help me please. dont know where to start

gawebb99

pumpkinsoup wrote: »

Hi we are in the exact same boat as u hun with about the same debt!!. Ive been avidly reading on here and have had some really good advice. From what i can gather an iva is quite strict but is over and done with in 5 years. Where as if u go down the dmp route its more of a gentlemans agreement but u may not get all interest frozen. With the dmp if u go through one of the charity based ones they sort out in comings out goings etc u will have to cut back obviously but will be enough to live on. I myself cant wait to see my new bank account without a minus next to it. Ive come to this conclusion i would rather enter a dmp and live alot stricter than come back here in 5 years time with double the debt . I know there will be loads more replys with people with more experience than me. But if u need to chat or pm feel free i could do with a debt free buddy lol!!. My main concern through all of this is not wanting my kids to suffer also xxx

thanks thats lovely!! what do we get ourselves into hey! well never again i tell you. i will never put anything on credit again:mad: as i say, older and wiser now and wanting to get it sorted!!

so, if i go for a dmp, who agrees how much i can afford to pay the creditors? them/me? i guess payplan may suggest this when i speak to them thursday- are you going through someone like this?
and does this count for just credit cards? or loads/store cards etc also?

gawebb99

BEAT_THE_DEBT wrote: »

Hi i took the dmp route and have never looked back. For me it was soul destroying scrimping on essentials just for the sake of a credit rating so i contacted cccs hubs has self dmp, which is harder as you have to keep renegotiating. Dmp is set 7 yrs for me.

do you mind me asking what your debt was? and who decides how much you pay the creditors- you or them?

also, is it just available on cc's? or can you try this for loans also...thanks

Standingtall

Hi Gawebb99. Well done for deaing with your debts before they overwhelm you. I started my DMP with Payplan 2 months ago and it has been a very frightening but liberating experience. I now sleep at nights which is something new for me:j

Payplan looked at my list of out goings that they had me complete, along with my income (overtime not in included). They then calculated the surplus which was allocated pro rata to my creditors. I have enough to live on fairly comfortably which is good because there is a long road ahead;)

pumpkinsoup

As far as im aware from a friend who had a plan with cccs. They go through it all with u and work out how much u can afford. They will then set the plan up.
They then give u reviews to see how ur getting on not struggling etc!!

My friend said they were ace and she never had a bit of bother!!
If u go on the cccs website (google it) there is a debt remedy tool that u can do which will give u some idea, inputting all ur detail debt, bills etc. I found this a great help.

Me and hubby have just set up a seperate joint account with co-op waiting for all the bits to come through. Then we will transfer wages etc. We have also decided not to pay any debts in december but send a £1 token payment to all creditors till we are set up properly. And to get a bit behind us in case.

I dont know about u but im pretty scared of not having my credit card to fall back on, but also excited for the challenge .

I have already warned my daughter she is no longer the next queen but primarni all the way lol.Hubbys another matter hes only concerned about mobile phone contract!!! wait till hes eating basics beans unlucky lol Take care hun xx

ohhhh nearly forgot on here there is the dmp mutal support thread its brill and u will find out loads. The people are all lovely xx

gawebb99

pumpkinsoup wrote: »

As far as im aware from a friend who had a plan with cccs. They go through it all with u and work out how much u can afford. They will then set the plan up.
They then give u reviews to see how ur getting on not struggling etc!!

My friend said they were ace and she never had a bit of bother!!
If u go on the cccs website (google it) there is a debt remedy tool that u can do which will give u some idea, inputting all ur detail debt, bills etc. I found this a great help.

Me and hubby have just set up a seperate joint account with co-op waiting for all the bits to come through. Then we will transfer wages etc. We have also decided not to pay any debts in december but send a £1 token payment to all creditors till we are set up properly. And to get a bit behind us in case.

I dont know about u but im pretty scared of not having my credit card to fall back on, but also excited for the challenge .

I have already warned my daughter she is no longer the next queen but primarni all the way lol.Hubbys another matter hes only concerned about mobile phone contract!!! wait till hes eating basics beans unlucky lol Take care hun xx

ohhhh nearly forgot on here there is the dmp mutal support thread its brill and u will find out loads. The people are all lovely xx

yes having no credit card to fall back on is a bit of a scare:mad: but- needs to be done here!! just hope and pray nothing goes wrong with the car etc...

how do you go about making a token payment of £1 to your creditors? im so clueless its unreal. i have had a good read of lots of these threads but there are so many:eek: and it gets a little confusing!!

im majorly worried that after we pay the creditors through payplan if we decided to use them- how much will they allow us to be left with after household bills etc?

MuffinTops

Hello gawebb99. Definitely don't get yourself too worked up about things. Just looking at this website recently has shown me how "normal" it is to get in a little above our heads.
I have nothing against payment plans, but please make sure you take a look at the fees that they will charge you. Some companies I looked at wanted to charge around £60 a month and I felt that over a 5 year period the companies I owed money to could be whittled down faster.
In this current economic climate many creditors will be more than happy to talk to you about a payment plan if you let them know your situation. So maybe you could consider an afternoon of difficult but relief giving phone calls to work something out. Sit and go through what you owe, what you currently pay and what you can realistically afford. Most of the places you owe money to just want to know they will see their money and the responsibility you show to pay them will be appreciated. If you hit a wall here and they won't help then a payment plan is the next step?
This is how I dealt with my money issues and it took far less to pay people back without adding that extra debt. I believe it may also have had a ligher impact on my credit rating.
I hope that helps.

Standingtall

Hi Gawebb. I know that for two adults and one child I have been allowed £240 for food, £20 for hairdressing, £30 for school dinners, etc. I hope this gives you a little indication and reassurance.

pumpkinsoup

Payplan or the cccs will be able to advise u on this they will email a template u can input ur own details. I think its something along the lines of in difficulty in talks with ...... to set up a payment plan. Heres a token payment until its set up. Paypal and cccs do not charge fees they are charity based. U should try the debt remedy on cccs website as u will get an idea on allowances whats u have to live on etc.

You should also be aware that it will impact ur credit rating for 6 years. Hope ive helped u xx

van22663

Hi again,
I spoke to cccs first & got the pack with my income/expenditure list, going directly to the credit card companies was by accident really. I just called them to put them in the picture & they were all keen to deal directly with me rather than through cccs. I think that was probably because cccs would have suggested £1 or £2 payment and I was happy to offer a little more, around the £10 mark. The only company that would not set up the arrangement without a copy of the cccs list was barclaycard. I could not do an IVA because one of the debts is a loan in my Dads name which could not be included in the debt & obviously, I was anxious that i had to pay the full amount on that one because its in my dads name. My credit rating is shot for 6 years but im really not bothered, I got in debt when i split up with my husband & couldnt afford the mortgage, ended up getting cash off credit cards to keep a roof over the kids heads...wow BIG mistake...huge interest charges. Virtually all of the card companies have sold my debts onto debt management companies like cabot & apex and I have had the plans in place for about 3 years now. As long as i pay every month, no one hassles me at all. Have a word with cccs and payplan, you wil be fine. Good Luck

antonic

You have taken the first important step and realised that you have a problem and the second step is to deal with it.

I have a DMP with PayPlan (my sig says everything !) and havent had a single problem with them since I started in Dec 2005.

Its not easy being restricted in your spare cash, but its something you get used to ! - If I run short I can always borrow £30/month from the bank of Dad !

gawebb99 wrote: »

ok. so my husband and i have been careless , mainly my fault i guess. always wanting the children to have nice things etc etc one thing leads to another doesnt it. we have two children and live in a rented house with one car between us. we both work.

we are in debt and struggling now as my husbands wages have dropped.

we havent ever been late in paying any of the creditors but could be heading that way soon.

we have 2 loans. £10,000 & £3,000
4 credit cards between us. approx £7000 in total
2 argos cards and a homebase card approx £1000 in total
very, additions, empire catalogues approx £2000 in total
we oew my in laws £2500

so approx £24,00 :eek:

our car is paid outright as is the insurance. we have no social life-never go out so money isnt going there. we have no luxuries really at all.

not sure whats the best route to take. any advice please as really struggling and even with very careful budgetting we still dont have enough each month.