OK My SOA

safeashouses

lynzpower wrote:

MOTHERCARE £275
NEXT £540
HALIFAX CC £1840
HSBC CC £741
VERTBAUDET £224
KAYS £224
MBNA £1588
IKEA £248
LLOYDS TSB CC £1997
ACE £200
FASHION WORLD £200
TESCO CC £250

In a few months you will have 170 from the paid of HP and 80 for the overdraft.

thus you will have a spare 250 a month

eg
month 1 tesco CC gone
month 2 - fashion world gone & 50 to ace
month 3 - ace gone & ikea gone
month 4 - kays gone & spare to mothercare
month 5 - mothercare gone
and so forth

Im not sure you need a DMP at all here

Well the £80 will take 2 years to pay off so we will have £170 extra. But with minimum payments on all the debts, we would not have any spare? If we follow the DMP (through CCCS), then I presume we can pay off more when we are able and get rid of the debts quicker?

safeashouses

Idiophreak wrote:

Just a note, the general advice here is that if you have spare money, debts come first and savings come second.

Hiya - I meant save it to put into the DMP if I am able to do that to pay it off quicker...

lynzpower

safeashouses wrote:

Hiya - thanks for your input. We cannot get freeview here - the £30 includes our tv license and a basic sky package.

No credit left on the credit cards, and a bad credit rating so cannot get more...

The clothes - well I doubt we WOULD spend that but I felt I needed some monsy for clothes - 4 children, 4 pairs of shoes, school uniform for 3, a husband who needs chef whites, etc...

you can cancel sky and recieve the digital channels through the box - for free

lynzpower

safeashouses wrote:

Well the £80 will take 2 years to pay off so we will have £170 extra. But with minimum payments on all the debts, we would not have any spare? If we follow the DMP (through CCCS), then I presume we can pay off more when we are able and get rid of the debts quicker?

if the 80 is going to take 2 years to pay off, then whys this not being included in the DMP?

I agree with other posters, this doesnt add up to me.

the whole point about DMP is that you use no debt adn theres one payment which is EQUALLY distribute to creditors. you are preferring your OD creditors- and I didnt think this was allowed? I cant see your other creditors being too happy with others getting preferantial treatment

lynzpower

also in 4 months, hubbys OD will have gone then so you have an extra 45 to snowball

safeashouses

lynzpower wrote:

you can cancel sky and recieve the digital channels through the box - for free

Thanks - I will look into that...

safeashouses

lynzpower wrote:

if the 80 is going to take 2 years to pay off, then whys this not being included in the DMP?

I agree with other posters, this doesnt add up to me.

the whole point about DMP is that you use no debt adn theres one payment which is EQUALLY distribute to creditors. you are preferring your OD creditors- and I didnt think this was allowed? I cant see your other creditors being too happy with others getting preferantial treatment

Oh ok - but the overdraft is authorised so surely that is not classed as a debt in the same way? It is a choice thing to try to pay it off... not something we have been asked to do?

I'm really upset now, I thought we were doing well trying to sort this

lynzpower

safeashouses wrote:

Oh ok - but the overdraft is authorised so surely that is not classed as a debt in the same way? It is a choice thing to try to pay it off... not something we have been asked to do?

I'm really upset now, I thought we were doing well trying to sort this

Thats not my understanding at all sugar. I understood that you have to include ALL debts in a DMP.

I dont know why youve been advised otherwise?

safeashouses

lynzpower wrote:

Thats not my understanding at all sugar. I understood that you have to include ALL debts in a DMP.

I dont know why youve been advised otherwise?

No nor me I asked about authorised overdraft on the phone to the CCCS and she said it didn't have to be take into our debts. Oh B*lls, I'll have to call again when my DMP arrives I guess. But then surely we will be stuck living off an overdraft for 8 years which is when they said we would be paying til

Idiophreak

safeashouses wrote:

I'm really upset now, I thought we were doing well trying to sort this

Don't get upset.

Compared to a lot of people you have quite small levels of debt and quite a healthy income to get rid of it.

People on these forums will support you and you *will* get through it, so don't be downhearted.