I'm sinking now....can't manage the debt now...

debtCollector_3

Hi

Just spoke with Payplan, they are sending me a pack, they're suggested that I write to all my unsercure creditors and offer a token payment of £1...... GLUP! And that the only thing the creditor could do is to take court action, which may result in the debit being secured on my property.

Also she is going to get a mortgage advisor to call me, with the hope to free up some equity on my house, that might allow me to break even.

They also advised to move bank account as bank could take salary........ need to do that pronto..... pay day is 28th!!! Although can't see anything happening that fast.......

I've just cancelled all my DDs to creditors....... now I'm scared!!!

moozie_2

A few deep breaths first Payplan didn't really say anything other than what has been posted on here so at least we were on the right path.

Follow their advice and open a basic account with a bank that you are not linked with. Hopefully you can do that tomorrow. I don't know if you can get your salary re-directed so quickly but worth a try!

Hang in there, things will be tough for a bit but payplan (and us it seems ) know what they are tlaking about.

debtCollector_3

You're right Payplan didn't really say anything that hasn't been said here....

Thanks again to everyone for advice....

Oh I'm just hangin in.............. really scared about what is going to happen now....

I know I'm ranting on but this is the first time I have spoke about debts......

moozie_2

debtCollector wrote:

You're right Payplan didn't really say anything that hasn't been said here....

Thanks again to everyone for advice....

Oh I'm just hangin in.............. really scared about what is going to happen now....

I know I'm ranting on but this is the first time I have spoke about debts......

This is definitely the scariest and hardest time. Just go with the flow, follow payplan's advice and try not to think too much about it all. Slowly all the pieces will fall inot place and you will be a wizz on this debt free mallarkey

If you haven't already started a spending diary, start one straight away. All you need is a notebook and a pen and you are ready to go. It's by far my lifesaver.

loneranger

Alliance and leicester will accept you on a basic account (they accepted me and my rating is rubbish, they will also give you a cheque book and visa electron debit card.

debtCollector_3

Income and Expenditure - prepared by Payplan


Description Income
Wages/salary (1) £990.00
Child Benefit £75.00
Child Tax Credits £227.00
Total Income: £1292


Description Expenditure
Mortgage £209.00
Second Mortgage £205.00
Building/Contents Insurance £20.00
Life Insurance/pension £24.00
Council Tax £100.00
Electricity £55.00
Gas £50.00
Telephone £40.00
Road Tax/MOT £18.00
Car Insurance £92.00
Car Maintenance £20.00
Petrol £43.33
Housekeeping £360.00
Haircuts £16.00
Clothing £40.00
Hire Purchase (Vehicle) £168.00
TV Licence/Rental £11.37
Pets £20.00

Total Expenditure: £1491.7
Total Income: £1292
Total Expenditure: £1491.7
Surplus: £−199.7

Payplan also said that the car was a big issue....

I applied to the RBS for an account, will let you know if I get one....

Just sent an email to cahoot offering a token payment of £1.... ok, that's one down ...... just need to go edit all my letters to creditors now.....

I'm serioulsy sh*ttin this now.....

oops_a_daisy

Hi there debtcollector, just wanted to wish you well and I hope you will be feeling a bit better about things soon.

All the best and good luck OOPS

D&DD

Hi DC glad to see you're still posting,it does take it out of you when you start all this..I was running on coffee and fags for weeks :eek: But it does start to come together and it will start to get better honest! I was surrounded by scraps of paper,statements and bills for what seemed like months when we first faced up to our predicament.You are doing really well and are taking all the right steps, keep it up (or else Moozie'll be on your tail )

debtCollector_3

thanks......

Yeah will def keep posting...... last nite totally freaked me out..... but now I'm just scared..... Oh my!!!

I'm debating talking to my sister and tell her my situation, as said don't want to tell parents.........

Need to think a bit more about that

cathybird

hi debtcollector, just looked up "income benefit assurance" & it says it's a kind of life insurance. That almost certainly means that you wouldn't get anything back if you cancelled it. At £3.20 a month it's not very expensive, I suppose, but presumably that means that your family would not be able to claim very much on it either - you might want to find out how much & decide if it's really worth it