What is my best option going forward - over £120,000 in debt

RAS

thebigajd said:

Hi,

No joint accounts with the wife, so fingers crossed there won't be no damage to her credit record.
I applied for a basic bank account with Monzo a couple of days ago that has been approved.
In regards to GA, I attended my first meeting last Tuesday, will be going again this coming Tuesday.

Great, wise moves and wishing you well. Going forward, you could agree to a monthly financial planning meeting with your wife? 

You're going to both need to adapt to the new situation.

sourcrates

Exactly that yes, yours is one of the rare occasions that, once you have found stable employment, an IVA would hold it all together for you.

That would be the game plan here, but obviously you need a job to be able to move forward with this, and they’re not always easy to find.

ManyWays

A token payment plan until you have an income seems sensible. And also consider affordability complaints, see https://debtcamel.co.uk/gambling-refunds-loans-cards-overdrafts/

thebigajd

I have all my token payment plan letters ready to be sent,
A quick question if that's OK?
Should I cancel the direct debits without speaking to my creditors?
Cheers All

sourcrates

thebigajd said:

I have all my token payment plan letters ready to be sent,
A quick question if that's OK?
Should I cancel the direct debits without speaking to my creditors?
Cheers All

Yes of course, written communications take time, cancel them now so that you retain control over the process.