Lots of debts - help please

[WinterLover]

I have quite a few debts that are joint with my partner but in my name.

Barclaycard - £4500
HSBC - £2500
Santander Loans - £4200
Argos - £200

I have written to them all, due to change in circumstances. DP is now on long term sick and I have been made redundant after my maternity leave.

Barclaycard have suspended all payments, interest and charges for 60 days, it will be reviewed again then.
HSBC have yet to get back to me
Santander have yet to get back to me
Argo have agreed 2% of the outstanding balance - although as soon as I have extra cash i'll pay this one off.

We have £0 disposable income, have cancelled anything we can. Sky and mobiles are in a contract so can not cancel without a large lump sum payment.

My parents and in-laws are helping with nappies for DS, batch of spag bol etc

I have no means to do a settlement with any of them. Im selling anything that isnt fixed down on selling sites, but no body seems that interested.

I will be calling them all again this week but is there anythign else I can do?

Im getting so stressed thinking about it all, applying for any job that I can see!!

Any help would be greatly appriciated

Have you tried www.moneysavingexpert.com? There is a whole forum there giving advice on how to cut your debts. People there will advise both on how to save money, and how to reach an agreement with your lenders. There are lots of people there with lots of expertise in this area.

I know there are free debt management charities that can help you to agree something with your lenders, I don't know the names of the best ones but I'm sure someone on moneysavingexpert will. Watch out for ones that are not charities and want to charge you for their services.

With Sky and mobiles - have you tried speaking to them and explaining you simply cannot pay the current contract. It may be possible to switch to a very low level contract instead which is much cheaper - they would rather let you do this than lose you as a customer altogether which is why they are willing to agree this. Worth asking.

Best of luck.

I am also in some debt. What I have done is rented out my spare room for £80 a week. Its only for a few months but it helps pay off the debt Im in.

Hi

I will try Orange again, but im on one of the lowest there is. Sky is the same, on the basic package. We will be moving in July, hopefully to a cheaper to heat house. The one we're in is oil CH and cost a lot to heat as its not very economic on fuel.

In the process of selling our second car, whilst DP is off sick. But will need at least one car to enable me to work/find a job

I'd recommend you talk to CAB, CCCS or National Debtline urgently. If your debts are too high to stand any reasonable chance of being paid off they will have some alternative suggestions. Good luck

CCCS have suggested a Debt Relief order... anyone know anything about them?

here

I used Payplan to help me organise payments and talk to the creditors. They were fab, and free! Well, well worth using.

another vote her for payplan

Another vote for payplan. They're so helpful and and friendly. And they're free.

Not sure if this is something you're already doing but signing up to temporary agencies might help in the meantime and may lead to a more perm role. Just a thought esp if dad is home therefore no childcare costs (presuming he is able to look after baby due to illness)

I use In Control and can't recommend them enough. Search online for 'get back in control' - hope your situation improves soon

CAP (Christians Against Poverty) are helpful and free and have an excellent track record. They do have an evangelical agenda, but conversion is not conditional of assistance.

Ok, so don't hate me but I am in debt collection. You can negotiate repayments yourself or use a Dmc. Do not use one that charges you. Payplan are the better out of the free ones, others can't seem to pro rata properly so your offers will be refused.

The lending standards board state if you request a 30 day breathing space as long as u haven't already had 60 days in 12 months it has to be allowed. If u have a disposable income to split between your creditors PRO RATAD not split equally, these days its likely to be accepted with either 6 monthly or annul reviews. If u don't and or are a homeowner, don't be surprised if your creditors instruct solicitors. If they do they have to send u letters. You may think its to be threatening but its not its a legal requirement. They will have been instructed to commence litigation action if a repayment plan is not agreed. Best thing is to respond to all correspondence sent to you, sounds awful but I am way more helpful to polite people who want to try and pay it back rather than those who are either rude, abusive or refuse to acknowledge there is a problem. If u want pm me when you are ready to negotiate and I can help you with your financial declaration and pro rata of funds.

Not a fan of payplan. I was told they are funded by various creditors and so their interests actually lie more with them than you. I was on a plan with them for eighteen months and nothing was being paid off but the interest and charges of the debt which is fine if your situation will improve in the future, if not then the payment plan will go on for years and years unless the creditors are willing to freeze interest/charges but with a dmp they have no legal obligation to do so. They also told me I wasn't eligible for a trust deed which was a load of rubbish.

I would phone national debt line for advice before opting for a pay plan option first off.

OP, kat has given you very good advice.
If you decide to go for repayment then follow her advice. Alternatively please also consider a Debt Relief Order (I'm assuming you've been told that you are eligible for one). Please do talk to an impartial debt adviser regarding both options.
You could also do a repayment plan for 6 months and then see how things are at the end of it (hopefully you'll both be gainfully employed by then). You could consider a DRO of the situation has not improved and is not likely to improve soon.
Good luck