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eaglewatcher
New Member

3 Posts

Posted - 28 November 2019 :  09:08:49  Show Profile  Reply with Quote
Hi,
I've never written anything on a forum before and I'm scared half to death about all this. Actually in tears at work typing it. But I don't really know how to deal with things any more and would appreciate any advice out there.

Two days ago I contacted Payplan about my debts which are becoming unsustainable. I'm due to receive a phone call later today to go over everything. But because I know so little about this stuff and really don't understand financial terminology etc I'm terrified I'll get talked into something I can't cope with.

I have the following debts:
6000 credit card
15,000 Tesco bank (4 years remaining)
3250 Loan for a car (not a specific car loan) - took out in April 2.5 years remaining.
2000 credit union (1 year remaining
600 overdraft with the bank.

I'm not in arrears with anyone and have always made payments on time. But my monthly repayments plus bills total 1486 against a wage of 1100.

The loans are in my name alone. But my husband puts money into my account each month to 'pay his share'.
However, he's 70. He receives a state pension of 154 a week and a private pension of 440 a month, and all this is starting to impact him too. He's a worrier so I can't really discuss it all with him. But things are becoming unsustainable

The house is in his name and the mortgage is paid off (It's a second marriage for both of us and we never got around to changing names on things. But it's his house and whatever debt solution I enter into cannot have an impact on the house).
The car is also in his name. (I need the car to get to work so I can't put that at risk either).

I'm dreadfully ashamed to be in this mess. Things were just about manageable until they started to go wrong - my grown up children needed help (one attempted suicide); the interest-free period came to an end on my credit card and I couldn't get another one; we took out a loan to buy a car from a private seller and discovered after the purchase that it needed over 1000 worth of work doing.

Just don't really know which way to turn. I'm trying to get it sorted but scared of getting it wrong and ending up in a worse mess and putting the house at risk or something. Help!

Thanks very much for any advice you can offer.

TDA (Debt Adviser)
Trust Deed Expert



13192 Posts

Posted - 28 November 2019 :  09:45:37  Show Profile  Reply with Quote
Welcome to the forum eaglewatcher.

I'm sorry to hear that you're so upset and worried about this situation. It's entirely understandable, but please be reassured that there will be a way to get everything sorted out and back under control.

Out of that 1486 for repayments plus bills, how much is getting spent on the debt repayments please?

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Kevin Mapstone
Trust Deed Expert



3802 Posts

Posted - 28 November 2019 :  09:47:27  Show Profile  Reply with Quote
Hi eaglewatcher. You are obviously having a very difficult time just now and my heart goes out to you. Fear not, though, I am certain that there is a way out of this for you.

You have already done the hard part, reaching out for help and advice, which I know can be incredibly difficult to do. Please try not to feel ashamed - these things happen and no doubt a great deal more frequently then you might imagine. The most important thing is to find a solution that suits you, which is actually the easy bit once you are receiving expert advice.

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Kevin Mapstone
Trust Deed Expert



3802 Posts

Posted - 28 November 2019 :  09:51:55  Show Profile  Reply with Quote
The first step is to go through your income and expenditure, ensuring that you have enough money to cover your bills and living costs. The left over amount is what would be used to resolve the issue and the amount that is available will really determine what your options might be. This could well be a protected trust deed, though may also be a debt arrangement scheme plan or a sequestration. A good adviser will go through all of these with you, the pros and cons of each, and then let you decide which you prefer.

Myself or one of the other experts on the forum would be very happy to assist if you want to click to get in touch. I always say that it is a good idea to get more than one opinion, as different advisers may have different ways of dealing with different situations. Also, if you have a couple of places to choose between then you can get a feel as to the level of service you are likely to get from one as opposed to the other.

In terms of the house. If that is in your husband's name then it would not be affected at all. Same with the car.

Please try not to worry too much - I am very confident that there is a good solution for you - maybe more than one in fact. I have no doubt that you will very soon feel a whole lot better about the financial situation you are in.

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Edited by - Kevin Mapstone on 28 November 2019 10:01:56
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eaglewatcher
New Member

3 Posts

Posted - 28 November 2019 :  10:15:48  Show Profile  Reply with Quote
Hi,
Thanks very much to you both for your understanding.

In answer to the question, out of the 1486 outgoings 652 is debt repayment.

I'd like to see what Payplan say, but will also get in touch (later in the day or maybe tomorrow to see what you advise. I desperately don't want to rush into anything and get it wrong, but neither do I want this hanging around much longer. Just very difficult to know what best to do, and I've probably left it too late to get sorted before Christmas anyway.
Thanks again
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Kevin Mapstone
Trust Deed Expert



3802 Posts

Posted - 28 November 2019 :  10:25:08  Show Profile  Reply with Quote
No problem, eaglewatcher. I would certainly agree that you should resist the urge to rush into anything. Whatever solution you go for needs to be affordable and sustainable otherwise you end up just replacing one problem with another.

Please don't be shy to ask lots of questions too - it is important that you feel happy that you understand all of the implications of the different options.


There is definitely plenty of time to get things moving wih your chosen route before Christmas, though it will likely be the new year before everything is rubberstamped(eg Trust Deed protected, or DAS payment programme approved). To be honest, if your current situation is worrying you so much then maybe it would be better to feel you have started the process? It might even mean you have a little spare money for Christmas as you would be able to cancel the regular payments to your debts, but not start paying int yoor solution until January.

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eaglewatcher
New Member

3 Posts

Posted - 28 November 2019 :  10:43:41  Show Profile  Reply with Quote
Thank you very much for your advice. I appreciate it.
I'll make further contact soon.
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David Tannock
Trust Deed Expert



2284 Posts

Posted - 28 November 2019 :  13:53:48  Show Profile  Reply with Quote
Hi eaglewatcher,

Well done on taking the very brave step of reaching out for help and advice.

Some great advice already from Kevin and TDA. As they have said there are solutions available to you to help deal with the debts.

Just to add that Payplan will do everything over the phone. If you are someone that likes to go through things face to face then that is an option with the experts on the forum to do that with you.

Let us know how you get on once you have spoken with Payplan.

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Edited by - David Tannock on 28 November 2019 14:14:55
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