Please advise - Debt Management / Credit Score

jaydizzle

Hi Everyone..

I'm new to the forum and just wanted some advice.. here is my current situation:

total debt amount = £12,000 (roughly)

citifinancial loan = £5500

hsbc loan = £3500

blackhorse loans = £2000

These are my 3 main creditors and on their own the monthly repayments for those were about £400 each month and plus living costs and some other small debts things were quite tight every month.

About 5 months ago I joined a debt management plan with Byrom & Keeley and my payment to them is £250 a month which was great. They were paying my creditors each month a set amount (which to me didnt look very much but I guess that's how it works). Anyway so far the letters and calls havent stopped and from what I can tell im just getting more in debt and my credit score worse!

If anyone has any information or advice on what I should do next that would be great. The ideal solution would be to get a £12000 loan from tesco or whoever and clear it all off but obviously my score is low and this is not possible.

Thanks in advice.
Rich

poppy52

You need to contact one of the free debt organisations like Payplan or CCCS. That means more of your surplus income will reach your creditors because you will not have to pay a fee for their services. Also, creditors have more faith in Payplan and CCCS because it means they get every penny of your excess income! I'm with Payplan and after a couple of months almost all the letters and phone calls have stopped - I still get the occasional one but I just send it to Payplan and they deal with it. Have a look at their website https://www.payplan.co.uk
I'm not sure of the CCCS address - but I'm sure someone here will know.

forever_hopeful_2

New to this guys so not sure what i am doing!

Feel terrible, phoned CCCS last night to ask for help/advice and have an appointment in a couple of weeks with a counsellor. Really panicking now not sure if this was right thing to do. Have several cards and 2 loans total debt about £60K. Scared about contacting creditors and letting everybody down. Not sure how CCCS will help after the telephone appointment. Have I done the right thing or have I gone mad? Is it too late to carry on with my head in the sand? What do you think?

poppy52 wrote:

You need to contact one of the free debt organisations like Payplan or CCCS. That means more of your surplus income will reach your creditors because you will not have to pay a fee for their services. Also, creditors have more faith in Payplan and CCCS because it means they get every penny of your excess income! I'm with Payplan and after a couple of months almost all the letters and phone calls have stopped - I still get the occasional one but I just send it to Payplan and they deal with it. Have a look at their website https://www.payplan.co.uk
I'm not sure of the CCCS address - but I'm sure someone here will know.

in*the*red_6

spikey wrote:

New to this guys so not sure what i am doing!

Feel terrible, phoned CCCS last night to ask for help/advice and have an appointment in a couple of weeks with a counsellor. Really panicking now not sure if this was right thing to do. Have several cards and 2 loans total debt about £60K. Scared about contacting creditors and letting everybody down. Not sure how CCCS will help after the telephone appointment. Have I done the right thing or have I gone mad? Is it too late to carry on with my head in the sand? What do you think?

Hi Spikey you need to start your own thread. Cut your question and click on the new thread button at the top of your page and paste it into the text box there.

in*the*red_6

poppy52 wrote:

I'm not sure of the CCCS address - but I'm sure someone here will know.

There are yellow links the debt charities at the top of the page.
HTH

Conor_3

spikey wrote:

New to this guys so not sure what i am doing!

Feel terrible, phoned CCCS last night to ask for help/advice and have an appointment in a couple of weeks with a counsellor. Really panicking now not sure if this was right thing to do. Have several cards and 2 loans total debt about £60K. Scared about contacting creditors and letting everybody down. Not sure how CCCS will help after the telephone appointment. Have I done the right thing or have I gone mad? Is it too late to carry on with my head in the sand? What do you think?

It was the right thing to do. Debt companies that charge half the monthly payment as a service charge exist purely to make a mint out of those in the most trouble.

Don't worry about the creditors. They're big banks. They're already making billions of pounds profit despite many people like you not paying them back.

By all means carry on with your head in the sand if you wish. We'll see you back here next year when you've been threatened with bankruptcy or are thinking of topping yourself with the stres of it all.

GET IT SORTED NOW. You got yourself into this mess. It's not the end of the world and there's always someone in a worse situation than you so time to face up to it and admit you're in trouble. One thing I will bet my house on is that if you do nothing, it'll get a whole lot worse.

jaydizzle

hey spikey!! stop stealing my thunder

but seriously good luck with the route you take.. i just phoned payplan and they were alot better then my current debt management people (who take a cut from the money i pay them) so they are gonna phone me tonight and take all the details!

they said if i pay like £300 / month i can pay off the debt in about 3 years which is pretty cool but obviously that's just a quick quote.

thanks for the help everyone
rich