Help & Advice Please

martlow22

Hi I hope there are some people out there that can give me some constructive advice please??? Here is my story: a little over 6 years ago I found myself in debt of approx. £50,000 (I know foolish!!) Anyway, I found a DMC that took on my affairs and have been dealing with things since. (I can hear you all saying WHY so many free ones out there!!) I know this, but like so many of us I'm sure, we brush it under the carpet and pretend it's not there!

During this time I have obviously defaulted but have never received any CCJ's. I am now in a position where a company (Howard, Cohen & Co) have taken on my HSBC accounts and are taking me to court. I am hopefully going to sort this as I think they have not seen the payments the DMC have been making on my behalf. They have sent them proof and I am hoping that after the bank holiday I will be able to talk to them and have it cancelled, so that it does not go as far as CCJ's.

If this was to happen!!! Well!! after all this time, what a wasted effort. So I am now wondering what by best route is?? I have looked into everything and come up with the following... sorry to take so long I just want you to be in the picture!!

1. I continue where I am with the DMC
2. I go to a free service that will do exactly the same as the current DMC
3. I take it on myself and do the paperwork and negotiating (I am a manager of a company, so paperwork and negotiating would not be a problem)
4. I decide to enter an IVA and have this sorted within 5 years.
5. I go Bankrupt and have done with all this!! (I know not always the easy route, but hey I have been trying for the last 6 years, It could take me another 12 years at this rate to clear the debt!!

I hope I have covered everything (if not please ask). I really do appreciate anyones help with this. I need to have this sorted so that I can actually marry my fiance some day soon!!

Thanks

fermi

1. I continue where I am with the DMC

Doesn't sound like the best option really does it?

2. I go to a free service that will do exactly the same as the current DMC

If you have impartial advice that a DMP is still the best way to go then that would be a good option.

3. I take it on myself and do the paperwork and negotiating (I am a manager of a company, so paperwork and negotiating would not be a problem)

There are quite a few people here doing this themselves. There is support on this forum, and CCCS and National Debtline will still advise you if you have problems.

4. I decide to enter an IVA and have this sorted within 5 years.

Only really suitable if you have assets/property/equity to protect, or a job that won't let you opt for bankruptcy. CCCS only recommend an IVA to 3% of the people they see.

Martin's guide to IVAs is here: IVA Guide

Worth reading.

5. I go Bankrupt and have done with all this!! (I know not always the easy route, but hey I have been trying for the last 6 years, It could take me another 12 years at this rate to clear the debt!!

Always an option, but you must seek independent impartial advice that it is in your best interest. The court/judge requires that you have before they will grant a bankruptcy.

martlow22

Thanks for all of this, I know option 1 was a non starter!! An IVA sounds like it's no good for me anyway. 2 or 3 may be a possibility (but could well be for another 10 years!!) and I will certainly seek independent advice on Bankruptcy!!

Thanks again and I really do appreciate your comments.