OK My SOA

raq

When we where having major debt problems cccs told us we could manage this on our own without a dmp and our's was £10k. Glad we did in the end as it really made us sit up and think about our money, and the future.

A lot you can cut back and hopefully won't go down that road.

safeashouses

Idiophreak wrote:

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.

Thanks idiophreak. I just thought I had got my head round it but now feel all lost again. We were advised to take on a DMP with CCCS as they agreed our figures did not add up and we could not afford the minimum repayments on all our debts. But it seems people here think we can and I donl't know how so that is why I am all lost!

safeashouses

raq wrote:

When we where having major debt problems cccs told us we could manage this on our own without a dmp and our's was £10k. Glad we did in the end as it really made us sit up and think about our money, and the future.

A lot you can cut back and hopefully won't go down that road.

So how do you do it? Because we tried to do that but our minimum payments on all debts inc loan and mortgage came to £1390 (so not decreasing any debts really other than car loan). Then there is all the insurances, food, phone, gas, electricity, CT, food etc and we couldn't afford it - and thta was making sure we only spent £200 max a month on food, nappies, toiletries for the 6 of us. It just did not add up.

miggy

safeashouses wrote:

a husband who needs chef whites, etc...

If the whites have to be washed at home (and I expect they do), you may be able to claim some tax relief:
http://forums.moneysavingexpert.com/showthread.html?p=281775#post281775
Also, you have some very tempting store cards there - but remember you can often get their goods for a fraction of the price e.g. discount places, eBay (just don't get carried away with them!)
All the best with it

lynzpower

safeashouses wrote:

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

no, if you are going into a DMP yu are supposed to open a basic bank account without debt facilities ie overdrafts - a new account. this is cos of course going inot a DMP will mean defualting on debts & the creditors can close your accounts etc?

were you not advised of this either ?

this seems very odd

safeashouses

miggy wrote:

If the whites have to be washed at home (and I expect they do), you may be able to claim some tax relief:
http://forums.moneysavingexpert.com/showthread.html?p=281775#post281775
Also, you have some very tempting store cards there - but remember you can often get their goods for a fraction of the price e.g. discount places, eBay (just don't get carried away with them!)
All the best with it

Thanks Miggy - will take a look as yes, I have to wash the horrible chef's whites!!
The store cards have been cut up for a while and I don't think we would be able to use them anyway with a DMP?
TY for your help x

safeashouses

lynzpower wrote:

no, if you are going into a DMP yu are supposed to open a basic bank account without debt facilities ie overdrafts - a new account. this is cos of course going inot a DMP will mean defualting on debts & the creditors can close your accounts etc?

were you not advised of this either ?

this seems very odd

No But I haven't received my pack yet. I wonder if we might be better to just sell the house instead, I just wanted to keep things stable for the children. I don't want to change bank account, everything is set up from it and we have bad credit so have been turned down for some bank accounts.

Idiophreak

Are you sure there's no chance of you getting more CCs?

Getting a 0% balance transfer offer for a few months could help you out a bunch.

Or would it be possible to transfer some of your balances onto the lowest interest card and haggle with them for a preferential rate on the balances?

I'd also suggest double checking that math about whether you can afford the min. payments. Remember, you only have to get by for 5 months, then you'll have the car and OD money to spare (around 215/month?) which can start knocking the debt down pretty quickly.

lynzpower

safeashouses wrote:

No But I haven't received my pack yet. I wonder if we might be better to just sell the house instead, I just wanted to keep things stable for the children. I don't want to change bank account, everything is set up from it and we have bad credit so have been turned down for some bank accounts.

A basic bank account is the way to go if you have poor credit histories. the natwest step account is one often recommended. the co-op cashminder isa also used a lot too.

Maybe it will all be in the pack, but I considered a DMP for a while when I went onto nil pay, but decided against it, and the CCCS advisor told me to open a new bank account and withdraw all money from all current bacnk accounts and use the new one instead, leaving the others to default.

I dont think you are anywhere near selling up sugar. unless you WANT to that is, which is sounds like you dont.

I dont really have a lot of time right now to look over things again , but nothings in stone yet, you dont have to go into the DMP if you decide against it. Personally it looks like you dont have to do so and with some strict budgeting and extra money making ( be it mystery shopping, a part time job etc) you could snowball your debts as i said earlier.

safeashouses

Idiophreak wrote:

Are you sure there's no chance of you getting more CCs?

Getting a 0% balance transfer offer for a few months could help you out a bunch.

Or would it be possible to transfer some of your balances onto the lowest interest card and haggle with them for a preferential rate on the balances?

I'd also suggest double checking that math about whether you can afford the min. payments. Remember, you only have to get by for 5 months, then you'll have the car and OD money to spare (around 215/month?) which can start knocking the debt down pretty quickly.

Definitley cannot get more credit cards, we've tried and been rejected, our credit rating is terrible due to the previous problems with the business. There is no space on any cards either. As we have defaulted in the past, they have lowered the limits.

We cannot live off what is left, I honestly do think a DMP is best as we will gain quality of life?