Depressed and lost faith.

betterlatethannever

Hello Neff:j

You really do need to get some good advice from one of the free debt charities.
You can contact:
Your local CAB Office and ask to speak to a 'money advisor'.
The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111
National Debtline - Tel: 0808 808 4000

or visit
http://www.cccs.co.uk/
http://www.nationaldebtline.co.uk/
http://www.citizensadvice.org.uk/index.htm

If your decided (with the help of the debt charity) to go BR, then your arrears and debts would be wiped out.
The one problem with going BR can be that you would have to find the fee. £150 court fee (there are exemptions for this and i think you'd be one of them) then theres the OR (Official Reciever) fee which is £345. There are NO exemptions for this.
The one way to raise the fee is to stop paying all your creditors, but do continue to pay the utilities.

You've already had some ace advice on here, but if you'd like to discuss the options of BR with people who've been there and survived:rolleyes: then pop over to the BR board http://forums.moneysavingexpert.com/forumdisplay.html?f=136. we're a really friendly bunch and between everyone on there, there isn't a problem we can't solve/haven't been through. Also tons of emotional support, which we all need at times.

Good luck, whatever you decide on.x

Dithering_Dad

Neff wrote: »

Sorry i posted post, then realised i hadnt put debt down
so went oh to myself and obviously typed it on edit

lol, I did wonder if that was the case.

I really do think you should post your details on the Bankruptcy board, they're a nice lot and would give you a load of advice. I know I seem to be pushing this, and the usual DFW approach is sometimes to manfully struggle with debt until it's paid off, but I just don't see the point of eeking out a living on the breadline when you could write off all your debts and start again with a clean slate. After all, that's that the bankruptcy laws are there for.

From what I've read from the BK borad, you stop paying all your creditors and instead use the money to first save up your court fees and if possible you could start putting money away for your rent deposit. Several BKers move into rented accomodation just before they are declared bankrupt to avoid problems with credit checks.

After reading many of the posts on the BK and DFW board I have reached the conclusion that if I were in the position where I had little or no equity in my house (or was renting) and had debts that would take more than 6 years to pay off, then I'd go BK without a second thought. With a DMP, etc. your credit record is probably already shot. Better to take a big hit now and get it cleared in 6 years than drag it out and have a crap record for years and years with defaults here and there. That's my view anyway.

betterlatethannever

I think your right DD.

I first came to the DFW boards about a year ago, with a very similar I & E as neffs.
It was suggested i went and looked at BR, and it was great advice. :T
I wish i could have paid back my debts, but there are times when you just can't, and as say, thats what the BR laws are there for.

I won't pretend its a nice or pleasent experience, its very scarey, but when theres no other choice, it really can be a life-line.

Neff_2

OK thanks you guys, I will go and have a look at BR forums

beer_tins

Hi, I also think going BR may be your best option. A few comments on your SOA though:

Electricity............... 57 (includes arrears)
Gas............................. 29 (include arrears)
Is there any way to cut this down? Insulation, energy saving bulbs etc. pay for themselves after quite a short time and save you money after that.

Water rates................... 34
Do you use a lot of water? If not, ask to have a meter installed. Even if they can't you might be put on a lower tariff.

Telephone (land line)........ 15
Mobile phone...................... 10
Internet Services....................... 17.99
Do you need your mobile? I'm guessing yes... As for paying £15 for land line and 17.99 for internet, how long are you tied in to these contracts? If it is more than about a year, you can switch for free and get combined landline and broadband from either talktalk or Tiscali for about £16-17 a month.

Petrol/diesel........................... 200
Road tax................................ 17
Car Insurance........................... 35
Car maintenance (including MOT)......... 60

This is by far the biggest expense. Is there no way to sell the car and travel by public transport? If it's available for your routes/working hours, £300+ a month will buy you a lot of public transport!

Good luck with whatever you decide on.

Seaxwyn

hi Neff and welcome

I really sympathise as I know that awful feeling that it's just impossible to turn things round.

but it's not impossible, and if you stick around here and mull over people's suggestions, you might see a way forward.

Bankruptcy is one option, certainly, but not the only one. Finding a way to do without your car is another. I think it is worth putting some time into looking into moving. I know there are lots of obstacles, but perhaps there are ways round them. Would the local Rotary Club or charity give you the money for a deposit, for instance? If you are in the South East, Wel-care might help - https://www.welcare.org - but I'm sure there are similar charities elsewhere.

Earning more would help too. Can you find a higher paying job? Or could you find after-school care for your daughter if she can't be alone? I have 13 year old daughters too, and their school library is open from 8am til 5pm every day, children can stay there free of charge, and there is friendly supervision and homework help available.

I'm only mentioning these things to show that there may be options if you look into them.

Best of luck, and keep posting here, you will get lots of sympathy and moral support.

RAS

Hiya

Whatever you final decision, you are going to be on a restricted income for a few years, so here are some ideas. Will also try to find EagerLearner's thread.

Chevalier has a really good list of links nicked wholesale good way to get vouchers for presents etc. Some people here reckon that they can get £50 per month for clicks, surveys etc in vouchers mainly.

Also get onto the freebies forum here, http://forums.moneysavingexpert.com/forumdisplay.html?f=37 sometimes more useful for pressies but also samples of stuff that make life more interesting.

Chev wrote:

Here are some survey sites, which will increase your income a little. Hope they help.

Good luck
chev

www.lightspeedpanel.com - this is a survey site, where you get points which turn into vouchers (you choose). May not help with the cash flow, but the vouchers could be saved towards birthday/xmas or given as presents.

www.ciao.co.uk - survey site that gives money. A bit fits and starts ie no surveys for a couple of weeks, then three or four the same day.

www.yougov.com - again paid surveys. However takes a while to get to the minimum payout level

www.mytns.com - again this is a survey site, but it pays you in points that convert into Nectar points at Sainsbury’s.

www.pigsback.co.uk - this is a points site, ie they give you points for buying things via their site. BUT you also get points for signing up for news letters (some of which are even interesting!), and also for clicking on adverts with pink borders. I have spent NOTHING with them but got a £10 voucher through this week (only been registered since January). There is also a thread in the freebies section, of www.moneysavingexpert.com which gives you all the daily answers to the competitions so you can have a better chance of winning on them.

www.mutualpoints.com - another points for clicks site. You can also buy things via their site and get points too. For a long time, I just clicked the links in the emails they send you, and that gets you 5 points. At 3000 points you get £20 I think. You can do searches via their site and that gets you points too.

www.quidco.com - this is a cash back site, so very good, for checking if any potential new insurers (ie if you have checked your contents insurance say and found a new provider), are offering cash back. Eg Lloyds was offering £120 cashback on new policies at one point (the offers do change). You can also get small amounts of cash again for doing searches via their site. You can earn 52p a day by doing this. Every little helps.

www.greasypalm.co.uk - another cash back site, where you can do searches and get small amounts of money. But it all adds up. I think you can get about 50p a day on there for nothing. Minimum payout is £20 I think, but you can sign up to survey sites via there, and get extra money that way for nothing.

And check mystery shopping, here http://forums.moneysavingexpert.com/....html?t=454437 - but this does count as income for tax and benefit purposes

Finally, sign up for www.freecycle.org, if you have not aready done so, like e-bay but the stuff is free.

CCCS_Matthew

Hi Neff,

If you are concerned about the length of time it’s going to take you to repay your debts on the DMP and are considering other options, feel free to give us a call. If you are considering bankruptcy we can talk you through the process and answer any questions or worries you have.

Hope this helps,
CCCS

guns4

Neff

Just words of encouragement, I am no good for advise as myself i am in the brown stuff. But coming from a one parent family i can tell you, your kids will be proud when they grow up and realise what you do for them. Keep your chin up and remember that by working that you teaching your kids about reliabilty, commitment and whats wrong and right. I have total respect for you.

jak

Just to say, it isn't hopeless! sometimes, you just need people to point you in a different direction. Good luck and big hugs.
J
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