Jeremy Vine show

GaryBC

Martin has just made the statement live, on Radio 2, that, in all his n years experience, he has never come across a debt problem that is insoluble!

Well I'm not going to publish my finances here - for all to see - but I will summarise them. Payplan have brokered a deal whereby, if my wife and I pay an agreed monthly sum, we will become successfully debt free on or around my 164th birthday.

Now I'm sorry but I don't see that as a 'solution'!! So, I hereby throw down the gauntlet Martin: I challenge you to find a solution that gets me debt free well within my 'three-score-years-and-ten' (given that I've clocked up 'two-score-years-and-ten' already)!

PM me for more information. I guarantee that, once you've seen the state of our finances, you'll run for the hills!! Prove me wrong - please!!

Tixy

Its a statement Martin often makes and so far as I have seen there is a solution to everyone's financial situations.

Perhaps the solution you are on is not the best one for you.

Obviously its impossible to advise as you haven't given any of your financial details (its an anonymous forum so nobody would be able to identify you anyway and it is how we generally help each other) but did you consider an IVA or bankruptcy when you commenced your DMP? Did you seek advice from one of the debt advice charities at all?

ILW

There is always bankruptsy as a final resort.

Ames

I've no idea why Payplan put you on such a stupid plan, are things likely to change drastically soon? If not then bankruptcy seems a much more sensible option, but of course it depends on your situation.

We've seen it all on this forum, and I have to agree with Martin, no debt problem is unsolvable.

GaryBC

Tixy wrote: »

Its a statement Martin often makes and so far as I have seen there is a solution to everyone's financial situations.

Perhaps the solution you are on is not the best one for you.

Obviously its impossible to advise as you haven't given any of your financial details (its an anonymous forum so nobody would be able to identify you anyway and it is how we generally help each other) but did you consider an IVA or bankruptcy when you commenced your DMP? Did you seek advice from one of the debt advice charities at all?

We don't qualify for an IVA (we can't generate a high enough monthly payment) and bankruptcy was never offered. Whenever I ask for advice on what bankruptcy would mean for us the only answer we ever get is "it depends"! I'd rather carry a debt to debt to my grave than risk my home! We were pointed at Payplan (aren't they a debt charity?) by CAB.

GaryBC

ILW wrote: »

There is always bankruptsy as a final resort.

If it meant losing my home then I'd rather take the debt to my grave!

fermi

GaryBC wrote: »

We were pointed at Payplan (aren't they a debt charity?) by CAB.

I would expect CAB to suggest CCCS over payplan.

http://www.citizensadvice.org.uk/index/pressoffice/press_index/press_20101111.htm

Did you try them?

How much equity do you have in your home?

GaryBC

Ames wrote: »

I've no idea why Payplan put you on such a stupid plan, are things likely to change drastically soon? If not then bankruptcy seems a much more sensible option, but of course it depends on your situation.

We've seen it all on this forum, and I have to agree with Martin, no debt problem is unsolvable.

It may well be a stupid plan but, when you're faced with a barrage of mail from debt 'management' agencies (decode: debt collectors!) anything that stops this is grabbed with both hands!

Is anything likely to change soon? Nope! We have no incentive to change as an 'improvement' from my 164th birthday to, say, my 132nd, is pointless!

If somebody could 'model' our finances and tell us - categorically - that a particular route will have a particular outcome we'd be better able to make an informed decision! But all we've ever got suggests that the outcome of a bankruptcy application is solely at the whim of whoever presides over the case when it is heard! And I'm sorry but I'm not gambling my home on what side of the bed he got out of!!

I guess also that different people will have different ideas about what "solved" means!

ILW

If you own a house with equity, could you not sell up, clear all your debts and rent?

FuzzyCub

GaryBC wrote: »

If it meant losing my home then I'd rather take the debt to my grave!

So perhaps Martin's statement is true and there is a solution to your debt problems but you are not prepared to make the sacrifices required of this suitable solution. We can't have our cake and eat it it seems. Is there enough equity to sell and clear your debts? Have you tried the other charities for another opinion?

Tixy

Just because you have chosen not to go down the route of bankruptcy does not mean that it is not a possible solution to your debt problems. It might be one you've personally decided against because you would prefer to be a homeowner rather than rent.

You could also get some advice from somewhere like CCCS or national debtline about your property. Whether you would lose it would depend on whether there is any equiy, whether its jointly owned with anyone else, whether there is anyone is a position to buy out your share of the property etc etc.

Payplan are not a charity no - they are a commercial company - they do run DMPs with no charge to the debtor but are not a charity.