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Hello
Thanks for your post.
We can only give advice and offer debt solutions to those living in the UK in England, Wales, Scotland or Northern Ireland.
Laws and regulations will be different in America so I’m not able to answer your questions or provide any advice about pensions.
I’d recommend you speak with your employer or get help from an advisory organisation in the area you live.
All the best,
Linsitruckcompanyx wrote: »We are a double federal employee household. My wife left her fed job after 23 years and has a substantial TSP balance.
Her income loss, school loans and vehicle home and credit card debt have been significantly
nagging on both of us and we are considering taking the tax and penalty hit by withdrawing
her TSP. Even with the tax/penalties...this would eliminate everything but the home loan OR the school loan and free up over $3500/month in cash (currently going to credit card, vehicles, home, 2nd mort)
Even with eliminating her TSP, she still has FERS retirement upon reaching MRA. Additionally, I have my own TSP (and FERS) account and the elimination of this debt could allow maxing out on my TSP. I'm a special category retirement, and can retire in 4 years (but don't have to retire until another 3 years). It's seems that debt free by using TSP would allow for so much less stress while still being able to grow my (our) remaining TSP.
Are there any other early withdrawal options for TSP at 48yrs old?
Lifestyle is not looking to travel in retirement. 7 years left to pay off home loan.
Any suggestions?
I'm leaning towards taking the tax hit and penalty and ending up with only the home or school loan on the other side of this, which seems rather liberating.0 -
7 weeks ago I set up with step change. My debtors are chasing monies everyday. I had agreed to make my first budgeted payment next week. However, I lost my job in December and have not told step change. I was hoping to be able to make the set payment but it looks like I am going to fall short. As it stands I have an agreed payment plan with my debtors, I haven’t made any payments yet, and now I am struggling to pay the first payment. What should I do???? Step change has been my life line and I do not want to lose it....,0
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Honestly - where do I start? Where do I start making positive change? Any tips or direction?0
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Marcus3344 wrote: »7 weeks ago I set up with step change. My debtors are chasing monies everyday. I had agreed to make my first budgeted payment next week. However, I lost my job in December and have not told step change. I was hoping to be able to make the set payment but it looks like I am going to fall short. As it stands I have an agreed payment plan with my debtors, I haven’t made any payments yet, and now I am struggling to pay the first payment. What should I do???? Step change has been my life line and I do not want to lose it....,
Hi Marcus
Thanks for posting.
I'm really sorry to hear that you lost your job. We most certainly want to keep helping you though; please get in touch with our Client Support team who are looking after you whilst on your DMP and they'll do what they can to help. All our contact details can be found on our website if you don't have the number to hand; look for support and review of your DMP: www.stepchange.org/Contactus
I hope this helps and we look forward to speaking with you.
AllenI work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.
Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.0 -
AddSubtract wrote: »Honestly - where do I start? Where do I start making positive change? Any tips or direction?
Hi there
Thanks for posting.
Would you be able to explain a little about your situation and what sort of advice you're looking for specifically? If you're mainly looking for advice on debts that are no longer manageable, then you can register with us completely free by either calling our Helpline on 0800 138 1111 or completing our online Debt Remedy tool: www.stepchange.org/DebtRemedy
We look forward to helping you.
AllenI work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.
Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.0 -
Hi, I have posted on this forum before but really need some help now. We have credit card and loan debts of around £29,000 and have only just been able to meet the minimum payments. Just before Xmas I accidentally missed 50p off a minimum payment to mbna, we called them and they agreed to take the 50p and put minimum payment back to £160 but when the bill came in it was back to £280, there was no way I could pay so missed a payment! Now they have agreed to try work a soloution out as we have told them we can no longer afford the payments. I would rather pay my other cards and loan for as long as I can but the mbna card is pushing us over the edge with just £40 left per month. Need help please!!
Also as mbna have asked for incoming and outgoing money, as it’s just my husbands card, should I do this as a joint or single incoming and outgoing.0 -
Ok so I have less a month left than I thought 🙁
Monthly Expense Details[/b]
Mortgage................................ 650
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 100
Gas..................................... 80
Oil..................................... 0
Water rates............................. 55
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 0
Petrol/diesel........................... 220
Road tax................................ 34
Car Insurance........................... 60
Car maintenance (including MOT)......... 6
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 70
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 12
Contents insurance...................... 0
Life assurance ......................... 27
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 1911
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 300000...(650)......0
Total secured & HP debts...... 300000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard ...................7500......155.......0
Sainsburys ....................2000......44........0
Tesco .........................7000......135.......0
HMRC child tax credit..........1300......14........0
Mbna ..........................9100......160.......0
Tesco loan ....................3000......60........0
Total unsecured debts..........29900.....568.......-
Monthly Budget Summary
Total monthly income.................... 2,500
Expenses (including HP & secured debts). 1,911
Available for debt repayments........... 589
Monthly UNsecured debt repayments....... 568
Amount left after debt repayments....... 21
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -300,000
Total Unsecured debt.................... -29,900
Net Assets.............................. -329,900
Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with per0 -
Hello,
Thanks for posting.
Looking at the monthly budget summary you’ve created it would appear you have enough money to cover all your living costs and debt repayments and still have £21 left over to pay towards the arrears with MBNA.
We’re not able to provide debt advice using a budget created with the SOA calculator. If you’d like more tailored advice you can use our online Debt Remedy tool to create a budget and get advice. Here’s the link.
It’s common for creditors to ask you to complete a budget when you’ve fallen behind with payments. Your husband has two options when creating a budget. The first option is to show his income, his share of the living costs and his debts.
Alternatively, your husband can create a budget showing both of your incomes, all your household living costs and his debts. This second option wouldn’t make you liable for your husband’s sole debts but it gives creditors a better understanding of the situation.
Should you decide to include your income on the budget you’ll need to deduct any of your debt repayments or other large expenses you have from your income first. For example if you earned £1000 a month and paid £200 towards your debts, your husband would list your income as £800.
All the best,
LinsiOk so I have less a month left than I thought 🙁
Monthly Expense Details[/b]
Mortgage................................ 650
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 135
Electricity............................. 100
Gas..................................... 80
Oil..................................... 0
Water rates............................. 55
Telephone (land line)................... 0
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 0
Petrol/diesel........................... 220
Road tax................................ 34
Car Insurance........................... 60
Car maintenance (including MOT)......... 6
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 70
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 12
Contents insurance...................... 0
Life assurance ......................... 27
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 1911
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0
Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 300000...(650)......0
Total secured & HP debts...... 300000....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Barclaycard ...................7500......155.......0
Sainsburys ....................2000......44........0
Tesco .........................7000......135.......0
HMRC child tax credit..........1300......14........0
Mbna ..........................9100......160.......0
Tesco loan ....................3000......60........0
Total unsecured debts..........29900.....568.......-
Monthly Budget Summary
Total monthly income.................... 2,500
Expenses (including HP & secured debts). 1,911
Available for debt repayments........... 589
Monthly UNsecured debt repayments....... 568
Amount left after debt repayments....... 21
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -300,000
Total Unsecured debt.................... -29,900
Net Assets.............................. -329,900
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with per0 -
Hi, this is my first post.
I'm wondering if I write to my credit card company and ask them to hold interest for a period of time will this affect my credit file?
My other half had to resign from his job in October due to personal reasons and therefore our total income is now only a third of what it was. We cannot claim any benefits for 26 weeks so I'm led to believe because he gave up work voluntarily. He is looking for employment but has gone to college part time too so is struggling to find anything to fit around that. I am not in arrears or missed any payments just the payment is going to be getting harder to meet we pay £115 a month on a £3400 balance which at the moment is the minimum payment the interest is around £45ish. I just wondered if we ask for a payment plan before we may/may not fall behind will make any difference to credit file.
Hope that makes sense. It might not seem a lot to most but it's keeping me awake at night worrying about it - hence here's me typing at 3 in the morning.
Thank you0 -
Hello
Welcome to the forum and thanks for posting.
I’m sorry worrying about your credit card is keeping you up at night. If you or your partner ever need someone to talk to the Samaritans are available 24 hours a day, their number is 116 123. You can also visit the Turn2Us website to double check your benefit entitlement.
Making reduced payments to your credit card or asking the company to freeze interest, is likely to break the terms of your agreement. If this happens it’s likely to be recorded on and impact your credit file.
Nothing stays on your credit file forever and it will rebuild overtime as you repay your debts. You can also add a notice of correction to your credit file explaining why you aren’t able to make the full payments. This notice will then be seen by anyone looking at your credit report.
You may also want to use our anonymous Debt Remedy tool to get more tailored advice about dealing with your debts. Here’s the link.
I hope this helps,
LinsiHi, this is my first post.
I'm wondering if I write to my credit card company and ask them to hold interest for a period of time will this affect my credit file?
My other half had to resign from his job in October due to personal reasons and therefore our total income is now only a third of what it was. We cannot claim any benefits for 26 weeks so I'm led to believe because he gave up work voluntarily. He is looking for employment but has gone to college part time too so is struggling to find anything to fit around that. I am not in arrears or missed any payments just the payment is going to be getting harder to meet we pay £115 a month on a £3400 balance which at the moment is the minimum payment the interest is around £45ish. I just wondered if we ask for a payment plan before we may/may not fall behind will make any difference to credit file.
Hope that makes sense. It might not seem a lot to most but it's keeping me awake at night worrying about it - hence here's me typing at 3 in the morning.
Thank you0
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