Struggling with debt? Ask a debt advisor a question

Walaboobah

CCCS_Pavan wrote: »

Hi Walaboobah and thanks for your question.

It doesn’t matter that you haven’t missed any payments yet – if anything, that shows that you’ve sought help a little sooner which is great.

As you’ve already been recommended a DMP you should have received all the advice and paperwork you need but please get in touch if you have any questions – our contact details will be in your advice booklet.

I hope this helps.

Kind regards,
Pavan

Thanks for that Pavan that is very reassuring. I have just received my application pack by Email and am going to send it off. The one issue I have is with the letters to creditors. Should it go to the local branch or to the head office?

Thanks

Andrew

Walaboobah

Reggy8 wrote: »

Hi
My ex husband & I accured a lot of debt a long time ago, resulting in us paying a Debt Management Company a hefty amount to deal with the creditors nearly 8 years ago. We separated 2 years go & split the debt into whose name it was in, luckliy none was joint.
I now have my own agreement with the company. I vowed to sort this out once on my own as my ex was crap with money & it was mostly his fault it mounted up (although not entirely, obviously). Anyway a messy divorce & court hearing over children later I'm at last wanting to sort it out.
I pay £89 per month to Eurodebt, they keep £50 & £38 goes to my 3 creditors so I don't think anything has come off the balance in 7 years, they are appalling.
I've been approached to get an IVA which I feel is my only option to sort this mess out. I'm aware of the pros & cons, as I can't get credit now & I'm in a rented property I feel there are only pros. They have arranged to see me next Thursday & say I will pay £140 a month for 72 months (6 years) then 2 extra months as their fee.
Advice appreciated as to whether this is the best option for my circumstances. I owe £24,750 & feel if I continue with Eurodebt I'll NEVEr pay it off & I want to buy a house in the future. I'm employed p/t & I can just about afford the increase to £140 from £89 I'm paying now.
Thanks for advice!

New to this but that seems like daylight robbery to me. I had a quote yesterday off a company who were proposing to keep £70 out of £400 which I thought was a lot meaning I decided to google to see if I could get it cheaper and lo and behold you can get exactly the same service and ALL the money you pay goes to your creditors which means you get out of debt a lot quicker than you currently are doing.

A quick calculation indicates that 64% of the £89 actually goes straight in the back pocket of this company and they are helping you get out of debt?

I'd contact CCCS or payplan and get the agreement replaced with a free one ASAP

Anondebtadvisor

Hi Reggy8

An IVA could be an option for you as could bankruptcy - there is no need for you to pay for 72months... 60 months should be the proposed period!!

Seek some advice from a few companies and CCCS and you should get all the advice you need - dont be pushed into paying 72months thats just to boost their fees!! IVAs get accepted these days for less than 10p in the £!!

Good luck x

mum2one

Reggy8 wrote: »

Hi
My ex husband & I accured a lot of debt a long time ago, resulting in us paying a Debt Management Company a hefty amount to deal with the creditors nearly 8 years ago. We separated 2 years go & split the debt into whose name it was in, luckliy none was joint.
I now have my own agreement with the company. I vowed to sort this out once on my own as my ex was crap with money & it was mostly his fault it mounted up (although not entirely, obviously). Anyway a messy divorce & court hearing over children later I'm at last wanting to sort it out.
I pay £89 per month to Eurodebt, they keep £50 & £38 goes to my 3 creditors so I don't think anything has come off the balance in 7 years, they are appalling.
I've been approached to get an IVA which I feel is my only option to sort this mess out. I'm aware of the pros & cons, as I can't get credit now & I'm in a rented property I feel there are only pros. They have arranged to see me next Thursday & say I will pay £140 a month for 72 months (6 years) then 2 extra months as their fee.
Advice appreciated as to whether this is the best option for my circumstances. I owe £24,750 & feel if I continue with Eurodebt I'll NEVEr pay it off & I want to buy a house in the future. I'm employed p/t & I can just about afford the increase to £140 from £89 I'm paying now.
Thanks for advice!

please before you sign up to anything new, please contact CCCS, you can do an online info pack, it does not tie you into anything, you don't have to take it any further, but with what your paying the fraction is going to the debt, the new company would also take fees.

CCCS is a charity, every penny goes to your creditors think what a difference that make on the £89 per month,

Pavan or Matt, will be back on Monday, but spend 15 mins just having a look at CCCs.

One of my creditors told me today that they accept 99% of the offers from CCCS at 1st offer, and for me that is less than 20% of what they want each month, xx

mum2one

Walaboobah wrote: »

Thanks for that Pavan that is very reassuring. I have just received my application pack by Email and am going to send it off. The one issue I have is with the letters to creditors. Should it go to the local branch or to the head office?

Thanks

Andrew

I sent mine to the address on the back of statements for credit cards, which is customer services address and bank I sent mine to local branch as that was where I opened the account, and I would guess they forward on, I have 10 creditors, and now have 3 on board, getting better by the day.xx

salduck

Hi all,
I have debt!
I want to know if I mov in with someone as a lodger would they become financially linked to me? Woudl the address be "blacklisted" for want of a better word should they wish to take out credit?
It is my mum's that I would be moving into and she knows about my money troubles but I dont want it affecting her
Thanks in advance
Sal

Reggy8

Hi
Thanks for your replies, I'll meet with the company & ask about 60 months. They said the £140 I'll pay will all go towards my creditors. Unlike the robbing [EMAIL="b@st#rds"]b@st#rds[/EMAIL] I pay now.

mum2one

salduck wrote: »

Hi all,
I have debt!
I want to know if I mov in with someone as a lodger would they become financially linked to me? Woudl the address be "blacklisted" for want of a better word should they wish to take out credit?
It is my mum's that I would be moving into and she knows about my money troubles but I dont want it affecting her
Thanks in advance
Sal

if you moved in as a lodger, even if its your mums you wan't be financially linked, unless say you had a joint account.

I could be wrong, but I think the blacklisting a house is a bit of a myth, more the person is "blacklisted" in terms of credit rating than the property. x

mum2one

Reggy8 wrote: »

Hi
Thanks for your replies, I'll meet with the company & ask about 60 months. They said the £140 I'll pay will all go towards my creditors. Unlike the robbing b@st#rds I pay now.

Hi Reggy8

An IVA would be 60 months regardless of who does it for you, have you looked at CCCS website, as they may suggest DMP, they help with the budget etc, and it gives a recommendation in a booklet which you can download, theres no obligation, worth having a look. xx

Time_to_face_the_music

I hope someone can help me with this query:

Why is CCCS help available from 8am to 8pm Monday to Friday and 9am to 3pm Saturday for new clients but only from 8am to 6pm Monday to Friday for existing clients? And why is the former free and the latter at premium number rate?