Please please someone help

em_lou_01

o and can any one give me any information about a CCA? How does this work and what exactly does it do/mean etc?

RAS

em_lou

If your father is guarantor then he will have to pay for the car if you default or go bankrupt. You need to know whether it is HP or a car loan.

And you need to speak to one of the debt charities that waspeze listed ASAP.

Waspeze

After one year you are automatically discharged. There is the possibility of getting early discharge before then, from about 5 or 6 months onwards. This is usually when it is a simple case and is straight forward to deal with.

It stays on your credit file for 6 years but after one year you can start to rebuild your credit file. It is very unlikely that you'd get any credit facilities for at least two years after discharge (if you wanted them!)

I know there is a "stigma" attached to bankruptcy but it is a lot less than it used to be. Personally I don't feel the slightest bit embaressed about going bankrupt. If the DCA's had accepted my proposals then they would have got their money over time but they threatened etc and refused any offers I made so left me with no choice!
My friends and CCCS had actually been advising me to do it long before I did it!

em_lou_01

Jes- Thank you for your help. A debt management plan sounds good. How do these work? do all my debts get consolidated into one? I do tend to pay more than the minimum payment, if the minimum payment is £5.20, i tend to pay £10. I will look at the website with snowballing information

em_lou_01

Ras- thanks for your reply. I havent defaulted yet and am managing to keep up with the payments. The car payments are finished July next yr so nearly there with that. that will give me more money to put towards debts. I dont think bankruptcy is the way forward for me personally.....maybe a dmp

waspeze...i know. I shouldnt be embarassed. Certain factors in my life have caused this to happen and i havent gotton myself into debt purposely....its just one of those things. I just dont want my family to know im strugglin. i like to think im strong and independant if only they knew the truth eh? sonetimes i think i should tell them but i cant bring myself to do it

Waspeze

With a DMP, you or a debt help place (CCCS, Payplan etc) negotiate lower payments with your creditors you then pay an amount to, for example, CCCS and they distribute it between your creditors.

If you have a surplus after all your expenditure is taken into account then this may be the way to go. Definitely talk to CCCS though

Waspeze

I think your right that Bankruptcy isn't the right option. Usually (though not always) debt problems have got beyond where you are, DCA's hounding, robbing peter to pay paul, defaults, potential CCJ's etc

The fact that you are coping, albeit just, suggests that a DMP maybe in order.

RAS

Hi

Stop paying the extra money on your accounts, EXCEPT for the one that has the highest APR. That way you pay off your debt most effectively.

Jesthar

em_lou_01 wrote: »

Jes- Thank you for your help. A debt management plan sounds good. How do these work? do all my debts get consolidated into one? I do tend to pay more than the minimum payment, if the minimum payment is £5.20, i tend to pay £10. I will look at the website with snowballing information

I'll let someone with experience of a Debt Management Plan (known as a DMP round here) explain them in more detail, but I think that as long as you have enough money to cover your monthly outgoings with some to spare to pay off your debts, the charity can negotiate repayment plans with your creditors.

If you already have enought left over to pay off your debts over time anyway, you may not even need a DMP, but we'll be able to help more there once you have your Statement of Affairs (SoA) done.

Incidentally, if you have ever had penalty charges applied to your credit cards, you can look at claiming these back, as the courts have ruled them unfair! Same with bank charges, although you'll probably have to wait to get those paid out as the bank are still mounting a legal challenge on that front, which they have almost lost.

~Jes

em_lou_01

Thanks all. I never realised how helpful jumping on here would be your all fab for helping. Im looking at payplan's DMP. Do they only take into consideration debts where they have been passed to a credit agency? also, i have an overdraft facility on an old current account. The interest alone is £45 a month, would they negotiate with the bank to lower the interest and negotiate payment? I would only do this for my loans and overdrafts and continue paying minimum amount to credit cards and pay any extra cash i have to highest apr credit card