SOA advice needed by a newbie!

Carlypops

Gemmzie wrote: »

Thanks Carly and all the debts are his? So it would be just his DMP, so you almost need your own individual SOAs.

So you could take out your wages and the benefits so £807 and take out £807 worth of spending which he can explain in covering letters as being what you cover. I would start with the kids savings, Christmas, birthday, your car costs (insurance, tax, petrol), your phone, loans etc. And then see what figure you get. Then take a little bit off the rent, utilities etc. saying that's your contribution.
Hope that makes sense.

Thanks Gemmzie! All the problem debts are his and thats a fab idea.
I can see me having lots of excel spreadsheet fun tonight!

Gemmzie

That's what I've done for my parents as it's my dad's debts that were the issue, they were fine with my mum taking responsibility for my brother and those sort of bits.

Carlypops

kyh wrote: »

Lloyds put my account to collections 14 months ago and to be honest it was the best thng that happened to me

Hiya, thanks for replying! Did Lloyds give you a consolidation loan while your account was still with collections?? OH was on the phone to them last night and ended up going round in circles - collections wanted the £1100 paid outright and then the loans department wouldn't help as the account was with collections! OH hasn't got £1100 upfront and even if he did I doubt they would provide him with a consolidation loan. However after reading MSE today I'm not conviced consolidation is a good idea anyway!

Carlypops

Gemmzie wrote: »

That's what I've done for my parents as it's my dad's debts that were the issue, they were fine with my mum taking responsibility for my brother and those sort of bits.

Thats reassuring to hear - I don't want my kids to suffer as a result of OH's bachelor days!

moneywolf

thanks for your reply

so by my calculations he has £14K of debt, which if he consolodated it to 1 60 month loan @ 6.9 % it would equate to around a payment of £260 ish p/month which is much easier to deal with.

£560 p/month is crippling

Carlypops

Hiya Moneywolf! Thanks for your reply!

The debts are as follows:

Egg CC £5377
Lloyds TSB Loan £8821
Lloyds TSB CC £1400
Lloyds overdraft £2700
Second Lloyds overdraft £1100
Burton store card £520 (only found this one last ngt!)

In order to wipe the slate clean a total of £19,918 would be needed.

He's tried to get a loan to cover the lot but no-one will lend him that amount while he still lives with parents. I guess we shall see what the bank manager says this afternoon but I've got my head set on him using someone like CCCS or payplan to get back on the straight and narrow!

floss2

Carlypops - sorry to shout but

DON'T LET HIM CONSOLIDATE - no matter hwo "cheap" it appears to be

Look on cccs's website to see what his best options are.... https://www.cccs.co.uk/debtremedy/start.aspx?hp=2

Carlypops

Thanks for your reply.

I think a DMP is the way ahead too. I don't think a loan is going to be the answer.

I'm completing the debt remedy thing - it asks about DLA. However as this is paid to me on behalf of my disabled son I am not happy about including it. I'm going to omit it, as I have omitted it from the SOA's. I don't want my sons income taken into account for debts that OH has incurred

floss2

You can always contact CCCS for a specific answer about the DLA question - it isn't OH's income though......but it depends whether the household income is what is used....

Carlypops

We went to the bank, the chap was really nice and helpful but obviously unable to offer consolidation (phew) as they weren't interested in considering OH's other debts. We have a phone appointment with Payplan tomorrow night! I've scraped together all his info and we've been through all his bank accounts and cancelled all DD's and have set up a basic bank a/c at another bank - hopefully he will be able to get his February wages put through it provided the payroll hasn't been done already!!

Thanks for all your advice, shall let you know how we get on