Brand new to this and need help!

tallyhoh

Why is your life insurance so high, are you high risk?

mrscmr

i agree... keep posting...it helped/helps me when i get people giving me encouragement and support.

be strong CAS

rupe34

Hi again - I was wondering the same thing as Tallyhoh. For one thing I bet you could cut your Life Insurance by quite a bit. OUr life insurance is pretty expensive (because I was very fat when we took it out:rotfl:) and we pay £39 which now seems extortionate!

DO an online comparison with moneysupermarket - or similar and see what they come up with.

The other thing I was thinking - can you write to all your creditors about freezing your interest - probably best to consult with either CAB or CCCS about this - or take a look around this site, and you are bound to get advice on this - I know that a lot of people have done this. I think it could be so much better for you - rather than take out a massive loan to get rid of your other ones. Then you can work on reducing your outgoings and paying back the actual amounts.

Finally - remember we all have our ideas (and opinions;)), but its your life so you need to do what is right for you and your family.

CASR25

Not sure why life ins is high - it's joint with me and my husband. Don't know really, I'm a teacher - perhaps that's high risk!!!!!?????
Will do that on moneysupermarket tho.

Have been in contact with Payplan, which I believe are similar to the cccs - not tied to anything, just one of the options, have got an email pack to complete when ready then they'll look through it.

DO you know - if we went with a dmp, could we leave out our loans and just deal with the cc companies? Also if we contacted the cc companies, like you suggest would their alarm bells ring???? How likely are they to say yes???

We really think that freeing up 500 a mth to live on and paying off all the debt in 7years - by paying 500 a month to cc would be ideal for us; we're thinking a dmp may be the only option.

Once again thanks to everyone for your fab replies, encouragement and support. It's really helping me!

mrscmr

hi Cas
i talked to cccs and they were really good but in the end i contacted mortgage co and loan/cc cos and told them how it was. they agreed either a 3 month or a 6 month plan as we had no income at the time. so we are going through it directly. i dont know if you can do just cc'ds and not loans on a dmp - but someone else will and they will post.
x

shell_girl

My gut instinct is that you'd need to include loans and cc on a dmp- as the cc companies could see this as favouritism towards another creditor and reject your dmp request based on this, but am not 100% about this, just a gut instinct.
Well done for posting, it's always the first step that's the hardest but you're in the right place! Most of us are in the same boat and we're getting through it- you will too.

Circling_the_Drain

The thought of a DMP terrified me too at first but I wish I'd done this years ago.Now I don't have to worry about phone calls or a knock at the door or getting taken to court.I still have to follow a strict budget but that's only fair as it's my debt.I spent the credit they gave me.There's a lot more scarier things out there than a DMP.

CASR25

Very true CirclingtheDrain!

CASR25

Another thing i've just thought about - if we did our own dmp and a cc company got difficult would a company be better to help.

We've not defaulted any payments with any creditors - will they go nicely with us or will it change their opinion of us.

What if some creditors won't agree to the dmp? Why would they?

Keeping_Positive

Many people on here use CCCS. Payplan , CAB and I believe there is a Christian one as well. At the same time others do do their own. Have a look at this thread

http://forums.moneysavingexpert.com/showthread.html?t=1735087

Im sure some of the posters on here have their own diaries as well so if you read some of those as well it will help you see how others coped.

Good Luck xx