New bank account

nogoodwithdosh

CCCS said get your wife to get a job and sell your car
Payplan says get your wife to get a job so that you have more disposable income

nogoodwithdosh

I opened a Lloyds tsb basic account but a friend has just told me that they are the same bank.
I hav a loan with the halifax which i can't pay.
Will lloyds tsb let the halifax take my wages towards their loan?
Don't know what to do.Don't know if my mate is winding me up.If he is not will i be able to change again to another bank so soon after opening this one?
Oh god this just gets worse.
Anyone know why Payplan would say to go for DMP when we want to go for IVA.For both you need disposable income which I haven't got much of at the moment, until wife gets a job.
Any answers will be much appreciated
ta

adfax

Hi

Sorry to hear about your problems; I do understand how you feel right now as I have been there a couple of times. First time was when I lost my job and went from earning a decent salary to nothing over night, and the second time was when I realised how much debt I had. Both times I had the sleepless nights, the knotted stomach and a feeling of sinking.

BUT I am still here to tell the tale ... however bad things may seem there is always an answer and things do pick up. So please don't give up hope - it will get sorted.

You haven't done anything wrong and you haven't got anything to be ashamed of.

Just trying to answer your concern about bank accounts: the normal advice is to make sure your current account is nowhere which is linked to anyone you owe money to. I would suggest that it is worth opening an account elsewhere - I went to Co-op as I think they are only associated with Smile (as far as I know they are not linked to any of the companies you mention). I know this is a bit of hassle in the short term but it is probably worth it.

Regarding the solution that has been recommended, they will have looked at your circumstances and made a recommendation based on what you can afford, your level of debt, how long it would take to clear plus many other factors.

I understand why you don't want a DMP (sorry if I am putting words in your mouth ...) - they are dependent on the goodwill of creditors and can drag on for years. As someone who has an IVA I can certainly see the benefits; it gives certainty and is for a fixed - and relatively short - period of time.

However, an IVA may not be suitable as many of the companies do set a minimum surplus income (CCCS was £200 when I spoke to them) - although I don't think there is any legal minimum.

There are other options - debt relief orders and bankruptcy. I don't know anything really about DROs but it may be worth a look to see if it would suit your circumstances.

Bankruptcy sounds scary and again, may not be a good idea for a lot of people. However, if there are no other options then it may be worth considering and it need not be as bad as you may think.

Could you post up an SOA so we can see what surplus you have, what you owe, what the house is worth etc?

Please don't panic though ... there is always an answer. There is life after debt!

Finally, if you are feeling really at the end of your tether and desperate then I would suggest speaking to your GP. They are very understanding and they will probably be able to give you something to make you feel a bit more positive. Again, I have been there and accepted the help from the GP and it was a great assistance.

nogoodwithdosh

Thanks for that.
Payplan says go for Dmp for 3 months until wife gets a job then try for IVA. What is the difference if you need surplus for both.Does this sound like a plan to you.
Wife went for interview and they will let her know tuesday because they had others to see. Lady from payplan is ringing back tommorrow to see and chat again.It's so hard talking on phone and keepimg it away from the kids.
I really am going out of my mind, how did we get to this.
I look around and wonder what the money was spent on. How could we have spent that much money and not even realised.What a shock this has all been.I feel stupid, ashamed and out of control.
I will open another account tommorow.Do you do the co op on line? Do you think they will ask why i want to change? It was only last week.
No one is knocking at my door yet as we are up to date with everything until next week.
I cant live like this. I can't go the doc and besides I would never take anything to ease this pain. In my book I have done this so I need to feel the pain, but god it hurts.
I know that you know what I mean if you have been through it twice!! Good on you for coming through it .
I would be happy if I could get an IVA...............Why can't I have one?
What do you think of payplans plan, can this work?
I will post my outgoings and incomings soon
thankyou

adfax

In think the difference would be that for a DMP there tends to be no minimum surplus required. As I said, although I don't think there is a legal minimum for an IVA, some companies have their own guidelines. When I spoke to CCCS they wanted a minimum of £200.

I do all of my Co-op banking on-line. I phoned to open the account - don't worry if they refer it (ie don't give an answer there and then). I had to wait a couple of days. I was up front with them; I said I had some money problems and needed a basic account (make sure you ask for a basic account).

I know what you mean about wondering where it all went. I had over £60K of debts. I wish I could say I had a flash car on the drive, had been enjoying posh holidays and had luxury goods all round the house. But no - I really couldn't - and still can't - see where it all went. It is amazing how quickly the interest, using it for living expenses etc builds up the debt.

Please don't beat yourself up over it - you really have not done anything wrong and you need not feel ashamed. These things happen and it is difficult to see how.

Let us see an SOA and I am sure between us we can see a way forwards.

nogoodwithdosh

[FONT=Lucida Handwriting, Cursive]


Here goes
Monthly income £1 8450
Child benefit 80
Child tax credit 40

mobile phone (son's) 15.00
water 73.73
rent 750.00
house insurance 17.00
life insurance 23.00
my mobile 12.00
phone /broadband 15.00
gas/elec 125.00
car insu 36.36
tv licence 12.00
council tax 176.00
food 200.00
petrol 160.00 ( i travel 40 mile to work)
car tax 13.00






debts my credit card 8,000
wifes credir card 7,000
barclycard 10,000
halifax 7,700
hsbc loan 12,540
overdraft 2,200


That is it
Any help would be appreciated
[/FONT]

Charco_2

Sorry, i assume you're not earning £18,450 a month... what should this figure be?

nogoodwithdosh

You can see why i got into this mess.
I meant 1,85450

nogoodwithdosh

£1,8450 .......

Charco_2

If you mean £1,845 then surely that leaves you with a surplus... does it not?

Household income £1,965
Household expense £1,627

Is that a surplus of £338???

Why are companies insisting on your partner getting a job?
Selling your car?
Entering a DMP first?

£338 is enough of a surplus to propose doing an IVA (your I&E would need to be redrafted to a more acceptable format but if those figures are remotely right then you're just speaking to the wrong companies!)

The answer to my three questions above is simple: more money!

Anyone who asks you to enter a DMP first is simply fluffing their own pillows... the benefit of entering a DMP for three months would be seen solely by the company who drew up the DMP, they will collect the first payments as set-up fees, and then collect around 15% every month you stay in the DMP. Yes an IVA has fees too but they are not in addition to the debt you currently have.