Debt Issue

[phleb]

I owe £15k. Spoke to two of the companies and agreed on a £10 per month repayment plan until i am financially settled. This means i will be blacklisted for 6 years, but its a load of my mind, as i won't be thinking of borrowing at all until this lot is paid if possible. I still have a loan and have to pay £151 per month on that, i am contemplating asked them to reduce payments, but i have a bank account with halifax aswell and was wondering if it will affect that. Nothing else i do can make my credit report any worse than it is. Debt is awful, and no wonder some people give up. I felt that way a few times. Today i have the loan to pay and my gas and electricity still not been paid. Other half won't help as he said he has bills to pay aswell (which is unfair coz he should pay the household bills with me). Anyway, what i am asking is will it affect my bank account if i ask them to reduce monthly loan payments? What will happen if i can't still pay the cards off after the agreed £10 per month term which is 3 month and 12 months. Even if i am still paying after 6 years, does that mean my credit report will have cleared?

[ummmm]

It won't affect your back account except they might put limits on it. They may cancel overdraft facilities.

[ubasses]

It is always worth talking to your Bank about renegotiating the loan, they would much rather you were repaying them rather than defaulting. However you have to be honest about your situation so they know the whole position. Yes it could affect your current account, they may agree on condition that you return any cards you have or reduce any overdraft limits. May want you to only have a basic Bank account with ATM car and direct debits only.

[ummmm]

Phleb....I know it's off topic but why isn't your OH helping you?

[phleb]

Ummmm, please read my posts regarding OH and you may understand a bit more. Bottom line is he says i get the benefits and so i should run the house. Only benefits i get are tax creds and child benefit. 3 children, food, tv, car petrol, tax, house bills, insurances, council tax, etc etc how much is that supposed to stretch? We don't pay for school dinners anymore and do pack lunches instead which saves £10-15 per week. I want to go back to work, but my job pays peanuts and all would go on childcare.

[bednobs]

can't you go out in hte evenings to work when husband is home?

[ummmm]

I know your situation but I don't understand why he's still not paying. Are all 3 kids his? (no offence, I have kids by different dads)

Ok..you can ignore the loans etc...but gas and electric. That's not on.

[mazie]

Doesn't he live in the house phleb?

[phleb]

He lives in the house and all the kids are his.

[Hopkirk]

Consider getting rid of the car (or the OH)

[phleb]

I am looking for an evening cleaning job or something. x

[Retrochic]

Gosh what can I say. You must go see someone who can sort out your debt and payments,you may be able to arrange this through Citizens Advice. Ring your energy supplier and explain the situation - they will put you on a payment plan that will include what you owe so you will be paying a set amount a month. Your OH needs to be told that his credit report will be effected by your debt as he will be linked to your address. This is something you both should be addressing as it effects you both.

[mazie]

How can he expect to live in the house and not contribute anything financially?

[Retrochic]

I know this is Off Topic but after reading the back story phleb words fail me -sorry but do you realise you are being abused?

[phleb]

Yes i do realise that. But with no money and job and three kids what am i supposed to do. I cannot go anywhere and he wont leave either. They took me off the council list due to me not bidding on properties, that was my back up plan, but failed. All my savings etc have gone on this house. There is nothing more i would like than to get away and bring my kids up my way with no problems.

Anyway, none of you actually answered my questions.

[Retrochic]

Phleb your question was answered: Your debt will only affect your Bank Account should you apply for a Bank loan or overdraft. You were also given advice to see a debt counselor perhaps through Citizens Advice.

[ubasses]

I answered re your current account at 13.26pm. Regarding what will happen at the end of 3 & 12 months will depend on the Card Companies, at that time you will contact them and explain the situation and hopefully reach an agreement for a further period. As I said they want their money back so as long as you keep up repayments during the first period they are likely to be flexible. If you are in arrears still at the end of 6 years, yes it will still effect your Credit Report. If you default and they get a CCJ then the six years will start from then.

[ubasses]

Retrochic has given good advice about CAB, the Government has also set up a debt helpline for free advice. Each of the Finance Companies have to put their own debt first and will not take into account anything else.

[phleb]

Sorry, and thanks.x