301k in debt and morbidly obese - things aren't great!

MrBloater

Missed my running slot again. But on a more positive note we are really making strides towards finding a potential solution to the problems. We sat down with three scenarios that could happen, and I was quite surprised to discover that we both consider the nuclear option to be continuing on as we are - with basically one salary a month being used for debt repayments. And so we now have some clarity - me getting the lethal injection will turn out to be the best thing because it's going to force us to really change our patterns. So a wave of (sober) optimism is slowly revealing itself. Am doing tons of technie stuff in the background ready to launch myself on the world as a freelancer but would rather be spending the time writing - but you gotta have the structures in place.

Igamogam

All sounds very interesting and positive Mr B Are you planning some freelance consultancy work in your field? Looking forward to your writing when it takes off:)

Polly_Wolly_Doodle

Bloater, from personal experience i'd be wary of continuing to pay unsecured creditors their full minimum payment. There is not a lot they can do other than threaten you for a few months. And you may need that money to be squirreled away for other things. After all why prioritise faceless banks that you have more than repaid at scandalous interest rates for years.
Have you considered bankruptcy, it's the quickest and neatest solution? CAB are really helpful and we found national debt line great over the phone. They explained about priority debt etc. BR is no longer the social stigma it once was and given i am in a non-BR profession, amazingly i wasn't struck off. The other thing is depending on the value of your house relative to your mortgage / secured debt you may well be able to keep it. Causes problems for the OR to sell at any profit depending on your debt. All worth giving thought to.

MrBloater

Amazing support and advice on here as ever - and much appreciated. Just to fill in a few blanks - there is no redundancy package - as I tendered my resignation. It was, I thought, the best option out of the very few available to me - however in a way dismissal would have been preferable as then I would be eligible for 6 months JSA. Bankruptcy is not an option due to Mrs B's job and I don't think we need to go to that extreme - DMP, IVA, paying off a quid a month to all creditors while things are getting sorted - I can handle that, but nothing that would jeopardise our house. Will definitely give CAB a call tomorrow.

gallygirl

Sounds like a plan is coming together. Go Team B :T

trishx

Hey Mr B,

I spent a ridiculous amount of my Sunday reading your entire diary, yep, ALL of it. Although admittedly only your posts (sorry everyone else). Highly additive stuff, real erm, thread turner. Hmm, just remembered that I was once advised to never tell a writer you read their magnus opus in one sitting as apparently it means they wrote a "toilet book" - although as yours is an online diary and not a book, perhaps it's fine (although "toilet blog" sounds a lot worse). Thank god you took the hiatus otherwise I'd probably still be on the proverbial toilet...

Anyway, I just registered to tell you how much I enjoyed it (not talk about toilets) - shame it's not "ended" on the most positive of notes but I'm looking forward to hearing more of your adventures.

Trish

The_Dragon

MrB would you be able to claim constructive dismissal? Namely you resigned rather than be sacked - I think if they accept that then you can claim JSA

NewLeaf_2

Mr. B, I think DMP is the way forward.
x

chevalier

Hi Mr B
Did you ever do an SOA even for your own knowledge? Do you want to put one up now for us to pore over?

You can do the CCCS debt remedy online to give you a potential answer without having to actually talk to someone if you aren't ready for that yet.

Also I would speak to an employment lawyer to double check you weren't constructively dismissed.

chev

Rainbow_Bridge

Ditto what Chevalier and The Dragon have said.

You posted earlier that you were forced into a corner, this suggests constructive dismissal to me.

Get some good advice before you fill in your claim for JSA, because getting the wording right can make a tremendous difference, and £71.00? a week, plus your NI contributions paid, would pay for food xx. Think of all the money you have paid into the system!