Is debt management the nail in the coffin?

Scott78

Thanks for all the responses we have cut down on spedning a fair bit over the last year as only one of us is working now, I did a debt remedy on the cccs website today and going through my finances I think we are going to try and tighten our belts some more, I think the key is to pay more than minimal amount on the cards rather than shop around for cheaper deals etc and then use the extra amount we save to live on. I am certainly glad I came on here as the DMP sounded all too easy and foolproof. So we will give it a go and see how we get on living without the card and making a concerted effort to bring down the amount we owe. Thanks Everybody!:beer:

miss_missy

scott
post an soa on here and people will help give you ideas

we didnt do dmp because didnt want to mess our credit records up and in 3 years have managed to get our debt from £65000 down to £28000 we were seriously overspending and not aware really of how much we spent if we wanted it we got it

one way that saved us money was making a list of all our credit cards what the limits were how much we had on them and the apr i than began to shuffle money around making sure the lowest aprs had most money on then as i paid off the money looked for deals on the cards that we had cleared some credit card companys do LOB deals

Oneday77

WhereDoWeGoFromHere wrote: »

Hi, I am totally new to this, just signed up today so please bear with me ! Hope I have posted this in the right place.

I've noticed lots of people on here have used CCCS. I think we may be heading for a disaster ! In December we approached a company called Loans & Finance for advice regarding taking out a DMP or an IVA. After taking the details of all our debts (approx 70K and 25 creditors) Loans & Finance told us we qualified for and IVA, they told us to ignore all our creditors as they would deal with everything, and we paid them £1110 in December and again in January (which were admin fees). In February they passed our file to Baines & Ernst, who are now saying we do not qualify for an IVA as we 'earn too much'. They have therefore advised us to take out a DMP, which we have just signed up to.

Has anyone had any dealings with Baines & Ernst ?

Many thanks for your help

Sue

You mean bloody & expensive. They will take a percentage of your monthly debt repayemnts and keep it. This increases your debt free date. Also paying them money menas your more or less paying them interest rather than the frozen debts.

As far as the original agreement with Loans & Finance, question the advice and why they took £2200 off you for incorrect information. Personally speak to the CCCS and see how is best to proceed. £2200 might be down the drain but if you can save the extra costs each month, a no fee place like CCCS will save you cash in the long run.

ald65

Hi wheredowegofromhere
please phone payplan or CCCS, neither of these companies charge any fee:)

clarab_3

Hi, I never joined a DMP, but I still needed to do my own debt management, and far from it being a nail in my coffin, its freed me. And I truely truely believe that.

Ive had 2 financially stinking years, but in a life of (hopefully) 70 or more, where Ive learned more about the value of money than in any other - I cant say they've been unhappy. I honestly do get a kick and a sense of achievment out of seeing each month get a little better.

with the great people on here's support, I really do believe you can get your life back.

Oh dear if that sounds preachy I do apologise. I'm in a happy place tonight, the free fiver at the end of the month for a couple of glasses of wine will do that for you too, one day very soon, i promise.

I found the snowball calculator on

http://www.whatsthecost.com/snowball.aspx

to be really inspiring as you can project how your debt will come down and down as your debt free date comes closer.

x

geniegal

Hi had the phone interview with cccs on thursday. what a relief! The bloke was very helpful and non judgmental and told me that my creditors actually have less powers than I'd thought as long as I make some kind of regular payment.

I feel like I can breathe again