Ok, deep breath I'm going to reveal all!!

simbalou

Hi everyone, it's my first proper post on here so be gentle!

Me and my husband owe alot of money and are trying to sort it out and I'm getting very scared now. We owe £45,000 in total plus a £55,000 mortgage which we are tied into for another 3 years at a good rate (that's the only thing we've done right.)

Our 45k debt is unsecured and a combination of loans, credit cards and catalogue bills. We consolidated only to spend it all again and now the moment of truth has come.

We are looking into a dmp with payplan but they are concerned we don't have enough money left over after essentials to pay our creditors. My husband works full time and I'm at home with the 2 kids (age 5 and 2). I've looked into working outside the home but my husband works for social services and works irregular hours and we have no-one to help with childcare.

I do Ann Summers parties to try and bring in money but it's not very much.

Does anyone know how much left over cash you have to have to be allowed on a debt management plan?

I just want it sorted and to get on with my life, they are our debts and we want to pay them off, we just need someone to help us!

Any advice would be much appreciated

angeldiva

Im with payplan they have been great so well done for getting on with it.

Im not sure how much cash left over you are supposed to have as its different for every sitation so sorry I couldnt be of more help. Im sure that someone else will be along shortly to help you out

Have a great day!

ps well done for your 1st post!

poorandindenial

Hi Simbalou

Well done for taking the plunge. One thing you can do to see if a DMP is an option for you is the debt remedy calculator on the CCCS website (https://www.ccs.co.uk). You could also post your full SOA (statement of affairs ) up here to see if we can help you find ways to save money (here is a calculator for that) and also once we know what yor full situation is the advice you get will be better. Having a full SOA will also help you to work out what you might be able to pay towards debts. And of course you need to do an SOA as your situation stands and then draw up a budget of what you think you should be able to live on (but please make sure you can live reasonably comfortably or you will set yourself up to fail at the first hiccup that comes along)

kel123_2

2 years ago we were told the same - not enough money to offer creditors, at that time it was £150. We cut out all the things that we thought were esential but were not (folk on here can help with this) In the finish we had £197.50 which payplan accepted and we've been on a dmp with them for 20 months.

simbalou

Thanks for people getting in touch so soon, the sick feeling is slowly going from my stomach! I will do a SOA and see if anyone can help. I was in the process of doing a secured loan but got cold feet when I saw the redemption penalties and am just hoping payplan or cccs can help me because my house is the one material thing that I love and I couldn't bear to lose it!

poorandindenial

simbalou wrote: »

Thanks for people getting in touch so soon, the sick feeling is slowly going from my stomach! I will do a SOA and see if anyone can help. I was in the process of doing a secured loan but got cold feet when I saw the redemption penalties and am just hoping payplan or cccs can help me because my house is the one material thing that I love and I couldn't bear to lose it!

Excellent decision to abandon the secured loan - Golden Rule: Never make unsecured debt secured, you stand a whole lot more to lose that way. Oh and general rule of thumb is to avoid consolidation lik the plague.

simbalou

Hi, called cccs today and they said they could help on a low payment debt management plan. Now I'm so scared, keep bursting into tears all day and my 2 year old been looking at me strange!

The debts of £27,000 are in mine and my husbands names so they are going to be taken care of. The stupid mess that I have got myself in now involves my mum.

She had a great balance transfer rate on her cards that she let us have a few years ago so we used that for some of our debts. One of those cards is mbna which has now informed her that they are putting the minimum payment up to 5% which means we have to pay £450 on that card now and of course I couldn't tell cccs about that because I don't want to drag her credit rating down.

I am now resigned to selling practically everything that we have to get that card down as soon as possible, going to have to do some serious canvassing for Ann Summers parties I think!

Is there anything else anyone can think of that could bring extra money in to pay these cards off? I already do mystery shopping and all the survey and pay per click sites on the internet!

Really would appreciate anyones help or advice

stapeley

Are any of the debts in default or with DCA ?

RAS

Hi

Just check here, in case http://www.moneysavingexpert.com/protect/make-money

I think that you absolute essential is going to be getting some outside work however. How many weeks in advance does OH get his rota?

I als think you need to speak to CCCS about the situation. Sooner of later, and probably sooner, you are going to find that one of your creditors finds a mismatch in your SOA and then it will come out.

How much does you mum have on various cards on your behalf?

**Amy**

Hiya

Just wanted to offer some advice about making extra money.

How about ebaying all items you havent touched for ages? Old toys etc. Or you could do a bootfair. My sister does them regularly with her sons old toys and makes a lot of money.

Amazon and Play.com are also good for books/dvds/cds etc.

Its worth trying to sell what you can now, to get that card total down.

Visit http://forums.moneysavingexpert.com/showthread.html?t=887051

Its a monthly challenge and people have got loads of ideas on there of how to make some extra money.

Hope this helps

xxx

churchrat

hi
does your OH work weekends as well?? what sort of work did you do before you had your littlies? I was lucky enough to have some friends who also worked shift patterns and we worked out a child rota between us, no money invloved
good luck