60K is there any hope.??

in2deep_2

I will do it now.

in2deep_2

This is what it said..


n

Monthly income = £1640

n

Total outgoings = £1322

n

Monthly contractual payments = £1241

n

You have 8 creditors

n

Your total credit debt = £59700

n

You have £318 left over each month once you have
covered all of your priority expenditure.

The information you have provided indicates that you have only
sufficient funds available for a 'Low Start Debt Management
Plan'. This is a temporary solution for your debt problem, until
your circumstances improve. Currently your surplus is only £318
which means that is will take 15 years 8 months to clear your
debts. This is not an ideal solution as your creditors will continue
with their collection procedures. However if you can increase your
income and/or reduce your expenditure in order to pay a larger
amount into your plan every month, then you will reduce the

amount of time it will take to pay off your debts.

:confused:

in2deep_2

So im actualy £923 pounds short every month.................Today just gets better.

ILoveChristmas

I just wanted to reassure you about being on a DMP whilst being a homeowner. I have about 36K of debts and have been in a DMP for 9 months with the CCCS. All my creditors but one have frozen interest so the debt is slowly but surely coming down. I pay just under £300 per month (but am about to increase that amount) and it is spread pro rata amongst all my creditors.

The creditors know I'm a homeowner because my I&E which they all have shows my mortgage payments, but none of them (so far :T) have applied for a CCJ, which they have to be granted before they can go for a Charging Order.

Even if they ALL went for CCJ's, which I would have to default on before they could apply for and be granted a Charging Order, that still does not mean you are forced to sell your home. What it means is that when the house is sold, they are paid the money still owed to them after the mortgage has been cleared. I don't plan to sell my home for at least 15 years (when the mortgage ends) by which time all my debts will be cleared anyway.

I've been single for many years and now that my daughter is away studying at University, I'm not entitled to any benefits or credits so I'm doing this alone and under my own steam by working full time and budgeting hard. Well not really under my own steam but with the help and support of the CCCS who have never suggested I sell my house. In fact, they said I should try and keep my home if at all possible.

If you really want to stay in your property, then please do talk to the CCCS or Payplan, who will negotiate with your creditors on your behalf and help you with budgeting. They've been fantastic but actually it's because of this site that I've learnt even more about budgeting and taken inspiration from other DFW's which has enabled me to be in a position to increase my monthly payments to my creditors.

Wishing you all the best

ILC x

boredofbeingathome

Don't look at it like that, look at it in the way that you can now put a plan to tackle the debts together, kind of way. If your OH managed an extra 10 days work, that would clear the deficit each month, assuming he is on a certain rate for supply. If on top of that he had extra work in the evenings, then the possibilities are endless.

in2deep_2

Thanks guys.

Just one thing i dont think i mentioned it ,I am the HE.!!;)
Also ive seen two references to teaching..?? where did this come from.
Sorry i feel a tit mentioning these two points.:o

craftingqueen_2

Hi,totally understand what you are going through,as you can see below hubby and myself have been on a DMP with payplan since last april. It's good now we live within our means,as we were always using c/c to get by, then loans to pay them off ,we were always going round in circles.
At the moment we are due to go to court over two charging orders,these are hybrid ones.We did'nt fail any ccj's but that's the way we are being dealt with so to speak.Payplan have been fantastic with us and helped us all the way.
Please don't think this is what will happen to you, as the amount we owe is a lot more than yours,Good luck with whatever route you chose.

CQ

ILoveChristmas

craftingqueen wrote: »

Hi,totally understand what you are going through,as you can see below hubby and myself have been on a DMP with payplan since last april. It's good now we live within our means,as we were always using c/c to get by, then loans to pay them off ,we were always going round in circles.
At the moment we are due to go to court over two charging orders,these are hybrid ones.We did'nt fail any ccj's but that's the way we are being dealt with so to speak.Payplan have been fantastic with us and helped us all the way.
Please don't think this is what will happen to you, as the amount we owe is a lot more than yours,Good luck with whatever route you chose.

CQ

Hi craftingqueen, can you tell me what hybrid charging orders are?

Thanks

ILC x

craftingqueen_2

Hi ILC, we were told by the courts that the ccj/charging order was going together as one .As we are unable to pay the creditor off within seven years, we were told that was why they are trying to put a CO on our home. Both creditors fail to get the amount they wanted in a ccj, as the judge rule in our favour ,so they went back to court for a CO.

CQ

boredofbeingathome

in2deep wrote: »

Thanks guys.

Just one thing i dont think i mentioned it ,I am the HE.!!;)
Also ive seen two references to teaching..?? where did this come from.
Sorry i feel a tit mentioning these two points.:o

Oops Big apologies. I must have read another post then thought it was you:eek:

This is a problem when there are similar posts, At least as they say on Star Trek..we are not alone, or is that on another prog?:rolleyes:

Best of luck to you, I will run and hide in shame:o
BOB x( female can't read variety x)