What to do? Your thoughts needed
Apols for the non postage of the last month, but genuinely there has been little to tell you guys.
Here's a brief pre festive update before I ask for your thoughts on my IVA quandry
The highpoints would be
Not buying presents over the agreed budget for Chrimble
Total honesty with Mr E when I feel I'm having a wobble
Not buying glossy enabling magazines ....well apart from the festive Grazia today *blush*
Deciding to go cloth nappies with DD2
The lowpoints would be
Bank account switch to co-op, complete effing disaster many direct debits returned unpaid and cause of uber stress.
Buying 3 foodie type magazines and a green parenting mag "for recipe and nappy research purposes"
Spending batloads on heating, as have been leaving it on low overnight.
Ok so now to my problem, the IVA people have come back to me with a draft proposal and I am scared witless of it! They propose that I spend more on paying off my creditors over the next 5 years than I am currently doing..
DH and I have an unusual financial arrangement in that all of our money is pooled into "the people's money" and we have one account for bills and one account for spending on day to day stuff.
At the moment £650 of the people's money every month goes on servicing our debt
They propose that £850 of the people's money should go to our creditors :(
I'm thinking that this is probably do-able on paper if we live by their v strict and spartan budget BUT I will be banjaxing my credit rating and be more worse off every month than I am now (making minimum repayments). Which isn't a very exciting or attractive proposition if I'm honest.
Now, the only reason to preserve a credit rating is if we ever move or in 5 years want to extend the house (very likely).
So do I go with the IVA and bugger my credit rating, be poor for 5 years but then have no debt apart from the mortgage OR do I not go with the IVA, continue to make minimum repayments but be better off each month and probably still have a metric fuck tonne of debt in 5 years (unless we win lottery or have massive windfall!) OR do I not do IVA and instead try and negotiate some kind of debt management plan with my creditors individually and without paying the IVA company a fee each month for their expertise...
Your thoughts would be appreciated!
Here's a brief pre festive update before I ask for your thoughts on my IVA quandry
The highpoints would be
Not buying presents over the agreed budget for Chrimble
Total honesty with Mr E when I feel I'm having a wobble
Not buying glossy enabling magazines ....well apart from the festive Grazia today *blush*
Deciding to go cloth nappies with DD2
The lowpoints would be
Bank account switch to co-op, complete effing disaster many direct debits returned unpaid and cause of uber stress.
Buying 3 foodie type magazines and a green parenting mag "for recipe and nappy research purposes"
Spending batloads on heating, as have been leaving it on low overnight.
Ok so now to my problem, the IVA people have come back to me with a draft proposal and I am scared witless of it! They propose that I spend more on paying off my creditors over the next 5 years than I am currently doing..
DH and I have an unusual financial arrangement in that all of our money is pooled into "the people's money" and we have one account for bills and one account for spending on day to day stuff.
At the moment £650 of the people's money every month goes on servicing our debt
They propose that £850 of the people's money should go to our creditors :(
I'm thinking that this is probably do-able on paper if we live by their v strict and spartan budget BUT I will be banjaxing my credit rating and be more worse off every month than I am now (making minimum repayments). Which isn't a very exciting or attractive proposition if I'm honest.
Now, the only reason to preserve a credit rating is if we ever move or in 5 years want to extend the house (very likely).
So do I go with the IVA and bugger my credit rating, be poor for 5 years but then have no debt apart from the mortgage OR do I not go with the IVA, continue to make minimum repayments but be better off each month and probably still have a metric fuck tonne of debt in 5 years (unless we win lottery or have massive windfall!) OR do I not do IVA and instead try and negotiate some kind of debt management plan with my creditors individually and without paying the IVA company a fee each month for their expertise...
Your thoughts would be appreciated!
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