Big fat debts, is the CCCS the best way forward for me?

Seekay_2

Hello all!

I'm new to this site, and would really appreciate some help and advice concerning my own horrible debt problem...

I currently have just over £45,000 in unsecured debts. This is spread over 3 loans (32K), 2 credit cards (4K), and a loan from my parents (9K) which helped to clear most of my high interest credit card debt. I've always had a good credit rating (unfortunately!) and all of my debts are relatively low interest (from 6-9%).

My monthly payments to service my debts add up to around £900, which only leaves a couple of hundred quid for EVERYTHING else. The debt is coming down slowly, but I have to use a credit card now and again for petrol/car tax etc, and the whole situation is getting me down. I live with my Mum & Dad as I can't afford to rent privately (I give them what I can). At the moment it looks like the situation wont change much in terms of my outgoings for at least 4-5 years, and I'm 27 now.

I've been considering going on a DMP through the CCCS, but it's a bit complicated. I work for one of the major high street banks as a personal account manager (oh, the irony), and one of my loans is with them. If they were included in a DMP, it would mean I basically would lose control of my current account with them - which is where my wages have to be put into every month. :mad:

Could I do a DMP through CCCS and not include this loan? Should I look for another job and then consider the DMP? (I'm not happy in my job anyway, with pressure on me to put other people into debt all the time). And will a DMP make it difficult to rent a property?

All ideas, opinions and advice will be very gratefully received, as living with this debt is starting to send me a bit mental.

Deep_In_Debt

Hi
If it's any consolation, I worked as a Financial Advisor and managed to accrue £27k debt! Yes, the irony!

You will need to include all your unsecured debts into your DMP. A DMP should not affect your rent. If you are unhappy in your job, why not look for another one and open a new bank account not linked to any of your creditors. I would discuss it with your company and see what they say - they may offer you a basic account instead.

Sorry I can't offer any real advice but do know what it's like to work in the "industry" and be in debt yourself.

Good luck.

Seekay_2

Thanks for your replies guys,

When I recently got in touch with 'Debtbusters', the adviser there said that we could omit the loan that I have with my employer so that they'd be none-the-wiser as to my slightly embarrassing debt problem. They proposed a plan where I would pay about £300 p/m, with £44 of that going to them as their 'fee'. Since then I've seen lots of people on various forums basically saying, 'DON'T TOUCH THOSE KIND OF FIRMS WITH A BARGEPOLE!', so I've leant towards the CCCS option since then. If the CCCS won't ignore the loan I have with my employer then that option seems to be a non-starter unless I move jobs (which I'm tempted to do, but changing jobs isn't something you can do in a few days, and it's a catch 22 situation as well as I'd need to get a job that would mean I could still service my £900 p/m debts - but I could afford to take a bit of a pay cut if I was on a DMP!)

It's not a great situation, but writing it down on a forum thread is quite theraputic!

Any more thoughts/advice very much appreciated.

Seekay_2

Do you think?

I thought that post looked a bit fishy - I can spot a fake e mail a mile away, but I'm not that well versed in forums to be honest. Wasn't going to ring them anyway - I've had about 20 calls from Debtbusters after a small internet enquiry, they're as persistent as mobile phone providers.

More thoughts and advice would still be great by-the-way!

taxi73

Please only use one of the debt based charities.I do not know the answer to your loan /work dilemma but a phone call to the charities is a start and then at least you can find out what situation you are in.
Though why can't you manage on a couple of hundred pound a month after debts whilst living at home?...perhaps you need a spending diary to track where your money goes.
If you post A SOA on here perhaps we can help you cut back in some way x

Seekay_2

Thanks for your input taxi - I will phone.

As for the situation - £200 is what is left after I've serviced the min debts. Around £120 of this goes straight away on diesel for commuting. £25 goes on my mobile phone, and at this point I haven't even given my parents any money at all for keeping me, which makes me feel awful. Then there's car tax, MOT, and socialising (I'm single, and really do need to have some kind of social life, not really an option at the mo)!

Anyway, thanks for your reply, I'll give the CCCS a call - just not sure they can help while one of my creditors is my employer!

Cheers.

tyllwyd

I think your other problem might be the debt to your parents - would they be prepared to accept a pro-rata payment alongside your other creditors?

firesidemaid

get an evening/weekend job, perhaps in a pub/bar.

that way you sort of get paid for socialising and you can pay everything off more quickly.