Teetering on the brink

EatingBeans

Today was my appointment at the CAB. Honestly, whilst she was a lovely lady I don’t think she was knowledgeable enough to properly advise me. 😞 After explaining my debt situation and talking through different scenarios she concluded that there wasn’t really anything left to cut in my budget except for possibly looking at a water meter. Debt wise the conclusion was if work says yes to leavers payment then do whatever I can to keep up with monthly payments until I get it, then pay as much off credit card debt as I can (but not my brother as that would be classed as deprivation of capital), then look again at what is left. If work says no, she suggested I look at an IVA. Now I don’t know much about IVA’s but when I asked her about the disadvantages she couldn’t give me any, other than it would impact my credit record. She mentioned that creditors might want me to remortgage my house and use capital to clear the debts - a huge red flag for me - but after 4 years what is not paid back gets wiped. I said if that is the case why would anyone choose a DMP over an IVA and she said she didn’t know as everyone she has spoken to goes down the IVA route. The one approach fits all concerned me and I still feel I need more information.

Humdinger1

@EatingBeans there are experts on the DFW board (not sure if they follow the diaries). It's worth posting in there as there have been comments over patchy CAB advice. Onwards and upwards love Humdinger xx

Cherryfudge

You need more specific and knowledgeable advice: try one of the free debt advice services such as CAP or Stepchange. They are all regulated and advisers are trained and able to offer practical help. Some links below - I know it has the CAB at the top but there are plenty of more specific services. Some also do drop-in sessions.

Free debt advice: what to do & where to get help - MSE

badmemory

Consolidate debts into your mortgage - NO NO NO NO NO.

daisy_1571

https://forums.moneysavingexpert.com/discussion/comment/81882999#Comment_81882999

Seconding badmemory.... Consolidate unsecured debts into debt secured on your house - NO NO NO NO NO

Dxx

Baldybear

I spoke to stepchange and they were very helpful, they have a calculator form thing on their website amd when you input in details it advises on best outcome, dmp etc. To me it looks like a dmp is the best thing i had similar unsecured debt on cc,'s only and this was the best step for me, then didnt affext mortgage etc.

chapea

I’d be very careful with an iva as well my daughter ended up doing one with £25,000 worth of debt. 5 years in whilst is stopped interest being continually added to the debt the Iva company overall added £8k in charges and the final year they sent forms where they said she had to remortgage her house as there was equity (normal on an Iva where there is equity).

As it was a joint mortgage her husband refused to sign so she had to pay another year of the Iva Not quite the easier route she thought originally (Iva company told her this was the route for someone who is a house owner) as couldn’t go through bankruptcy due to the equity in the house.

EatingBeans

Yesterday was painful but today is now an 8 out 10 on my pain scale thanks to TN. That’s equivalent to active labour when I had my kids. All I can do is try and breathe through it and hope it passes soon.

EatingBeans

Thankfully today is much improved pain-wise. I am always super grateful for everything dd2 does to help me but yesterday was another level bless her. Not only did she sort the dogs and house but she brought me everything possible to help me despite be not even being able to communicate. Then first thing this morning she popped back in to see how I was doing. Not sure what I would do without them.

No. 1 job for today is have a shuffle downstairs to swop the guinea pig cage and cat area because Big Cat, whilst seemingly feeling a bit better than he was, has now taken to peeing everywhere. Collectively we are now all thinking he doesn’t have much longer but his eyes don’t tell me he has given up yet so for now we are still trying to just keep him comfortable. If, after this swop around, he still can’t make it to his litter tray and continues to have accidents everywhere, then I think we will be calling it a day. I know he wouldn’t be doing this by choice because he has always been such a good cat in that regard (even when he had multiple uti’s), but we have no other way of making it easy for him and with everything else going on with him it is a red line I think. It is a really tough decision to make. 😢

Money-wise, I have still managed to pay everything on time. Food is getting a bit low in the house and cash in the bank is very scarce but I am managing. I think you are all right about the IVA being a bad idea as I am very against moving credit card debit to the mortgage even if I could. The reality is I wouldn’t even get a mortgage to cover what I currently owe based on my new lower income, neither could I afford the repayments, so that route is a complete non-starter for me. I think Stepchange is my next port of call for advice. 🤞

Cherryfudge

I agree, Stepchange would be a good next step. Meanwhile, are you still able to get Olio, or could your older DD pick up items for you?

And it's such a hard thing to watch an animal grow older, but you are so aware of your animals that you won't let your cat linger when he is ready to go. At present, you are just making life easier for him

And amazingly well done on getting payments made on time. 😊