I would echo the above advice and definately look into bankrupcy as an option especially if you have no assets and as Paul says it does not state in your contract at work that its a no no.
Thank you all again, Payplan have said I need to be able to make minimum payments of 100.00 per month to be considered for an IVA with them.
I don't know about melaniegiles.com but they do have all my IandE on their online enquiry form - I'll see what they say when I have my appointment on Thursday.
Hi
Yes a good IP will explain all your options taking into account your personal circumstances, and what repercussions each choice may have. You will then be in a better place to make decisions.
A good ip will explain everything but the decision is up to you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Hufflepuff - when we chat we will go over your I&E to make sure everything is provided for and look at your circumstances as a whole. We will then talk through all the options available to you and the implications of each so you can then see what is the best way forward for you. Things will seem a lot clearer once we have chatted.
Look forward to speaking with you Wednesday.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
One thing is for sure, we will give you advice about all of the available debt solutions and you will then be in a better position to make a reasoned choice for the future.
Your decision really needs to be based on what is best for you and your family's future. Bankruptcy proceedings can often bring the much needed fresh start, and if your disposable income is that low I would give serious consideration to whether that is the better option. Tina will be able to counsel you more on this when you speak with her, as should your current providers.
Frankly a DMP which takes you until age 74 in 22 years time is a nonsense, unless you are predicting an improved change of circumstances in the future or you desperately wish to avoid bankruptcy. Was any consideration made of how you would fund the payments into this scheme once you have retired and presumably your income is reduced?
When I originally set up the DMP, I had just returned to work after maternity leave and was working part-time for a financial institution, so that is why I couldn't consider bankruptcy at the time.
As far as I remember the length of the DMP was not discussed, it was for 30 years when originally set up. I guess Payplan thought that I would return to full time work at some point and would then be able to make higher payments and shorten the length of time.
I have a different job now - more hours but still part-time and I don't how long it will be before I will be able to work full time again and am now also a single parent so that makes things a bit more tricky.
I will talk more to Tina tomorrow and see what is best for me to do. (I missed my appointment today because I am totally dizzy at the moment and don't seem to know if I'm coming or going!!).
Tina won't mind - just give her a call to rearrange. The important thing here is that you make the right decision for your future, based on the right advice about all debt solutions. Good luck with the call!
Had my chat with Tina at melaniegiles.com this afternoon, and although I thought I had around 120 to pay into an IVA. My actual disposable income is more like 75 - there were quite a few things that I hadn't considered that Tina said needed to be added into my expenditure.
We talked about bankruptcy but I have no idea how I would be able to pay the costs (around 600).
My budget is still really tight but Tina did point out that I don't receive any child maintenance from my ex. My spilt is rather messy to say the least but I have approached my ex's Mum this evening and she seems to think that 40 per week is a reasonable amount for him to pay me and she has promised to discuss with him at the weekend.
This would obviously make a difference to my income if he agrees and Tina has suggested that I approach Cleardebt as well as Payplan as they may be able to help me.
Would it be ok to add some of this (hopefully) extra income to my housekeeping and maybe have a small contingency fund to make my expenditure more realistic and then offer the remainder to IVA repayments?
If you are able to increase your disposable income by receiving child maintenance, then this definately puts you in a much stronger position. I will get Tina to call you tomorrow to discuss this further.
Thats great news Hufflepuff - I know you were worried about that and if it can be arranged that then puts you in a much better position financially. The last thing you needed was another tight budget to commit to for 5 years but this way it will give you a well provided living budget and sufficient disposable income for proposing an IVA.
I have emailed you separately as well.
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
