Want to help My Partner

brobbo1989

Good Morning,
Want to look into trying to get my partner out of Debt.
She is currently with "Payplan" on some sort of arrangement which is paying pennies of monthly and wont be cleared until 2034 :eek:

Id like to help her out and try and get it cleared way before then.
Ive looked at her payplan and this is how its currently looking:

HBOS - New Record £1325.39
Hoist Finance £477.44
Littlewoods Catalogues £2208.33
NewDay (formerly SAV Credit) £1335.07

What is the first stage to get the ball rolling?

All help is appreciated
Brad

Pixie5740

What sort of arrangement does she have though PayPlan? DMP? IVA?

What is the plan to help her? You pay it off? You pay it off and she then pays you back?

MrsTinks

As Pixie says - we need some more info to really tell us what we're looking at...

I'm going to guess that your OH is in a DMP which is only clearing pennies off a month because she can't afford to pay any more than that.

The options would be:
-if her circumstances have changed she can up her payments
-you can help her make higher payments
-make full and final offers depending on how long these debts have been defaulted.

If she is in a DMP there is a very good chance she is not being charged interest on these debts at present, so any payment she makes goes towards the debts. IS she able to increase her monthly payments?

Mojisola

I would hang onto your money until you get the situation with your uncle's mortgage sorted out. If he stops paying, you will need to the money to cover the payments.

If you are going to force him to sell the property, you will need money for solicitors, etc.

EssexHebridean

Further question - has your partner now got to grips with whatever the situation was that caused her debt in the first place? So for example *if* it was due to spending above her means, has she reined that in, started working to a budget, and knows exactly where her money goes each month?

boliston

Mojisola wrote: »

I would hang onto your money until you get the situation with your uncle's mortgage sorted out. If he stops paying, you will need to the money to cover the payments.

If you are going to force him to sell the property, you will need money for solicitors, etc.

Just read the post about the mortgage - I would say don't give away any more of your money!

brobbo1989

Mojisola wrote: »

I would hang onto your money until you get the situation with your uncle's mortgage sorted out. If he stops paying, you will need to the money to cover the payments.

If you are going to force him to sell the property, you will need money for solicitors, etc.

The mortgage is in the process of being settled due to the house being sold.

Pixie5740 wrote: »

What sort of arrangement does she have though PayPlan? DMP? IVA?

What is the plan to help her? You pay it off? You pay it off and she then pays you back?

Currently she pays it off, believe it is a dmp arrangment, id like to F&F them and get them cleared

EssexHebridean wrote: »

Further question - has your partner now got to grips with whatever the situation was that caused her debt in the first place? So for example *if* it was due to spending above her means, has she reined that in, started working to a budget, and knows exactly where her money goes each month?

The debt is partially her ex's fault, spent most of her available credit then smoked the rest.
She understands how she got where she is but wants to put it right and i want to give her Some help with that.

Ben75

there are some template letters on National Debtlines website for F&F offers. Remember not to pay anything til she has their written agreement that the balance will be reduced to zero, that it will be marked on the credit file as satisfied and that no-one else will pursue her for the remainder of the balance.

EssexHebridean

brobbo1989 wrote: »

The debt is partially her ex's fault, spent most of her available credit then smoked the rest.
She understands how she got where she is but wants to put it right and i want to give her Some help with that.

Noted. Yeah, she's not the first and sadly won't be the last.

One important thing here - and don't take this the wrong way. You either need to regard whatever you pay on this as being money that has just gone, OR you put an arrangement in place, formalised, between the two of you for her to pay it back to you. Which route you choose is obviously entirely between the two of you, but you do need to decide which route you're going (and set it out in black and white) to avoid any possible acrimony/guilt/hurt pride from either side in the future. one thing I will say though, is that if you're going to put something in place for her to pay yo back, and her circumstances financially still haven't changed, it doesn't actually change the position she is in, really.

brobbo1989

EssexHebridean wrote: »

Noted. Yeah, she's not the first and sadly won't be the last.

One important thing here - and don't take this the wrong way. You either need to regard whatever you pay on this as being money that has just gone, OR you put an arrangement in place, formalised, between the two of you for her to pay it back to you. Which route you choose is obviously entirely between the two of you, but you do need to decide which route you're going (and set it out in black and white) to avoid any possible acrimony/guilt/hurt pride from either side in the future. one thing I will say though, is that if you're going to put something in place for her to pay yo back, and her circumstances financially still haven't changed, it doesn't actually change the position she is in, really.

Thanks for the reply, we have spoke about it and i am quite happy to just write it off. Otherwise its just shifting the debt from the ceritors to me technically.
Bearing in mind she in in a DMP are you still able to go down the routes of asking for credit agreements and settlements?

Pixie5740

A DMP is an informal agreement between a debtor and their creditors. If it's going to take her decades to repay the debt her creditors will just be happy with whatever they can get.