Drowning!!

southernscouser

snickersgirl wrote:

Hi all, im just wondering if anyone has any further advice to offer. I have had my appointment with CCCS and they were very nice - basically I have got two choices go with them on a Debt Management Plan which will probably last for about 10 years or they will put me in touch with an IP who can guide me through a IVA which would take about 5 years. I really don't know which is the best choice for me - I currently have a mortgage with approximatly £10k/£15k equity (which I believe the creditors will want at the end of an IVA) (I really don't want to lose my house) - I understand that for an IVA to go through your creditors have to agree to it - my largest credits are with HSBC with whom I have a lone and then the next one is MBNA's credit card - has anyone got any experience as to whether these two companies would go for an IVA? I really want to get my debt sorted out but really dont know which of the two options to go for for the best - would greatly appreciate any comments or advise.

I've no experience of either to be honest but I know alot of people are happy at being on DMP's. Seem to be more people on them than IVA's!

Plus I'm sure you can re-evaluate your DMP if you are able to pay off more each month! This will bring the debt free date forward!

snickersgirl

Just thought I'd give everyone a quick update of whats been happening. I haven't been online for a while due to pressures of work and once I've got home I haven't wanted to sit down (nor have I been able to as I've been having problems with my back) in front of a computer.

I've started my DMP with CCCS and my first payment went out at the end of May to my creditors. I have been plagued with phone calls from HSBC and MBNA who will not agree to the DMP. Barclaycard have agreed to the DMP which is good, Egg and Cahoot have issued Default Notices and HSBC and MBNA are threatening the same.

The good news is that I will be receiving a raise at the end of this month :T so once I know what difference it will make to my wages at the end of the month I can contact CCCS and get them to change my plan around and hopefully this may help get MNBA and HSBC off my back. Both of these companies are phoning me at work, at home at all hours and MBNA are phoning my parents constantly and despite being advised that I do not live there and they have the wrong address and phone number they last phoned my parents at 8.10 am on Saturday morning. I have written to MBNA to advise them of this - they already hold all my correct details so cannot understand why they are harrassing my parents!!

I know I have got an extremely long way to go but at last feel like Im doing all that I can to solve the situation I have got myself into - hopefully once my creditors see that I am serious in sorting out my debt the phone calls will decrease.

Good luck to you all.

leanne11

Hi Snickersgirl. I am new to this site and I fine it a huge help. I'am 25, and owe nealy £30,000. 6 Months ago I went with CCCS and got onto a DMP to as my debts were costing around £750 per month, plus charges, and I was taking home £1000. Anyway, CCCS is great. Whenever I speak to them on the phone I always want to cry as they are so kind!

I have the same problems with you regarding MBNA and HSBC. After a few months, MBNA sold my debt on to a company called 1st Credit, so they may do this with you. CCCS say its better that way as the debt comapnys are easier to deal with. So far, I've had no problems with them! HSBC are a pain. Always calling, every day of the week., morning, noon, and nght!!

Good Luck!

aHullKingstonRover

Hi SnickersGirl,

It's great to see you online again! It sounds like the past couple of months have been difficult, to say the least.

HSBC and MBNA seem like difficult organisations to deal with - what makes it apparently worse is the harrassment at work you are enduring and the emotional stress they are inflicting upon your parents.

Did you manage to tell your mum about your financial situation before the phone calls started?

Is the Internet selling still ongoing? I see that you've wiped the storecards from your debt list...

By the way, what is the process after a default notice has been issued? Surely, there's little these companies can do if you can prove to a court that you're managing your debt in the best possible way, with the help of CCCS?

As always, good luck...

h4nym

Snickers

First of all, keep the chin up hun! You're the one that's making progress, not anyone else!

HSBC and MBNA are simply after money - that's their only measurement. They won't care about being nice / polite / helpful / cheerful etc etc so you don't need to bother with courtesy or emotion either. You need to be firm with them - sorry folks, but the money just isn't there and the money you've been offered is the maximum available. Maybe others here can advise, but would it be worth you including them in the payments from the DMP anyway?

To avoid embarrassment / hassle / arguments when they phone you, why not simply write a paragraph on a card that you keep with you and whenever they phone simply read back the paragraph - something like "the only important thing to both you and I is the amout of money that will be repaid and that the amount that has been offered within the DMP is the maximum currently available. Should my circumstances change, you can be assured that undertakings already made in the DMP to increase the payments will be honoured" This can be used in answer to any question they ask! Standard politician's response when asked an awkward question - simply answer "that's not the question, the real question is ..." and then go on to make the point that you were always planning on making!

Good luck, hun!

H

london29_2

Hi SnickersGirl, I just wanted to say well done for facing your problems head on - that takes guts. And responding to an earlier point made in this thread; what exactly is the grocery challenge?

Bargain_Rzl

The Grocery Challenge is a monthly cost-cutting challenge over on the Old Style forum ... You'll find the current one here http://forums.moneysavingexpert.com/showthread.html?t=219161

**purpleprincess**

Brilliant!!! Well done hun!!! Glad to see this as we joined around the same time xx

london29_2

Bargain_Rzl wrote:

The Grocery Challenge is a monthly cost-cutting challenge over on the Old Style forum ... You'll find the current one here http://forums.moneysavingexpert.com/showthread.html?t=219161

Great, thank you for answering my question.

:cool:

Duttyrockgal

Well done Snickersgirl!

U have inspired me to confront my debts!