Help with debts

purplepaws

needtodothis2020 wrote: »

Thankyou Purplepaws for your reply, you actually made me cry, mainly because today is the first step in admitting that i cannot go on as i am and as you said you are going through the same as me.
I have taken the first step and cancelled all of my direct debits :j now I need to wait for the barrage of phone calls and letters (this is the worst part incase hubby is home before me)
I will keep you updated and thanks for giving me hope that I can sort this

Aw, thank you, I hope they were tears of relief?

If you do receive any phone calls at home (they will only talk to you and not your husband anyway) just, either, don't answer or just say that you will only communicate by letter.
Then make sure you stick to that - don't enter into phone conversations with any lender as it's difficult to record anything that is discussed - letters are much clearer.
There will be tonnes of 'robo letters' which will contradict what has been put in place by the DMP so keep them but ignore the requests for full or any payment if it is contrary to what has been arranged. They will just keep being sent out automatically. File them. In a BIG folder!
The Payplan app allows you to scan any letters or statements that you have directly into your phone and uploads them to Payplan, so no secret trips to the Post Office!
I hope you can start to feel a bit better soon x

needtodothis2020

Sorry I did fill it out so I don't know why they are not included, I shall add them on here
Council tax £170 per month
tv licence £13 pm
water rates £20 pm
currys insurance for my laptop (it is 5 years old now and I need it for my degree) £9.00 pm
car tax £30 per year
Petrol £40 pm (hubby puts some in as well
Vodafone £18 pm (sim only
BT £25pm (my contract ends this month so need to renew)
Sky £22 pm
pet insurance £10.45 pm

Hope this helps

Willing2Learn

needtodothis2020 wrote: »

Sorry I did fill it out so I don't know why they are not included, I shall add them on here
Council tax £170 per month
tv licence £13 pm
water rates £20 pm
currys insurance for my laptop (it is 5 years old now and I need it for my degree) £9.00 pm
car tax £30 per year
Petrol £40 pm (hubby puts some in as well
Vodafone £18 pm (sim only
BT £25pm (my contract ends this month so need to renew)
Sky £22 pm
pet insurance £10.45 pm

Okay then. £330.45 are your monthly expenses.

Leaves £69.55 per month between 16 creditors.

So, if you don't pay any of them for six months. You could then offer them all token payments @ £1/month for the next 3 months...and a little for yourself for entertainment... Then get a full-time job after the 9 months is up. It is doable...just...but barely...But I don't know if that can be recommended. It all hangs on you getting a job quickly, after your have graduated...Are you really sure you want to go down this route. If you sold the car...and got a cheap runabout instead...then you could be in DRO territory (Debt Relief Order). Your credit files will be in tatters whatever way you do this...

Do you think you will be able to find full-time employment immediately after graduation?

Willing2Learn

Just to add that your SIM-only deal with Vodafone is quite expensive.

needtodothis2020

I cannot sell my car as I live in a rural area and I need it to travel to work every day. I am hoping I can stay with the college and go full time in September and maybe once I have finished for the summer I can look for an evening job to help.
Failing that after I have finished uni I should be able to claim carers allowance as I am also a full time carer for my 24 year old son.
Un fortunately I cannot claim whilst I am a full time student as that is the rules.
That would give me another £240 per month
Does this sound feasible?
Many Thanks for your help

Willing2Learn

needtodothis2020 wrote: »

Does this sound feasible?

To be honest, I hate this plan. I think you are feeling panicked and cornered. And I think that this has impacted upon your ability to make the most sensible of choices. The choice to tell your husband the truth...instead of living a lie for the next 9 months....

I don't think the 'plan' is a very good one. I think my suggestions could potentially be setting you up to fail....

But yes, it could be feasible.

(Incidentally. Did you read my edit in my last post regarding the DRO suggestion?)

What is your degree in, by the way?

needtodothis2020

My degree is in Social Studies, I am not sure what a DRO is ?
So in your opinion do you feel a DMP is not the right way for me to go?
If not what do I do? do I still send letters to my creditors? as I said previously I have already cancelled my direct debits.
Many Thanks for your support

needtodothis2020

I was just looking at info on a DRO and unfortunately I cannot do this as I am a home owner
although no mortgage plus my car is worth over £1000

Willing2Learn

I think a DRO (Debt Relief Order) is a better option for you. The criteria for a DRO is:

• you live in England, Wales or Northern Ireland
• owe less than £20,000
• have less than £1,000 in assets (and a car worth no more than £1,000)
• have less than £50 in surplus income per month after paying your household bills and living costs

You could sell the car and get another cheaper car worth less than £1,000. Then I believe it would be a better fit. It still trashes your credit files though...

I am not a debt counsellor though...So I am just hoping that my advice is accurate and not misleading...

Edit: Just read your last post. My response was an audible *?!; it!!!
I didn't realise you were a homeowner...

Willing2Learn

okay then...no DRO...so we are back to the DMP option....

I think you should wait for a second opinion before making your decision. You really need someone with more knowledge than me to come along first. Their input will be invaluable...