Help...

[fairygirl1]

Hi all - I have just registered so forgive me for any mistakes or dumbness as I am new to all of this!
I am looking for some much-needed advice to try and help me get out of my current situation and feel like there is a point going on with my life coz at the moment it really doesn't feel that way no matter how much I try and sort things out (yeah I suffer with Bi-Polar too so the mood swings dont help when I feel pretty helpless with my debt!).
I am 35 years of age and have £38,000 of debt in my own name plus £8000 debt in my mum's name (additional card holder on her credit card) - I have to pay my mum back each month at £190 (minimum payment - half of which is interest on the card) as she is retired and has her own money worries.
I have been on a DMP since May last year and although I am keeping up with the repayments, it is going to take me until at least 2021 to repay and that's banking on the creditors freezing charges and interest which not all of them have agreed to so it seems like some debts are not reducing at all or by next to nothing. My car is included in that debt and Fiat will be taking me to Court after various solicitors and debt collection agency threats. I cant sell my car as it is essential for my employment; without it I would lose my job.
Of course I do not expect a life of luxury with all of my debt however at the moment it feels like I am working all those hours in a highly stressful job that I hate for absolutely nothing. The DMP leaves me nothing to enjoy life on after food etc - I cant even afford to buy clothes or go out which I dont think is asking a lot when I work F/T.
I also desperately want a child. I am 35 and have no children and time is ticking away.
My partner is going to move in with me however due to his own financial situation he is unable to to help out at all financially although will not be adding to my debts. He doesn't really understand the whole debt situation that I currently in and doesn't really seem interested in it neither to be honest therefore I am trying to deal with all of this alone as well as learning a new job which causes me so much stress.
I have a CPN for my mental health who has written letters of support for my DMP however beyond that she is about as much use as a chocolate tea-pot!
I don even know if I will be eligible for an IVA if I have accepted a DMP and have been paying into this for the past 9 months but it's never-ending and I need a quicker and more realistic solution than that.
Please help....anyone? x

[kallis3]

Hi and welcome to the forum.

So sorry to hear of your problems. Which company are you with for your DMP? Was an IVA suggested at all?

Speak to a couple of other companies via www.iva.com and get some free advice.

There will be a solution for you.

[footiemad]

Sounds like you need to speak to someone asap because I'm sure there must be a better solution for you somewhere. Speak to some of the companies as Jan has suggested and maybe you can find someone you feel happy with to move forward. Don't despair because help is always available x

[ginger3232]

Agree with kallis - speak to a few experts - however i wonder if there will be issue around your debt on your mother credit card - technically creditors will see it as her debt and £190 per month is a wacking amount - so this will need to be look at from the onset - to prevent your mother having issues with this debt

[kallis3]

It will be seen as your mothers debt and you won't be allowed to include that in your IVA.

[Shining]

Do take some professional advice of not one but 2 or 3 companies, you will get case specific advice and there will be a solution for you, don't put your life on hold any longer, get the debt sorted and move on. x

[fairygirl1]

Thanks everyone - I am with CCCS at the moment with my DMP who allow me to make the £190 payments to Virgin for my mum's credit card and perhaps that's why they havent suggested an IVA because I have made it very clear that there is no way that I can not pay this each month as my mum is on a pension and still has a mortgage and her own debts to repay with not enough income x

[fairygirl1]

Oh sorry I forgot to add - I realise tat £190 per month payment to credit card is a lot however it is because the interest free period is over and my mum is unable to get any 0% cards now due to her having retired and having other debts so we are stuck with the Virgin card which is ridiculous payments. Gets me angry that half the money I repay each money just goes on interest therefore the balance changes only slightly each month!

[lem]

Hi fairygirl, you have to realise that if you go down the IVA route, you will not be allocated an allowance to pay the £190 a month you owe to your mum's credit card and it would be highly unlikely you would be able to save enough from your other allowances to be able to fund this from them.

You need to take some professional advice but I think this is going to be a sticking point really in any other solution apart from a DMP, I think you are going to have to weigh up a longer term paying your debts back which will allow you to continue to pay your mum, or an IVA which isn't going to allow that.

[MelanieGiles]

Although an IVA does appear to be a more attractive option, it is unlikely that your other creditors would agree to your mother's debt being paid off in priority to theirs. If your mother cannot genuinely afford to cover the repayments on that loan - even if you try and get them reduced in the circumstances - then you may have little option but to continue with the DMP and then switch to an IVA when that loan has been repaid. It is interesting to note that CCCS are allowing this to happen - I assume that this is with the knowledge and agreement of your other creditors?