I want to stop drowning

debtaghh

enthusiasticsaver wrote: »

You need to bear in mind that family debt will not be accounted for in a DMP or IVA so whatever SOA you put forward is not going to allow for the £275 per month you pay your family.

I know, that’s what I thought and told my husband. If I worked it out correctly I think we would have to pay over £500p/m on the Iva.

enthusiasticsaver

speak to stepchange. Your rent is high plus debt repayments high and single income so those are essentially your problems. They can give you advice as to what is allowed on an IVA or DMP.

debtaghh

enthusiasticsaver wrote: »

speak to stepchange. Your rent is high plus debt repayments high and single income so those are essentially your problems. They can give you advice as to what is allowed on an IVA or DMP.

In 2012 we contacted PayPal so I used their way of working it out. A dmp would take years.

enthusiasticsaver

Are you both thinking of doing one? Whose name is the debt in?

debtaghh

enthusiasticsaver wrote: »

Are you both thinking of doing one? Whose name is the debt in?

We both have debt under our names. I’ve just been thinking about it but I’m not sure if it will save us that much due to the family monthly debt.

enthusiasticsaver

Is it worth considering bankruptcy for you as a non earner? I am not sure how they calculate these things and if they would take your DHs income into account.

debtaghh

enthusiasticsaver wrote: »

Is it worth considering bankruptcy for you as a non earner? I am not sure how they calculate these things and if they would take your DHs income into account.

I am not sure how it works to be honest. I run my own business so not sure if that effects anything.

Enjoy your last two days at work.

enthusiasticsaver

Ah yes, that might not be something you want to consider then as bankruptcy would affect your business.

WannabeFree

debtaghh wrote: »

In 2012 we contacted PayPal so I used their way of working it out. A dmp would take years.

I don't want this to come across the wrong way, I struggle to write what I mean to say but ..

Maybe speak to stepchange? That way they you can probably include the family debt y spreading it across other areas where higher 'budgets' are allowed than you need

At the start it might say the DMP will take years. While not ideal and I know you don't want it to take that long it will make you less worried. In turn no one knows what the future holds. Circumstances change you can overpay when you can but at least the huge worry and sleepless nights aren't there if things are tight.

I hope this makes sense and doesn't offend you x

debtaghh

WannabeFree wrote: »

I don't want this to come across the wrong way, I struggle to write what I mean to say but ..

Maybe speak to stepchange? That way they you can probably include the family debt y spreading it across other areas where higher 'budgets' are allowed than you need

At the start it might say the DMP will take years. While not ideal and I know you don't want it to take that long it will make you less worried. In turn no one knows what the future holds. Circumstances change you can overpay when you can but at least the huge worry and sleepless nights aren't there if things are tight.

I hope this makes sense and doesn't offend you x

Thanks so much for your reply, it doesn’t offend me at all. I know what you mean that it might be best. Is stepchange better than PayPlan?