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Help with my 9K debt?

I have 9k of credit card / unsecured loan debt that I need to pay off and am struggling with the repayments.
I have spoken with payplan and they have suggested a 2 year repayment plan with my creditors, paying 400 pounds per month off.
My three creditors are LloydsTSB, Barclaycard and MBNA.
Would the creditors be likely to accoet a 3 or 4 year payoff?

I have a poor credit rating will banks give basic accounts to anybody?

Your help is much appreciated as this is my first post?

Comments

  • Hi there yorkshireboyzone and welcome to the board. :j

    You've come to the right place for help and I'm sure a few experts will give you some good advice in a bit.

    In the meantime, have a look as southernscouser's sticky at the top of the board for first time posters, then post your statement of affairs SOA. This'll help people advise you.

    All the best with everything,

    Blue
    Official DFW Nerd Club member 216 - Proud to be dealing with my debts :D
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  • madduck
    madduck Posts: 291 Forumite
    Bit confused by your posting Yorkshireboyzone. You start off by saying that Payplan have suggested a DMP over 2 years paying £400 per month. Then you ask if your creditors are likely to accept a 3 or 4 year payment term. I'm assuming that Payplan have discussed your income/outgoings with you and calculated from that that you have £400 per month available to put towards a DMP. If that is the case - your creditors are unlikely to accept anything less than this. When submitting details for a DMP to creditors they receive a copy of your income/expenditure plan.

    Is there a particular reason that you don't want to go down the £400 per month route?

    In terms of basic bank accounts - yes they are available to people with bad credit histories - can't get much worse than mine and I didn't have any problmes.
  • Sorry mate didn't see that - leave it with me andI'll get one done!
  • Madduck,
    Yes I have been through everything with payplan. If I pay 400 a month it leaves me with 70 quid a week which I think I will struggle on. I have to pay business expenses out of that which I get reimbursed for at the end of the month. Can this be taken into account on your repayments? I have assumed not.
  • madduck
    madduck Posts: 291 Forumite
    In terms of the £400 per month - what items did your income/expenditure include with payplan? I'm with CCCS (hence my ignorance on this one) - I know that mine is really quite detailed in terms of what I need to spend money on. For example - I've got my the usual ie mortgage, car payments, insurance, bills and also stuff that I didn't even think about before hand ie budget for car servicing and repairs, hairdressing, medical, dentist, gifts and even postage and some money for 'social' elements of life. The CCCS counsellor explained that I would probably be on a DMP for a reasonable period of time so I had to be realistic and not too harsh on myself. Still had to live.

    It meant that the amount I had left was really truely what was available for my debts.

    If you are concerned re having monies for business expenses - did you discuss this with your payplan advisor? Are the amounts fairly constant - I know that mine are - that way it is only really the first month that it would be an issue as the payment of expenses for month 1 would cover expenses for month 2 if you know what I mean.

    Overall - discuss with Payplan - I'm sure that they will have come across similar situations in the past.
  • Thanks for your detaileds reply. Yes payplan did go into details as you have discussed although I havn't recieved their written confirmation as of yet.

    My expenses can range from 50-500 pounds depending on how busy we are. My company are good though and will write a cheque for me straight away whne I request one.

    Another question I have is will my creditors call me at work as this could be difficult. I have started a good job and I want to keep it!
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