Newbie drowning in debt circa £330K

perfecta1

also .... check your local university/ hospital if they carry on any researches. You can get money and vouchers/gift cards in participating in them.

If you are happy with giving your eggs (yes eggs!) and use some stimulation drugs to produce more eggs you can get a check for 1200 pounds (check the nearest fertility clinic)

As far as I know there is a lot of researches going around the country: high blood pressure, diabetic, suplements and vitamins taking etc Maybe your disale ben could take a part as well?

Joanne123

perfecta1 wrote: »

also .... check your local university/ hospital if they carry on any researches. You can get money and vouchers/gift cards in participating in them.

If you are happy with giving your eggs (yes eggs!) and use some stimulation drugs to produce more eggs you can get a check for 1200 pounds (check the nearest fertility clinic)

No research company worth their salt would take us because of our multiple health problems, taking into account that I have already had a cardiac arrest (just after I gave birth to the twins) they would be foolish to even look at me.
If I were to undertake clinical trials and (likely ) die then the compensation would wipe out the benefits of my life insurance which would be invalidated

Husband with diabetes/angina is also just about untouchable medical research wise

Eggs - I'm 49, all my eggs are hardboiled

Thanks for the suggestions, If I were 20 years younger they may have some mileage. In the meantime, I would like at least one of us to be alive to see our children to 18 years old

Joanne

jamesd

An IVA is one of the forms of insolvency, less severe than bankruptcy. It involves working out what you can afford to pay after taking care of key bills like a mortgage and then negotiating writing off part of the debts to get the amount owed down to a level that can be paid off affordably within a certain number of years. It's very commonly used in situations like yours where full repayment with interest is impractical but where it's credible to pay off a portion without interest in a reasonable time. If it can't be done within a reasonable time then bankruptcy with its usual one year end is likely to be considered.

An IVA is also effectively a form of DMP but unlike a normal DMP the creditors have no choice but to participate if a majority of them by amount owed agree. The law then forces the rest to go along with it. If there's no majority agreement then the alternative is likely to be bankruptcy so they have a pretty stark choice - get something or get much less.

For your husband the challenge is in part to look at the numbers and see if it is possible to continue without using some of the law that has been put in place to help people in this situation.

No need to go there yet, you can look at the numbers and see what you can cut back on and when various debts might end with normal repayment but I doubt that you will be able to find an alternative solution that can work. You need at least to eliminate the interest to get to a situation that stops getting worse.

If you can then deal with the seven years of payments then you can go with a DMP that suspends all interest, if your creditors agree.

If you can't get enough agreement then it's time to consider an IVA to force agreement and get the payments to an affordable level.

The debt help charities are very useful in this sort of situation. They have lots of experience with budgets and in putting together proposals to creditors for DMPs or IVAs.

Declaration of interest: I've lost money I've lent, to DROs, IVAs and bankruptcies.

lizzy23

Joanne123 wrote: »

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I agree about the debts but husband is really unhappy about not paying everything back that we owe (including interest).
I'll have a look at the link from National Debtline and see what their recommendation is.
We can continue as we are but re negotiate longer repayment periods and our credit rating is shot to pieces OR we can go down DMP route and our credit rating is shot to pieces.
I'm not sure what an IVA is so can't comment on that.
My priority is our home if we can hang onto that then we have a stable and secure start for our children - the rest is optional.

Joanne

Hi joanne, but you are at a point looking at your SOA where you can't service your unsecure debt, i would suggest that you get in touch with the CCCS or Payplan and see what they suggest, whichever way you go at the moment your credit rating will be shot, and not being funny (i'm about to start DMP) credit got you in this mess so do you really want it in the future? i know i don't, good luck with whatever you decide

perfecta1

Joanne123 wrote: »

perfecta1 wrote: »

also .... check your local university/ hospital if they carry on any researches. You can get money and vouchers/gift cards in participating in them.

If you are happy with giving your eggs (yes eggs!) and use some stimulation drugs to produce more eggs you can get a check for 1200 pounds (check the nearest fertility clinic)

No research company worth their salt would take us because of our multiple health problems, taking into account that I have already had a cardiac arrest (just after I gave birth to the twins) they would be foolish to even look at me.
If I were to undertake clinical trials and (likely ) die then the compensation would wipe out the benefits of my life insurance which would be invalidated

Husband with diabetes/angina is also just about untouchable medical research wise

Eggs - I'm 49, all my eggs are hardboiled

Thanks for the suggestions, If I were 20 years younger they may have some mileage. In the meantime, I would like at least one of us to be alive to see our children to 18 years old

Joanne

some medical researches doesn't need anything from you except your blood and ie a tiny bit of skin. (cancer researches). And what about nonmedical researches? ( I took a part in one yesterday. I had to do a quiz which took about 1 h and received vouchers for 15 pounds! so with your husband you could get 30 pounds)

Even if you are 49 still you can give your eggs as long as you are not in menopauze but with your heart condition I am not sure that they decide to take you to research.

And about your house. I am sure you drreamed a lot about it but maybe it's time to apply for a council house? say what your situation is, that your house will be repossesed in couple of weeks time and you need an accomodation? tell about all your debts, maybe you could have a discount on council tax?

Cook meals for 2 days. a big pan of soup, but a proper soup not a cream soup. Soup with plenty of vegetables, potatoes and pasta/rice so it ful your family fr longer than 30 minutes. Also go to the market where people buy fruits and vegetables to restaurants. You can buy a 15 kg of potatoes for 4 pounds, 2.5 kg tomatoes for 2 pounds etc.

Try to find people who works in polutry factory (if there are any in your neighbourhood) As employees they can buy huge bags of chicken breast (at least 4 kg) for 2 pounds! The same one which is prepacked for M&S and sell 250 grams for 1,80 pounds! Make deal with them and buy a bag of 5 kg for 6 pounds. They earn some money but you still saving a lot!

dancingfairy

Hi. I believe you may be eligible for disabled band relief on your council tax. This means that if it weren't for the disability in your family you would probably live in a smaller house and have a lower council tax banding so the council will charge you at the lower rate. As you have had to make adaptions ot the house it seems you would qualify. It would reduce your council tax band by 1. I'm not sure if you can get it backdated but it's worth a shot, particularly if you have evidence of when the work was completed. Best of Luck.
This page here explains it rather better:
http://www.direct.gov.uk/en/DisabledPeople/FinancialSupport/Taxreliefandreductions/DG_10026451
df

Growurown

perfecta1 wrote: »

And about your house. I am sure you drreamed a lot about it but maybe it's time to apply for a council house? say what your situation is, that your house will be repossesed in couple of weeks time and you need an accomodation?

There are huge waiting lists for council houses. You would score a lot of points if you are homeless, with children and have health issues but you wouldn't get a house instantly. You might get put in a hostel or B&B initially and then maybe temporary housing until a property becomes available. This could take months and not a route I would want to go down with children and the stress would take a big toll on your health.

You can go on the waiting list but whilst you have a roof over your head you will be very low priority and unlikely to get anything.

perfecta1 wrote: »

tell about all your debts, maybe you could have a discount on council tax

Won't happen. Council tax has to be paid whether you have debts or not.

heartbreak_star

I have to dress reasonably well for work too and I spend <£20 a month on grooming, honestly

I use Collection 2000 makeup and a few expensive bits I was given for Christmas/birthdays. I save the fancy brushes from mascaras and use them with cheaper brands.

I learned to give myself manicures (not pedicures as I have horrible dancer's feet anyway so they never get seen ) and although I have my eyebrows threaded, that's once every 8 weeks and I top up with tweezers every week.

Seriously, get clippers for the male haircuts if you can. That means you can still get your hairdresser in but it'll be cheaper. Dye it at home if you dye it

HTH, I do understand needing to look groomed for work but if you put a bit of time and effort in you can do most of it yourself...and if you REALLY need a pamper, find a college or training academy who'll do the treatments cheap

HBS x

perfecta1

heartbreak_star wrote: »

and if you REALLY need a pamper, find a college or training academy who'll do the treatments cheap

HBS x

yep, they're doing hair cuts for free!

heartbreak_star

Don't think I've ever managed free completely, but I don't think a cut, style and blow dry for £5.20 was too bad seeing as I have a graduated fringe and choppy layers. She did take a while - being very careful - but she did an awesome job

Also the girl who did me a shape and polish plus hand massage for £3.50 was great too!

HBS x