I need help so badly

LittleMissSkint

Debt Arrangement Scheme - Oh I'm not allowed to post links, but it is a scheme where you are protected from your creditors if you pay a set sum every month to the Administrator.

Some of our creditors are already taking significantly reduced payments and we still can't meet them.

Charco_2

Look, you're going to have to speak to a professional (everyone on here will steer you towards the debt charities probably isn't a bad idea but) whatever you do, speak to SOMEONE!

You can speak to your local MONEY ADVICE centre (who are pretty much the same as CAB but more concentrated on finance). Contact an IP who will speak to you about a Trust Deed and Sequestration and probably DAS and whatever else. You're probably a bit beyond thinkig about a a million years on a DMP but speak to a company if you like!

The most important thing is to speak to someone who wont be asking for fees from you until they've put a solution in place! There's no shortage of companies who'll be happy to take your money off you but you're not looking for more debt, you want a way out!
Dont pay anybody anything until you have a solution!

You wont necessarily lose your house if you dont want to, you're saying there's no equity in it (it will probably have to be formally valued) but in any event, all anybody will be interest in your family home will be your EQUITY - if there is none, they've no interest!

LittleMissSkint

I have enough in the house to do the next 2 or 3 days, after that I have nothing until Monday 19th as I had to pay MBNA to stop them calling me every 20 minutes. I have already borrowed so much off my mum to keep us going but it seems I will have no option.

LittleMissSkint

Charco wrote: »

Look, you're going to have to speak to a professional (everyone on here will steer you towards the debt charities probably isn't a bad idea but) whatever you do, speak to SOMEONE!

You can speak to your local MONEY ADVICE centre (who are pretty much the same as CAB but more concentrated on finance). Contact an IP who will speak to you about a Trust Deed and Sequestration and probably DAS and whatever else. You're probably a bit beyond thinkig about a a million years on a DMP but speak to a company if you like!

The most important thing is to speak to someone who wont be asking for fees from you until they've put a solution in place! There's no shortage of companies who'll be happy to take your money off you but you're not looking for more debt, you want a way out!
Dont pay anybody anything until you have a solution!

You wont necessarily lose your house if you dont want to, you're saying there's no equity in it (it will probably have to be formally valued) but in any event, all anybody will be interest in your family home will be your EQUITY - if there is none, they've no interest!

I'm so ready to speak to a professional, I just want a vague idea of what to expect as I am already at breaking point and need to steel myself before I sit and blub in the persons office. Also how would I find a reputable person? Do I need to take a lot of paper work?

ramblingtree

I would say (although I'm no expert) if you're already defaulting then spend the money on food and unplug the phone. If family can help ok, but MBNA come after your family in terms of essentials.

LittleMissSkint

ramblingtree wrote: »

I would say (although I'm no expert) if you're already defaulting then spend the money on food and unplug the phone. If family can help ok, but MBNA come after your family in terms of essentials.

I have reached this same conclusion, they are just very persistant and they caught me at a weak time. I couldn't bear to be called again.

ramblingtree

It is horrible when people are calling you continuously. Thats why they do it, to break you down and get what they want. But if you can, just don't answer the phone.

dancingfairy

Firstly I would advise filling out the SOA on this site:
http://www.makesenseofcards.com/soacalc.html
You seem to have included most things on your budget already but if you fill that in 1) it will make sure you haven't forgotten anything - eg tv licence, prescriptions, clothes, holidays/presents/ dentists , car mot, car repairs etc etc
and 2) it will dothe sums for you - always handy.

O.K you've already had some advice whichis briliant -good start. SO National Debtline recommended a DAS and what did CCCS recommend if not a DAS? they must have some suggestion.
From what I know you need to get a really good look at your figures - you need to decide what you think is the best course of action based on what the professionals have said. It does appear from what has been said that you may not have enough spare income for a DAS so hence why I asked what CCCS advised.
I would go through the SOA thing though and put in everything you have forgotten to get a clear picture as you need to make sure your budget is liveable for the future as if you forget things it can throw you off i nthe future - make sure you account for everything. If you post it here it might give a few ideas.

df

wherediditallgothen

Just remember this; they can't have what you haven't got. I don't know how much that helps you, but it's put things into perspective for me.

dancingfairy

Secondly you have gone to the experts -CCCS and National Debtline - I am sure there are some good IVA type companies out there but you have sought impartial advice and you need to be very wary that the private companies don't just try and sell you something - you are in a vulnerable position and they may well try and pressure sell you something - research the options available -DAS , bankruptcy , IVAs or whatever the scottish equivalent is and go for it but be very very careful of private companies as some are in it for how much money you can pay them and don't give two hoots about you or your family.
df