Drowing in debt

carole1811

Hi, I am desperate for some impartial help. I am in £17k worth of debt to 5 creditors, the largest debt being £10k to Sainsburys bank, I had come to an informal arrangement to pay £100 per month to them but they took £97 per month in interest for 14 months, now I have just been part of a restructure at work and moved to a poorer paying job with less hours, my rent has gone up and my new job involves travel to work (petrol) as I finish at 11pm at night with no public transport. Contacted CCCS who suggested I offer £1 per month each but it does not take Mystic Meg to guess they will refuse that. Payplan went through my budget and left it in a bad way for example allowing £10 per month for BT, the line rental is more than that ! I will have to get that cut off. They worked out I had just under £100 left as surplus but tried to hard sell an IVA and pretended they did not know the fees I would be paying them, I want less debt not more. Bankcrupty is not an option as there is a clause in my rental agreement that says housing association can evict bankrupt tenants. I am worried sick and cannot sleep and I know I am becoming depressed. I am not an extravagant person and have only had 3 holidays in the last 27 years, so I really do need some help - please.

winner12

You could do your own DMP speak to National Debt Line first they have loads of templates and good advice
Its a long haul and hard work but you will have to keep going and only pay what you can afford after all your living expenses, have you posted your SOA on here yet loads of knowledgable people can help you

Mum-2-Be

Didnt want to read and run but there are lots of people on here who are really helpful, Im new to it all myself

Good luck

CH27

Ring the CCCS & they will help you.

If you post your SOA on here, people will help you:)

Nicky321

Hi fill in a SOA and post the results on here, will be easier to see your situation and give advice.
This may be of use to you.

Payplan_company_representative

Hi Carole

I just wanted to explain a little bit about your budget from Payplans' view. We use guidelines called the Common Financial Statement that have been drawn up by the Money Advice Trust, these guidelines are imbedded with our system. When we are putting your budget together with you we are trying to put forward the best offer we can for your creditors to accept, and one that will be sustainable for you.

The fee's invloved with an IVA are taken from the payments that you make into the IVA and they are not upfront. You will not be left with more debt by doing an IVA as long as you complete the arrangement.

Hopefully this answers a few of you queries but please do not hesitate to contact me if you have anymore.

Thanks
Lizzy.