Help for a newbie!

izzoh

Hi all... I hope this is in the right place... if not then I will move it (try and move it!)

Ok... after getting myself in a silly smount of undescured debt I got to a point where i could not manage all the monthly payments and went with a company which now manages the debt. I pay them monthly and then they distribute the debt after making arrangements with all the creditors. However by doing this I now relise it was a sily move as i had to pay them a fee, which was not that big but I know I could have used that money. Also i have got things like defaults etc because of the gap between the company getting my money and them paying the creditors. They worked out that I can fully repay the debt after 5 years with the amount I am paying at the moment but that seems like a long way away.

I feel as though I want to break from them and control my own finance but haveI now burnt my bridges with my creditors already and does anyone know if you can come out of these debt management things?? Or do you think as I have been with the debt management company since Feb this year I should just continue it.

If anyone has any advise I would be most greatful... this is me trying to admit of made some big mistakes and hoping to fix them in time.

Thanks

Hollie

10past6

Hi Hollie :hello:

Welcome to the forum, couple of things, first click here and complete your SOA (Statement of Affairs) lets see if we can cut your outgoings.

Next, look at my signature, click the link and contact Natonal Debtline and take advice re the agency your with.

Have you requested a CCA on your debts? that of course depends on what type of debts they are.

izzoh

Thanks.. I am going to complete the SOA.... I hope I o not sound silly but what is a CCA?

10past6

izzoh wrote: »

I hope I o not sound silly but what is a CCA?

Consumer Credit Agreement, they have to produce it when requested in order for your debt to be enforceable.

What type of debts do you have?

izzoh

It is all unsecured. Credit cards, a loan, catalogues and the worst thing which I have no idea why I even used it but a bank overdraft of £8500. I know it is not as major as some peoples situation but at the beginning of this year I was in a silly desperate situation.

This evening i am going to put everything together and do the STA link you sent me. I got a new job a few months ago which has left me a little better of and I really want to face this and try and get debt free quicker then the 5 years advised!

10past6

Some of your debts are covered by the CCA, some aren’t.

If a creditor cannot produce a valid CCA, then legally, you don’t have to pay them, however, morally is a different issue.

Post up your SOA and lets see what debts you have.

izzoh

going to do the SOA tonight... may take a while. So once I have done it I will put it up or add it to this... thankyou for your help.

I am also going to call the free debtline tomorrow and find out how I can go about leaving the debt management company I am in now and trying to pay more off what I owe. Thankyou 10past6 for your advise. x

10past6

izzoh wrote: »

how I can go about leaving the debt management company

The money you're paying them could go towards your debts

izzoh

i agree... I don;t know why I even considered them. It just felt like a relief for someone else to take the phonecalls and letters for a change but now I am in a better and more organised situation and also looking on here has made me open my eyes.... I just feel like I made a huge mistake going with them but hopefuly it can be sorted!!! Wish I found i had visited this site sooner!

10past6

izzoh wrote: »

Wish I found i had visited this site sooner!

We all do