Help Im New! Advice On Debts And Options

purple-pear

I Know I Will Just Keep Worrying That If I Enter Dmp It Will Take Years And Years To Pay It All Back And If Thy Start Charging Interest Again Then What??

boredofbeingathome

Hi purple bear, if it is all making you so stressed then you really need to speak to a professional adviser. I would suggest giving cccs a ring on monday and getting advice on both the business side and your personal finances side.

I would also suggest that you are still coping with life after giving birth and all the upheaval which that brings. Would it be worth talking to your GP for some advice on getting through this? I am not suggesting pills or anything but maybe a referral to a councillor.

At the end of the day the priorities are you and your little one, i know you are thinking long term in regards to DMP's etc, but in a way it will focus your mind and be able to build a future for your family which will be debt free.

Dca's are a whole new ball game, at the end of the day they are just pieces of work on the other end of the phone, some are ok some aren't and they will try different tactics, as others on the thread have said most things settle down after a few weeks and accept that they are paid what you can afford.

They have guide lines about this and will usually accept your payment structure.

So the best plan of action is probably to work out all your options and then go from there. I hope you manage some rest tonight.
BOB x

MyLastFiver

purple-pear wrote: »

I Know I Will Just Keep Worrying That If I Enter Dmp It Will Take Years And Years To Pay It All Back And If Thy Start Charging Interest Again Then What??

It will take you years to pay it all back, whatever you do.

Creditors have the right to charge interest but they make a decision based on expediency. They know that if they decided to resume charging interest, you could decide to stop paying them. This would force them to take you to court. The court will prevent them from charging interest, and they know this. So better to stop interest and have you paying reduced amounts, rather than take you to court which will be expensive and only achieve the same end from their point of view.

There is no scenario in which you can make this debt go away. You are not bankrupt. You just have to pay it back a bit at a time. Sorry.

halight

Hi,
I think that a DMP is your best bet.
Nothing is going to make the debt go away. it needs to be paid.
Iv been on a dmp for 4 years now and iv only got 10 months left.
If i had not done on the dmp i would now be bankruped!!!
But i took control and starteed to repay my debts its been a long jurny on my own!!!( i with that i had know about this site a long time ago. but glad i found it in the end)
But now im coming to the end all debts will be repaid and iv learnt a lot about money livving and a lot about myself so its been well worth while
But at the time i too was like you i was so strest about it all.
You need to be brave!!!! You need to take control!!!!!!

Good luck and i hope you injoy your little one!!!!

milliemonster

I also think you need to seriously consider what is going on with your house, your mortgage payments currently eat up almost half of your income, and they are on a fixed rate and interest only, what is going to happen next year when your fixed rate runs out and your repayments shoot up?

In all honesty, you can't afford to keep your house on your current level of income, even without the debts you have, you need to talk this over with your partner and cccs urgently

purple-pear

Dont have much choice with the house as neg equity and no-one else will lend this to me on a self cert now with credit crunch and i dont blame them. Hve to try and keep it as dont know that morg will def go up next year as interest rates are coming down and I expect our wages to increase over next few years incase thy go back up? Stuck really...