nebie - be gentle !

135K

Quote:
Originally Posted by Yant1
No income as such and 135K of debt...

Hmm very interesting, may I refer you to Paul Daniels financial services they can help you. I think the bird was never in the clock with you.

file for bankrupcy

LOL, that's so cruel but it made me laugh so much :rotfl:



yes - I could see the funny side too.

Tr@cker

135k, how come they let you borrow that ridiculous amount i presume unsecured ?

[Deleted User]

... Maybe a help group for the alcohol too, its expensive stuff and not helping you or your body.

Sleepless nights for a few weeks would be a likely side effect of going cold turkey but youd be better off afterwards.

135K

Yant1 wrote: »

In my experience, I have helped rebuild cars before and its often the case that 30K of work increases the 2nd hand value by 10K. Its not really a profit thing, its more for teh love of it. It cost my mate 4K just to get it acid dipped, and galvanised (after we rewelded damaged panels). So might be best to find people that were in love with said items as you were with them and get teh best price.

Rob, sound advice, go to your doctors and get a chemical labotamy will solve everything :rolleyes: :T :rotfl:

i know about 'work' to 'added value' in cars too.

The work I am talking about is maybe a couple of days to get an MOT and a day or too polishing and detailing. I know the 'full resto' route has no financial place in my plan. Some of my cars - ars actually VW vans / busses which I can fit out as campers in about a week - and this is good value - hours spent , to extra added value.

if it were possible to cut my interest or even freeze it, I am sure I could clear ALL of my 135K in a couple of years -


let alone writing any off - I dont find that ethical , yet ! I still have the pride - its 'my' debt, I will pay it back.

just - the interest is the problem

of course - there is the view that the ammount I have payed in interest - they can afford to write some off for me ????

climbgirl

A DMP isn't really an option for you because you don't have a regular income. This is why CCCS have said they can't really help you. It doesn't matter whether they do it or you do it - you need income to be in debt repayment plan.

I know you have fears of working etc from bad experiences in the past, but there's no reason why it would all be raked over again this time around. Frankly, you need the income pretty badly and you need to get over it. Is there anyone you can talk to professionally to get some help with this? As someone else said, get a simple PAYE job and all the tax is taken care of for you. There is absolutely no reason why you'd have the fraud dramas you had before. Don't let this fear cripple you and your family financially.

As for the assets, you need to assess how much time and money (which you don't really have) is worth spending on them. I know it makes sense to maximise assets to get as much profit but sometimes you need to weigh this up in terms of time and urgency. If you were to sell up everything (bar the house!) today, what would you expect to get from them?

It's a lot of ifs and buts to rely on future sales of assets (and this is something the poster in the Amex thread never really got). What you need right now is a steady income.

I have to say, I can really see your attitude changing through this thread. I think you can sort this out, you'll get a lot of help here so keep posting and keep answering our questions and keep listening to the advice.

The guy from the Amex thread will go on and on about people being nasty etc. But it was just sheer frustration at his complete blindness to the helpful advice people were giving. He didn't really seem to want to face the fact that living on credit for years is dangerous house of cards that will eventually come crashing down. You just can't shuffle cards and live off credit forever, one day you will have to pay it back. Martin is a fan of shuffling cards but not to live off! Only to minimise interest payments if you're in debt, or to make the most of 0% offers if you're not. You do seem to have woken up to this and you can sort this before it's too late! good luck.

climbgirl

What about a part-time job? Might help you get over the fears of having an income and it'll give you time to spend bringing those cars/boats up to a saleable position.

135K

Tr@cker wrote: »

135k, how come they let you borrow that ridiculous amount i presume unsecured ?

its worse than that - when I bought my house, my mortgage adviser managed to secure a potencial £390,000 mortgage if I wanted.

last year - knowing my full debt lloyds lent me 20,000 to buy the boat

this year - halifax lent me 13000 to live off till the boat is finished !!!!!!!! :eek:

I am still good for around 20,000 if I was to max out all my cards **

and I am sure that if I go into lloyds on monday , I could get my loan topped up by 5000 and maybe 10000

it's a &^%%^& crazy world we live in !

** I will double check on that - as that means I could probably get another shuffle done and get the interest down. My biggest worry would be to get half way through the shuffle - pay off a card, and have then reduce the limit on it !

Tr@cker

climbgirl, you know these DMP's. Are they really any better then a proper IVA drawn up by an IP ? Ive seen stories of people on DMP's for umpteen years i know they dont charge but there's no reduction in debts is there ?
So if somebody pays 1000's in fees for an IVA but pays up on the plan in 5 years and also gets a big reduction in the overall debt wouldn't that be cheaper (also legally binding) than a DMP ?

135K

Yant1 wrote: »

... Maybe a help group for the alcohol too, its expensive stuff and not helping you or your body.

Sleepless nights for a few weeks would be a likely side effect of going cold turkey but youd be better off afterwards.

I am keeping it under control most days now

as for the cost - I brew my own beer and wine.

sometime I go out for some tennents super - cuz it 'hits the spot'

and yes - I know it is not doing my body, any good at all.


as for going 'cold turkey' I have read - that after drinking alot for a long time, its not a good idea unless medicly supervised (that means - yes , I could die ! ) I think its called the DT's or something, its been a while since I read it. but anyway - on your own, cutting down, is better than 'cold turkey' !

climbgirl

Tr@cker wrote: »

climbgirl, you know these DMP's. Are they really any better then a proper IVA drawn up by an IP ? Ive seen stories of people on DMP's for umpteen years i know they dont charge but there's no reduction in debts is there ?
So if somebody pays 1000's in fees for an IVA but pays up on the plan in 5 years and also gets a big reduction in the overall debt wouldn't that be cheaper (also legally binding) than a DMP ?

It depends on the individual situation of course, sometimes an IVA is a better course of action. I too wonder about some of these DMPs that are set up to last for decades. But IVAs are not the magic cure that all the debt companies sell them as. It's one step short of bankruptcy really, your credit rating is stuffed for years etc. If there's assets to be sold, I think that's a better route than either a DMP or an IVA. Neither is really an option without a steady income to fund it.