my debt got worse...

lonely_2

Can I just clarify why Payplan have told you that you need to pay three months of the Barclays loan before they can help you? This is not the usual advice they would give. Also, why did you terminate the loan if you are entering into a DMP? Please clarify then I will try to help you based on my knowledge and experience.

There is also another option which you haven't mentioned - an IVA. But to qualify you need to be insolvent (paying more out in minimum payments and basic living expenses then you have coming in)? May this be an option?

Also, no reason your dad needs to know about this. Make sure you only give your mobile number out - so they can't contact you on your landline and place of work. If your dad doesn't have access to your account, I'm not sure why he would find out.

legoman

lonely wrote: »

Can I just clarify why Payplan have told you that you need to pay three months of the Barclays loan before they can help you? This is not the usual advice they would give. Also, why did you terminate the loan if you are entering into a DMP? Please clarify then I will try to help you based on my knowledge and experience.

There is also another option which you haven't mentioned - an IVA. But to qualify you need to be insolvent (paying more out in minimum payments and basic living expenses then you have coming in)? May this be an option?

Also, no reason your dad needs to know about this. Make sure you only give your mobile number out - so they can't contact you on your landline and place of work. If your dad doesn't have access to your account, I'm not sure why he would find out.

i terminated the debt because each month would be £333 which i dont have starting tomorrow. payplan said i had to pay three months before i started a payment plan which i guess is their policy. i didn't know any different i'm afraid.

IVA? i haven't looked yet but am thinking of it though some peolpe on here said they were to be avoided a while back...

Wafoo

I completed an IVA in 2004,was very easy to do,the creditors prefer it to Bankruptcy as they get more money,there is a stigma attached to it,but nobody knows but me that i had one,the relief from no intimidating phone calls or letters is enormous,It means you're stuffed with proper credit for a few years,but hey,you don't need it again anyhow,if you're desperate for a credit card,there's always the pre-pay ones for emergencies,
From having no money whatsoever at the end of the month I'm saving £100-150 a month now,I'd seriously consider an IVA.

legoman

Wafoo wrote: »

I completed an IVA in 2004,was very easy to do,the creditors prefer it to Bankruptcy as they get more money,there is a stigma attached to it,but nobody knows but me that i had one,the relief from no intimidating phone calls or letters is enormous,It means you're stuffed with proper credit for a few years,but hey,you don't need it again anyhow,if you're desperate for a credit card,there's always the pre-pay ones for emergencies,
From having no money whatsoever at the end of the month I'm saving £100-150 a month now,I'd seriously consider an IVA.

GIMMIE GIMMIE GIMME!!!! can you advise me on where and what to do. or at least a starting point for info on them?

NekoZombie

Payplan should have gone through your options with you including discussing a DMP, IVA or bankruptcy. I am very surprised that they didn't...

Wafoo

legoman wrote: »

GIMMIE GIMMIE GIMME!!!! can you advise me on where and what to do. or at least a starting point for info on them?

I was with payplan,basically my story was i was offered a job in Australia,so sold the house and used the surplus to pay into my IVA,the company was recommended by Payplan,they were called Shaws insolvency Services but think the name has changed now,contact Payplan,think they have a link on thier site

legoman

seems payplan did me no favours then? they must have forgotten to tell me everything... with this IVA (i will look into it in the next hour or so) what happens? does some of the debt get written off or something?

thanks guys.

edit: shaws is payplan...

Wafoo

PM'ed you,if you need any more info let me know

legoman

Monthly Incomings:

My salary – £600 per month + any extra I get from building a website.
My wage is low as I work for my dad. I have the prospect of obtaining the business in 8-9 years. So I took the low salary now/reward later option.

Total - £600(ish)

Monthly Outgoings:

Mortgage/Rent - £160.00 (includes all bills)
Council Tax – n/a
Gas – n/a
Electric – n/a
TV License – n/a
Sky n/a
Phone - £35.00
Food - £80
Car Insurance – n/a – don’t drive.
Petrol – n/a
Life Insurance n/a

Total: £275.00


Barclaycard – Balance £4000 (limit £3,500) APR 14.9% interest added for missed payments.

Aqua card – Balance £900 (limit £850) APR 35.9%

Capital one card – Balance £180 (limit £200) APR 19.9%

Capital one business card Balance £150 (limit £200) APR 19.0%

Barclays Business loan. £16000 at £333.00 per month starting march 17th 2007.
This has now been terminated and has gone to £22.344.52p
Account balance - -£1723.45p
Personal Barclays account - -£6.98p

I have a Natwest personal account currently at £650 in credit. That is money from charges refund from HSBC.

I think that is all…

sanfrancisco

With the £650 pay off these debts:

Capital one card – Balance £180 (limit £200) APR 19.9%

Capital one business card Balance £150 (limit £200) APR 19.0%

Personal Barclays account - -£6.98p

Shut them all down immediately. You will gain the psychological benefit of going from 7 debts to 4. Wah hey!

With the remaining £300 I would pay the Aqua card:

Aqua card – Balance £900 (limit £850) APR 35.9%

Pay this off over the next 2 months.

You will then be left with 3 debts. You really need to get a higher paying job. What does the equivalent job pay locally? I don't understand why the loan has jumped up so much. It really depends on you. If you were really focussed (and got new job) you could pay all the debt back. You are lucky to have REALLY low outgoings. If you arn't keen to knuckle down then go for IVA. However, do check out whether this will efect you owning a company in a few years.

Other debts:

Barclaycard – Balance £4000 (limit £3,500) APR 14.9% interest added for missed payments.

Barclays Business loan. £16000 at £333.00 per month starting march 17th 2007.
This has now been terminated and has gone to £22.344.52p
Account balance - -£1723.45p