where do i turn!?

stephnige

i have a personal loan of £3000. at £93pm, a credit card at £2000. £40 pm, and an overdraft well over its limmit at £1400, for which i,m getting £150 pm charges! all with the HSBC bank. i have contacted HSBC regarding consolidating all borrowing into one loan, which would be £164 pm over 5 years. we can easily afford (as they could see themselves from our income and outgoings) but they declined. it does not appear we can obtain a loan from anywhere else but a debt management company has advised us that a debt management plan, of £150 pm is our only solution, and would settle all above debts over 4 years. IS THIS A GOOD IDEA?

doobiesis_2

Why don't you get in touch with CCCS https://www.cccs.co.uk/ fill in the form and then give them a call, explain everything and they'll advise you.. I've just started doing this am sure others can give u much more valuable information. But I found that they helped me get on track.. the right track!! :j

Happiness6500

Hi i agree CCCS they are a charitable body . im just about to set my DMP up . They make there money by taking ur Creditor payments on say the 1st and make the payments on or around the 25th . The interest gained is what keeps them ticking. do not pay someone to do this all it is doing is adding to your debt. These people are blood suckers .

Good luck and keep us posted

stephnige

thanks i;m just worred about getting in more trouble than i am now! i'm too well aware there are a lot of companies taking advantage of people like me an end up putting them in more trouble than they were originally!

MrsTinks

Yes a DMP sounds like a solution NO a company selling DMPs DO CATEGORICALLY NOT!!! Use one of the free charities in my signature instead
Also be aware that entering a DMP will mean you default on your debts and will damage your credit file for 6 years (6 years from the date the accounts are defaulted) - not necessarily a bad thing but something you need to know before you decide this is the way forward.

DarkConvict

Yeah, i would advise you do contact one of the debt charities, such as CCCS, Payplan, National Debtline or CAB

MrsTinks

Have you thought of posting up your SOA (statement of accounts) on here to see if there is another way of addressing your debts? Cutting back in areas to overpay on your debts and therefor being debt free earlier?

stephnige

i have been told that dmp can help but the people i owe to (i.e hsbc) could say no they do not agree to the terms an send in bailiffs etc anyway

stephnige

i have been told a dmp could be the answer but hsbc could refuse it an send bailiffs in anyway this is my concern

savingholmes

Contact a debt charity and take it from there