Advice to take out IVA or set up agreements with creditors ourselves

flower_girl_3

Ok so. 

Now I’ve got that clear. 

How do we deal with the constant phone calls? What should I tell my husband to do? 
should he speak to them to arrange payment plan? 

If not what should he do when they call? He’s getting increasingly more stressed about that and I need his support to help me as I e just been referred to local mental health team 

Also, we certainly are not paying of this credit with more credit

IN Jan we paid £1589.00 just to credit card minimum payments. Then £512 with 3 personal loans ( 1 is a special loan arranged by British Gas to replace our boiler 2 years ago) 

our plan is to 
Continue to pay the loans as interest is reasonable and payments fall in our budget 
after a very detailed budget to account for all aspect of spending including birthday, Christmas and putting money aside to replace our back door ( lock and whole mechanism broken and door slightly warped - it’s french door) 
we have £532 a month left over which we have worked out a pro rata payment for each creditor so we will be debt free in 6 years ( when my husband is planning to take semi retirement) 

RAS

Write to the creditors you are not paying telling them to remove all phone numbers from their records. It will take a month or so to filter through but under GDPR is allowed.

You could set up a free junk email and change all email contacts to that.

You do need to deal with snail mail as all legal documents have to be issued by mail. I'd suggest you file them all in one place and go through weekly. 

tigergambit

flower_girl_3 said:

Ok so. 

Now I’ve got that clear. 

How do we deal with the constant phone calls? What should I tell my husband to do? 
should he speak to them to arrange payment plan? 

If not what should he do when they call? He’s getting increasingly more stressed about that and I need his support to help me as I e just been referred to local mental health team 

Also, we certainly are not paying of this credit with more credit

IN Jan we paid £1589.00 just to credit card minimum payments. Then £512 with 3 personal loans ( 1 is a special loan arranged by British Gas to replace our boiler 2 years ago) 

our plan is to 
Continue to pay the loans as interest is reasonable and payments fall in our budget 
after a very detailed budget to account for all aspect of spending including birthday, Christmas and putting money aside to replace our back door ( lock and whole mechanism broken and door slightly warped - it’s french door) 
we have £532 a month left over which we have worked out a pro rata payment for each creditor so we will be debt free in 6 years ( when my husband is planning to take semi retirement) 

Write to all creditors and ask that all future contact be in writing due to your husband's hearing loss - you can let them email but in these circumstances snail mail is best. Block them if they call in the meantime.

Stop paying ALL of your creditors now and wait for defaults. Save the money you would have paid  into an ISA or other high interest account for emergencies. Plan, plan, plan what you are going to do on defaults.

flower_girl_3

fatbelly said:

Well an IVA is for people with large debts, significant surplus income and an asset to protect.

That does sound like you.

You would need two interlocking IVAs.

Give us a statement of affairs if you want advice

https://www.lemonfool.co.uk/financecalculators/soa.php

In this SOA do I put a monthly amount for income and expenses or annual amount?

Grumpelstiltskin

Yor SOA should show monthly income and outgoings, ( anything that is paid yearly should be divided by 12 and monthly amount included.)