New to the forum and need bit of help!

Emmy_Lou_4

Hi all,
Not sure if this is the right place to post but thought a good a place to start and hope you can all help point me in the right direction.
Well in brief I owe £17,000.00 on 3 credit cards and £22,000.00 on loan if settled now and £32,000.00 is went to the end of the loan term.
I have already contacted a debt management company and made my first payment today of £290.00. As this was all getting on top of me I didn't think to ask how long I would be paying this for and when I have rang up today it's going to be 17 years. At 29 I haven't got 17 years to be paying this off. I hve asked them about and IVA as I think this would be my best route from look on MSE site. Am going to ring CCCS and National debt line tomorrow. I hadn't let my family know until weekend just gone and was trying to find the solution alone, it's better now they know but my Dad come on MSE and it says to use the charitable companys and not the one I have used. If I did the debt managment plan that I have started they are also making alot of money out of me and my debt is higher.
Any advise would be great.
Thanks Emmy Lou. x

JAMIEDODGER

welcome to MSE and the DFW board Emmy Lou:D

poorandindenial

Hi Emmy-lou

Don't worry about it too much, if you have signed up to a DMP (not an IVA) then you should be able to switch over to one of the free ones I think, CCCS and/or NDL should be able to advise you on how to do this based on how far through the agreement you are and what you have signed up for.

welshpaula

whatever you do ring CCCS tomorrow they have just helped my other half with a DMP to pay off his credit cards yes it will take 9 years but the weight off his shoulders now is massive ! good luck paula x

Emmy_Lou_4

Thanks for all your replies, it's good to have a place to write for advice as support.
I have called CCCS today and a debt counsellor is ringing me on the 15th to go through everything. Feel better than I did yesterday. Also going to get my payment back of the fee charging company (Money Solution Compnay)as I have 7 days cooling off which is good as I'm not going to be £290 out of pocket.
CCCS have been great help today in what I should do in the mean time so going to get in touch with all my creditors to explain the situation and send the cards back to them as Natwest have sent a letter today saying if I don't return it they will send someone to collect it and charge me £125.!!

Also I'm am thinking I will be advised to do an IVA or bankrupcy due to the amount of debt I have. Anyone any advise on them?
Thanks Emmy Lou

Deep_In_Debt

Hi Emmy Lou

CCCS will advise you what is best for you. If they feel an IVA or bankruptcy is best, then they will advise it. IVA's are only suitable for a very small percentage of people - do you have any assets to protect? Property with equity for example? If not, then I suspect an IVA would not be suitable. However, those more knowledgeable will be along soon to correct me if I am wrong.

Good luck. You've come to the right place and done the right thing by contacting CCCS.

Ames

If you go back to the main DFW board, at the top there's a bankruptcy sub forum, they'll be able to tell you everything you need to know about br.

poorandindenial

Hi again EmmyLou

Glad you are feeling a bit better. There is a guide to IVAs here (link) but the amount of debt isn't the thing that will tip you over, it is the amount that you have available to offer creditors that will determine the options that you have. Did you do a statement of affairs/income and expenditure with the company that you went with?

If you go to the CCCS website they have a debtremedy tool that will give you an idea of your options. If you haven't done a SOA go to www.makesenseofcards.com and look for the SOA calculator. You can post your SOA on here if you want us to give it a bit of a going over to identify where you can make more savings

Tonylpool

Hi Emmy Lou,

Welcome! I am from your area in nearby Northwich and just started using the forums on here and facing up to my debts! Fantastic people and support! You have come to the right place!

Tony x

VLADTHEIMPALA

Ah, PAID, I'm completely lost; night owl thread is broken (?) have you tried it?

Emmy_Lou_4

Hi,
In answer to the questions I have read above. No, I don't have an asset to protect. I live with my parents. I did do a statement with MSC when I was going to do a DMP with them and it would of been £290 a month but then I found out it would be over 17 years and I just haven't got 17 years to being paying that much money. I am 29 now and don't want to be at home into my 40's. This is why I am looking at an IVA or Bankruptcy. I guess I will know more once I speak to the CCCS.
Anymore info would be great help. xx