help quick please on phone..

sourcrates

Any reason you both can't do a DRO ?

http://debtcamel.co.uk/debt-options/dro/

gawebb99

sourcrates wrote: »

Any reason you both can't do a DRO ?

http://debtcamel.co.uk/debt-options/dro/

My husband would have more than £50 surplus per month so he couldn't

m4rc

It's really hard to do this stuff, but it's good you are making decisions and doing something about it, and it will get easier. Ultimately, don't let it eat you, it is only money, it isn't worth your health suffering. If you owe individuals who are struggling due to you not paying them back then that's going to be harder to swallow, but if your debts are all to companies don't let it get to you - it's one of those things, you are not the first and won't be the last to not be able to pay them back.

Have you considered bankruptcy? You don't own your home, it's over quicker. You mention 9 years of repayments, that's a big chunk of your lives that you will be paying this off, and ultimately you need to ask if that's the best way for you. Sure it's the nice thing to do, but they won't thank you for it, they won't be particularly supportive, and it your money by itself won't make or break their business. If you pay it off you won't be able to get credit soon after, this will hang over you for some time.

Give it some thought, it will wipe the slate clean and give you guys the chance to start again.

Good luck

gawebb99

m4rc wrote: »

It's really hard to do this stuff, but it's good you are making decisions and doing something about it, and it will get easier. Ultimately, don't let it eat you, it is only money, it isn't worth your health suffering. If you owe individuals who are struggling due to you not paying them back then that's going to be harder to swallow, but if your debts are all to companies don't let it get to you - it's one of those things, you are not the first and won't be the last to not be able to pay them back.

Have you considered bankruptcy? You don't own your home, it's over quicker. You mention 9 years of repayments, that's a big chunk of your lives that you will be paying this off, and ultimately you need to ask if that's the best way for you. Sure it's the nice thing to do, but they won't thank you for it, they won't be particularly supportive, and it your money by itself won't make or break their business. If you pay it off you won't be able to get credit soon after, this will hang over you for some time.

Give it some thought, it will wipe the slate clean and give you guys the chance to start again.

Good luck

i have considered bankruptcy and i would go down that route but my husband will not. its the 'shame' (ive told him its not like that nowadays!) and he simply wont do it, worries his work will find out, people will find out etc etc. its also quite expensive, £700 plus for each of us to do it plus we'd still have to pay back the surplus every month for 3 years.

its really tough, not really sure what to do for the best if im honest

sourcrates

I would defenatly look into a DRO for yourself, your husband could maybe do a debt management plan for those 12 months until you are discharged, then look at your options for tackling the remaining debt at that point, that could mean staying on the DMP and saving as much as possible in order to offer full and final settlement offers, as and when you can !!

You don't say if all your accounts are still with the original creditor/debt collectors or mixture of both.
If still with OC then you have plenty of time to decide what to do, as I said before, debt collection takes a very long time, and tends to follow specific routines.

gawebb99

sourcrates wrote: »

I would defenatly look into a DRO for yourself, your husband could maybe do a debt management plan for those 12 months until you are discharged, then look at your options for tackling the remaining debt at that point, that could mean staying on the DMP and saving as much as possible in order to offer full and final settlement offers, as and when you can !!

You don't say if all your accounts are still with the original creditor/debt collectors or mixture of both.
If still with OC then you have plenty of time to decide what to do, as I said before, debt collection takes a very long time, and tends to follow specific routines.

All still with the original creditors , we've never missed a payment .

HappyMJ

gawebb99 wrote: »

i have considered bankruptcy and i would go down that route but my husband will not. its the 'shame' (ive told him its not like that nowadays!) and he simply wont do it, worries his work will find out, people will find out etc etc. its also quite expensive, £700 plus for each of us to do it plus we'd still have to pay back the surplus every month for 3 years.

its really tough, not really sure what to do for the best if im honest

When calculating surplus for bankruptcy there's usually a lot less surplus than there is when calculating a surplus for a DMP.

Why 3 years? It's normally only 1 year until you are discharged.

gawebb99

HappyMJ wrote: »

When calculating surplus for bankruptcy there's usually a lot less surplus than there is when calculating a surplus for a DMP.

Why 3 years? It's normally only 1 year until you are discharged.

I was told an ipa is paid for three years

sourcrates

gawebb99 wrote: »

I was told an ipa is paid for three years

If you can afford it, the trustee will ask you to make regular payments towards your debts from your income through an income payment agreement (IPA).
You enter an IPA voluntarily, but there’s a written binding agreement between you and the trustee.

If you can’t agree on payment amounts for an IPA, the trustee can apply for an income payment order (IPO). If you don’t meet these payments, the trustee can then apply to extend your bankruptcy.
The payments will come from "surplus income" this is money you have left after paying your living expenses. Normally you will have to pay all of this surplus income as your IPA payment.

Payments normally last for 3 years (longer than the period of bankruptcy itself).
The court won’t make an IPO if it leaves you without enough money to meet everyday needs, so any payments will be dependant on your budget and allowences the court will allow for your everyday living expenses.

gawebb99

thank you

can i ask another question please- what should we do with our money now until we start procedures whether that be dro, iva, dmp etc. for example, my wages went in on friday, normally most of these would be eaten up by paying off debts. we've now cancelled direct debits so i have 'money' we wouldnt normally have. we've actually managed to do a food shop today which feels great. in a strange way- but we couldnt afford food last month because all money went on bills.

should we withdraw cash- to keep for emergencies?

our new basic account wont be up and running for another week ish. waiting on cards to arrive