Author Topic: £13,000 in debt but need to keep a good credit rating!!  (Read 23833 times)

Steven Jackson

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Re: £13,000 in debt but need to keep a good credit rating!!
« Reply #30 on: Jun 10, 2010, 05:16:03 PM »
Don't worry Mikkilaw, non of your creditors will try to force you into bankruptcy. For a start it would cost them between £1500 and £3000 to go through the process and at the end they would have to share any realised assets with all of the other people you owe money to. In conclusion, not a good use of their resources.
 
Let us know how you get on with the CCCS
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shahzeb9229

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Re: £13,000 in debt but need to keep a good credit rating!!
« Reply #31 on: Jun 11, 2010, 09:27:17 PM »
Hi mikklilaw,

Failing that, there are other options available but start your own thread and we'll take it from there.
I have applied for one more and will receive the answer in 48hours but I think we all know that once you have been knocked back once it takes a while before u can really apply again.
But I'm guessing in most cases they would sooner have an offer of payment that have to take you to court or force bankruptcy upon you?

I'm so grateful to you guys for the help, especially impressed by the fact that no one here has tried to push any of their products on services on me. Very much appreciated
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mikkilaw

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Re: £13,000 in debt but need to keep a good credit rating!!
« Reply #32 on: Jun 12, 2010, 11:40:25 PM »
is it me or has this forum now gone weird?

Sovereign

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Re: £13,000 in debt but need to keep a good credit rating!!
« Reply #33 on: Jun 14, 2010, 10:18:34 AM »
Hi Mikkilaw,

You're quite right it has all gone a bit mad on this thread!  ::)

The forum generally is ok though (for the moment). Hope it is all going well.

Steve
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Steven Jackson

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Re: £13,000 in debt but need to keep a good credit rating!!
« Reply #34 on: Jun 15, 2010, 12:50:46 PM »
Hmmmm - Not sure what happened with that post from shahzeb9229. Looks like a bit of spam got into the forum. Lets hope it is not a regular occurrence.
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mikkilaw

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Re: £13,000 in debt but need to keep a good credit rating!!
« Reply #35 on: Jun 15, 2010, 06:12:52 PM »
Yes there was another strange post here too! Gone now though, alas.
I'm going to formulate my DMP on Thursday - have booked the day off. With regard to how much to offer my creditors, I'm guessing the best policy is to go low, as I expect they will try and talk me up? If that makes any sense?

Steven Jackson

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Re: £13,000 in debt but need to keep a good credit rating!!
« Reply #36 on: Jun 16, 2010, 03:51:16 PM »
Hi Mikkilaw
 
In terms of presenting your income and expenses and thus calculating your surplus income (which will be offered to your creditors), the best strategy is to be honest. Your creditors will want to see a copy of your expenditure budget and will often argue over expenses which they feel are unreasonably high.
 
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mikkilaw

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Re: £13,000 in debt but need to keep a good credit rating!!
« Reply #37 on: Jun 16, 2010, 06:05:26 PM »
Thanks for that - some useful info there and no mistake! Will definitely ensure that I keep well within the amounts specified, indeed I could do so and still be in a position where my expenditure exceeds my income, as I only clear around £900 a month: I guess this is the very reason I am in this predicament in the first place! But I will try and make room for at least £100 a month.

Steven Jackson

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Re: £13,000 in debt but need to keep a good credit rating!!
« Reply #38 on: Jun 17, 2010, 05:12:14 PM »
Good job Mikkilaw
 
Unfortunately the link I added to expenditure guidelines seems to have been snipped from my last post. Appologies if I bent the rules on that one Administrator....
 
Let us know how you get on with your negotiations.
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mikkilaw

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Re: £13,000 in debt but need to keep a good credit rating!!
« Reply #39 on: Jun 17, 2010, 11:11:48 PM »
No worries about the moderator deleting the link, I have the pdf downloaded and have already drafted a proposal! Thanks :-)

mikkilaw

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Re: £13,000 in debt but need to keep a good credit rating!!
« Reply #40 on: Jun 20, 2010, 11:23:33 AM »
Ok I earned £12,372.84 gross for the 2009/10 tax year, upon which I paid £1,178.60 tax and £733.98 NI leaving £10,460.26 net which equates to £871.69 monthly. I think my essential expenses run at about £727.40, so therefore I am in a position to offer £144.29 per month to my creditors. Does this look about right?

Steven Jackson

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Re: £13,000 in debt but need to keep a good credit rating!!
« Reply #41 on: Jun 21, 2010, 06:26:43 PM »
Hi Mikkilaw
 
Your maths is certainly right but I am unable to comment on the validity of your disposable income without knowing what your list of expenses is. Would you be prepared to post any details of your expenses? If so I am sure we can advise further.
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mikkilaw

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Re: £13,000 in debt but need to keep a good credit rating!!
« Reply #42 on: Jun 21, 2010, 07:06:57 PM »
Yes of course!! The only thing that I've done which is probably a bit cheeky is I've included an amount for "Stationery" - I spend a fortune on stamps, envelopes and paper as I have been applying for jobs frantically ever since I was made redundant from the Brewin Dolphin (Investment Management Company)  two years ago. Yes you can apply for a lot of jobs online these days, but there are many that still like "snail mail". If you feel that I'm pushing my luck with this then I will remove it!

Rent     £255.00
Housekeeping     £195.00
Meals at Work     £31.00
Clothing     £28.00
Hairdressing     £10.00
Telephone     £30.00
Transport (to and from work)     £100.00
Dental / Optical     £13.00
Prescription     £14.40
Stationery     £25.00
Repairs etc     £15.00
Sundries / Emergencies     £11.00

Steven Jackson

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Re: £13,000 in debt but need to keep a good credit rating!!
« Reply #43 on: Jun 21, 2010, 07:54:46 PM »
I can not see much wrong here Millilaw. I suggest that you should be prepared to prove your rent with a rent agreement or statement (or indeed a bank statement) however, it really is quite low. Given you can pay a total of c£140 a month against a £13,000 debt which is greater than 1% return a month, your creditors should be OK. At the end of the day, if they do question, I do not think it is resonable for you to cut down any more and so stick to your guns and simply start making the monthly payments to each of them (dividing your disposable pro rata between them).
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mikkilaw

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Re: £13,000 in debt but need to keep a good credit rating!!
« Reply #44 on: Jun 21, 2010, 09:10:58 PM »
Thanks Steven! Much appreciate your time and expertise.

Recently I have been talking to people at work about debt and it turns out a fair few are in a similar situation - the account managers aren't bringing in the business upon which they get commission, and a lot of the middle management are struggling with cost-of-living increases in the face of frozen pay and greatly reduced (or non-existent) annual bonuses.