Debt Free by 2020.....

owen_money

I'll be debt free in 10 months, yepieeeee

debtboredom

I might be wrong but it's coming across like you've made your own decision already.

There are loads of things on your SoA that you could cut down but every time someone is making a suggestion, you're giving an excuse not to.

From the very little I know about bankruptcy; if you go bankrupt you're still going to be paying debts off for years because there's non essential spending coming out of your income. (And they'll probably take your car, and you'll be £1400 worse off when it could have gone towards debts.)

If you really want to sort it out then you not only have to ask for and listen to the advice but take it on and change your ways!

If everyone did freeze interest and you went on a DMP, even at your current spending you'd have £600 to pay debts every month. £25500 of debt at £600 a month is 3.5 years! If you were to go on a DMP they'll make you cut the holiday money and some others so lets say £800 a month for repayments. That would take just over 2.5 years! Then you'd be debt free and have £800 a month to put towards holiday/whatever instead of using credit!

triple_choc_chip

danross83 wrote: »

If we declare bankruptcy then still cant get credit at a good rate for 6 years, but equally paying into it for a maximum of 3 years (my case) and not at all (her case as all income is benefits...)

I don't understand why you would need to be getting any more credit at all? Your SOA shows that you have surplus income - you have enough to live well and pay your debts quickly or slowly - you decide; so why would you want to take on more debt? Is that LBM shining brightly or still flickering?

danross83

triple_choc_chip wrote: »

I don't understand why you would need to be getting any more credit at all? Your SOA shows that you have surplus income - you have enough to live well and pay your debts quickly or slowly - you decide; so why would you want to take on more debt? Is that LBM shining brightly or still flickering?

Possibly with 5 kids may want to own my own home someday?

What is LBM??

Barbeduk

Oh my! You really need to let go of the idea of entitlement. Man, you live the lifestyle you can afford. Afford. It's that simple. And you can afford to pay it back.

Or you can go bankrupt (wow, how many people on the bankruptcy board do you think are there out of choice) and have the same amount of debt in 10 years time cus you still feel entitled.

danross83

tallyhoh wrote: »

Is the car really necessary? You cant be travelling very far on £100 a month petrol.

Well not going to levitate to the supermarket or on holiday, so yes car is necessary.

Barbeduk

danross83 wrote: »

What is LBM??

Enough said. Sorry, is this actually a wind up?

danross83

This is truly the most condescending board on the planet. Try not buying new clothes for 3 years so you can justify your kids having good xmas / bday. Try not having any social life for 3 years so you can keep a roof over your heads. Yes i get the whole bankruptcy is an easy way out etc pay your debts b/s but at the end of the day my priority will always be my kids, end of story. If i hadnt been ripped off by the first dmp company then i would be debt free by now. only dealing with things now cos quickquid going after an attachment to earnings order. Thus given the choice between them leaving my kids short or having the stigma of bankruptcy, bankruptcy is looking pretty good from where i'm sitting. If i could have a DMP or similar with a monthly payment nearer £300 and an end date within sight then i'd go that route but as a chunk of my debt is with unscrupulous doorstep / payday lenders the pittance they would get would be swallowed up by the interest and charges.

ARGH!!!!!

As an aside, if it was me on my own with the kids, believe me then the debts would be cleared sharpish. But as a chunk of our income (£515) each month comes from my partner's previous spouse as child maintenance, it obv. gets funneled in more child friendly directions as a matter of course. If i disregard this then i have perhaps £300 a month for DMP.

triple_choc_chip

LBM is light bulb moment. It refers to the time the penny drops and you realise that the situation you find yourself in just can't continue.

At the moment I sense you are still feeling a bit 'hard done by' like your predicament isn't of your own making - sorry if that seems harsh and voluntary bankruptcy seems like it would be a coward's way out when you could easily pay your debts (and with government money to boot).

It's good to aspire to own your own property though and that's another good reason not to go the bankruptcy route. So get with the programme and join the rest of us on the journey we're making towards being debt free.

danross83

Barbeduk wrote: »

Enough said. Sorry, is this actually a wind up?

No. It is not a wind up. What is LBM?