buried my head far too long

colinrobbie

Hi all

I am a long time forum lurker with the occasional post but now is the time to be a bit more active to be a bit more constructive about my situation.

I am a recovering compulsive gambler (6+ years in Gamblers Anonymous; nearing 2 years free of a bet with a different feeling about this time)

I am a homeowner, in full time employment but with debts of about 1years salary.

I sought help from citizens advice who advised a Debt Arrangement Scheme was the best solution for me to sort out my finances. I didn't see this through as one debt is with my current bank account (joint with my partner) where all my bills and wages in and out.

I have been through an income and expenditure exercise with them which I will add when I have computer access.

I appreciate that it will take a long time to repay my debts and am happy to do so, but this but my recovery will last a lifetime so this is not an issue.

My job has a basic salary and a bonus scheme which I hit about 9 months of the year, which gives me a reasonable average salary on paper but in the months where I don't hit target it leaves a huge hole in my cash flow.

As stated I will post a statement of affairs when I can, and format this post where necessary as it is difficult doing it on a phone.

Thanks for reading, and look forward to any messages of advice or support.

Tixy

Hi

In terms of the DAS did you look in to switching the joint account to a new bank before entering the DAS?

If you are not going through with a DAS then are you planning to enter a DMP? or set up reduced payments with creditors? or do you think you will be able to manage keeping up with the minimum repayments going forward?

Well done on the 2 years free of gambling.

On_my_way

Well done on your 2 years free of gambling.

There have been a few posts lately about how to budget when you are on a variable income - they should help you.

colinrobbie

To include that debt it had to be a joint DAS, something my partner wasn't keen on. I since agreed repayments with the credit cards but nothing with the bank as we use the account daily.

Credit card companies were straightforward to deal with, however as I was late with a payment the interest has been unfrozen on one giving ridiculous minimum repayments.

Ideally I want to have everything into one repayment coming out on a set date, something a bit more formal than what I have now.

coolcait

colinrobbie wrote: »

To include that debt it had to be a joint DAS, something my partner wasn't keen on. I since agreed repayments with the credit cards but nothing with the bank as we use the account daily.

Credit card companies were straightforward to deal with, however as I was late with a payment the interest has been unfrozen on one giving ridiculous minimum repayments.

Ideally I want to have everything into one repayment coming out on a set date, something a bit more formal than what I have now.

You could have a DAS on your own, and include that bank debt. It doesn't have to be a joint DPP.


The risk with that approach is that your partner wouldn't have the DAS protections. If they're willing to take that risk, then you could still go ahead with a DAS on your own.


There is also a risk that the bank could freeze the account.


If it's that debt, and that account, which is stopping you entering a DAS or some other arrangement, maybe it would be an idea to open a new account and use that for your wages and direct debits.

colinrobbie

I was advised that I couldn't proceed with a DAS including that debt without my partners cooperation. The risk of freezing the account weighed heavy in my mind. Other things I've heard are to open a basic bank account and take that route of dealing with the overdraft in the way I did with other credit cards.

colinrobbie

I should add that it is a current account which is used by both of us. There is obviously interest being added each month but as our wages are paid in there I am merely servicing the debt rather than repaying it.

coolcait

colinrobbie wrote: »

I was advised that I couldn't proceed with a DAS including that debt without my partners cooperation. The risk of freezing the account weighed heavy in my mind. Other things I've heard are to open a basic bank account and take that route of dealing with the overdraft in the way I did with other credit cards.

I'm not sure about the bit in bold - it really depends what the adviser meant.


If the adviser meant "there's a risk that the bank will pursue your partner for payment if you go into a DAS, including that debt, but your partner doesn't - so your partner needs to be aware of that, and ready to take the risk" then that's fair comment.


If the adviser said "if you put that debt in the DAS, then it has to be a joint DAS, and your partner has to go into it too" then that's wrong.


You can put an overdraft into a DAS, but you really need to set up a new account first, for wages and direct debits - just to be on the safe side.