal loan is with our bank, the Halifax, we would need to sort out a new bank account - any advice on who?

tesuhoha

Once you reach state pension age you can claim it and carry on working. That is, if you qualify for it and also you don't have to pay National Insurance anymore. That should make a difference to your income in a year or so.

SadieM_2

Unfortunately I just missed the retiring age of 60 and have to be 61 1/2, so 2 1/2 years to go but all things being equal I will work until I am 66 so the N.I. saving will be a big help.
Because if I keep working and receive my pension I will be taxed up to the hilt, one thought I had was if I could keep all the plates up in the air for a few years and not take the pension, I would be entitled to a lump sum. With this lump sum I wondered if I could then make a full & final settlement offer to the CC Companies.

What do you think?

NorthernLas

Sadie - A basic bank account with someone that you have no debt with is a very good first step. Co-op cashminder is often recommended but the link is a leaflet about baisc bank accounts so that you can choose.

http://www.moneymadeclear.org.uk/pdfs/bank_accounts.pdf

If you don't want hassle at work, could you update your details to remove your phone numbers (if you have to phone them say you are changing jobs and don't know the new number). There is a letter that you can send, but if you can pre-emt then it is worth a go.

Also, are all of your debts in joint names, would it be an option that one of you goes into a DMP?

SadieM_2

Thanks for the bank info I'll have a look of those. The personal loan is in joint names but I have three CC and my hubby the other two so I don't think an individual DMP would help, but obviously might be worth thinking about.

The possibility of phone calls at work is probably something that worries me the most, I work in an open plan office, with a few folk who have bat like hearing and also like a good gossip. I love them all dearly but really don't want to share this with them.

pure_dead_dopey

Sadie,

We have 22 debts and no one has phoned at work cos we removed all of the numbers before going into the DMP. And regardless of your boss's attitude to debt, its none of his business! and no one is allowed to discuss your private business with anyone but you. I think you probably need to talk to someone from one of the debt charities first to look at all your options. Do you really want to work for an extra 3.5 years to get a lump sum to hand over to your creditors?? Its hard but really you have to do something sooner rather than later, hard choices but if you've got a problem you have to realise that and do something about sorting it, unfortunately it won't go away on its own and lottery wins are quite difficult to get!! The CCCS debt remedy is anonymous, you don't have to give your name and filling that in would at least give you a few options. Good luck, any progress with your OH on the possibility of DMP front??

elsie52

Hi Sadie

I second everything that Dopey has said. We are also in the same situation.

Good luck in whatever you decide to do.

SadieM_2

Thanks for the support its a real help. I have completed the CCCS on-line form and it does recommend that we talk to them about a DMP. Does anyone have experience of Halifax Visa, Mint & Virgin as to whether they stopped interest or not and what their attitude was.

pure_dead_dopey

Sadie, it doesn't really matter cos they are different with everyone, Virgin stopped our interest straight away, Mint defaulted and closed account, then stopped interest and Halifax stopped but have now started again at a much reduced rate. I think you are still a bit worried about what the bank will think, don't be, when you are paying and everything is OK, you think you are a good well-respected customer, they think you are a cashcow. When things go wrong, you think you've been a good customer, they'll help, they think p$ss off and give us the money now. Seriously they do treat everyone differently, we've had differences between my OH and I, same DMP, same company, different treatment, so you can't really second guess them. Have a chat with CCCS and see where that takes you, read the unenforceability threads on here and then make a decision, what is best for you and yours, not for your creditors.

dancingfairy

Would either of you consider a second job - perhaps avon/betterware - something like that might suit you?
a dmp might be an option with the option of making full and final settlements later on - perhaps in a couple of years.
df