My Week in Money Land
Poison Ivy Card Issuer 1 & 2: How about we cut your monthly payments? 😍
Large Balance Supermarket Credit Card: we're not helping you. Ask the others.
Personal Loan Issuer: You can't afford to pay half as much, so just keep paying the whole lot. Work with this Impartial Financial Planner or we won't help you.
Impartial Financial Planner: Can I sell you an investment product? Do you want to buy shares?
Me: Well, Self, 3/4 of the debt is not budging. Time for the fun and games...
Three hours of fighting a shitty website form on a debt charity site and finally, finally I get to their recommendations and finally the thing stopped crashing, and it's all filled in, an income and expenditure report done. They've given me a budget and they recommended I go down the route of offering a settlement - only for me to download the pack and discover, that requires the sale of my flat, which isn't practical even if I wanted to. Back to the drawing board, the whole lot done again, and I have applied for a Debt Management Plan, which I hadn't thought would be possible. This involves me paying one affordable set amount each month to the charity, which distributes pieces of it to each lender and deals with them on my behalf. In theory lenders can still ask me for more money even with a DMP in place and do so via the courts, but evidently at my asset level it's a low chance. Fingers crossed.
The parts I like the best is that Loan Bank, with the biggest original repayments, which said no to cutting my repayments in half, will now receive less than 15%.
Prevailing wisdom in Internet Land is that I should have stopped paying everyone, and then default, before offering a tiny settlement. I couldn't bring myself to do it though... It'll all get paid, it's just a matter of a lotta patience. 🙏
On tenterhooks now while I wait to be approved...
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