huge debts

sultry33

hello everyone,
well i posted a while ago about my bf debts:eek:

after toting them up it reads as about 70,000

yesterday he tryed to call National Debtline but unfortunantly he could not get through.

i have few questions id like to ask an value any opoins given.

1. do you have to contact banks diect initally to make them aware of cashflow problems, ie interest freezing.

2. if offering minimum payments do you do this direct or leave it to the ndl?

3. does anyone know timescale involved after making inital call to ndl?

4. would it be wise to open another account for direct debits that are needed aswell as for wages to be paid into?

i ask this as from this month my bf has been charged bank charges so then he did not have enough money to pay direct debits. this will just continue to get worse.

he has all revelant info for National Debtline but just needs to call them, anyone here been through them and how was it?

i know my bf is very worried/upset too

any help be great

keith_lard

Would give CCCS a call.

Yes open account in which he owe's that bank nothing!

Contact all creditors telling them the account will be sorted through CCCS.

Get a budget sorted!

but do give CCCS a call and get the debt free date rolling!

Regards

k.

desperatelyinthered

Payplan are good too and not quite as busy as CCCS so may be able to get sorted quicker.

madduck

Another option for CCCS is a new online option - good for people who may done alot of the initial legwork in terms of sorting out their budget (although the website does take you through step by step). Wondergirl posted about it last week some time - had a quick look - seems good and no waiting for appointment!

livinginhope

sultry33 wrote:

1. do you have to contact banks diect initally to make them aware of cashflow problems, ie interest freezing.

2. if offering minimum payments do you do this direct or leave it to the ndl?

3. does anyone know timescale involved after making inital call to ndl?

4. would it be wise to open another account for direct debits that are needed aswell as for wages to be paid into?

Hi sultry,lovely name
You sound very worried about your b/f situation,with good reason,don't fret too much we will do all we can to help you.
In answer to your quetions
1 : I would write a letter to each of the creditors explaining that you are seeking help with the debt from a third party and that in the meantime,you will pay a token payment of say 10 pounds,ask for 28 days for you to do this and if possible could they not add charges or interest.Most creditors will do this.
2 : In your letter just tell them the token payment and pay it when the bill is normally paid.
3 : Don't know about the timescale with ndl,we are with Payplan,our DMP was up and running within about a month of our first call.
4 :Definately open a basic bank account with a bank not connected to any creditors,have all salaries and essential DDs set up with new account,then send the letters mentioned in question 1.
Hopes this helps you,but what about your BF? how does he feel about his problems? you cannot do this for him. :A

davetaylor41

hi sultry i gave cccs a call i feb they were brilliant sorted all my creditors out and we worked out a DMP (debt managment plan) was the best call i made ,i had debt of 62k will be debt free in 6 years and my monthly outlay has dropped

sultry33

thanks everyone for help.

i take a look a cccs and payplan.

bit down hearted today as just recently came back from cornwall to find that my landlord needs sell house an we have 2 months to leave... never rains but pours eh, all the agents want work applicants only an im a full time carer. so have to have benefits.

i will get my deposit back but really will have to find at least £600 towards rent to get in a place.

oh well .

ok back to debt, my bf works long hrs so i do homework for him , besides im good with money lol.

ps thanks again everyone an i keep you all updated.

sultry33

hello all, well today he had call from payplan.
the route will be through an IVA so a weight of his mind!!

He now has to await a call back which i think is a meeting? conference call?
has anyone had this? and if so what does it involve and any advice on this to prepare him would be great.

His payments will be £54o month, which is less than he was paying in total.

thanks for the help

notmyrealusername

Have a look at this thread, it is by another poster on her and it explains how an IVA with Payplan worked for him.

http://forums.moneysavingexpert.com/showthread.html?t=237135

I have recently had my IVA approved and it went pretty much as James' did. When I first rang Payplan I spoke to somebody in the 'general' dept who went through my debts, income and expenditure and recommended an IVA. I then got passed to the IVA team who I had an initial chat with. They sent me the paperwork to complete and I had my 'R3' call. This was basically a 10 minute phonecall with a specialist, the R3 is a leaflet on IVA's which I had to read then sign and return the acknowledgment.

Once they received my signed proposals my creditors meeting was set for 20 days later (you don't have to attend the meeting, the creditors don't either they vote by post or fax). I got a phonecall 15 minutes after the start of the 'meeting' to say that it had been approved. A huge weight of my shoulders

sultry33

notmyrealusername wrote:

Have a look at this thread, it is by another poster on her and it explains how an IVA with Payplan worked for him.

http://forums.moneysavingexpert.com/showthread.html?t=237135

I have recently had my IVA approved and it went pretty much as James' did. When I first rang Payplan I spoke to somebody in the 'general' dept who went through my debts, income and expenditure and recommended an IVA. I then got passed to the IVA team who I had an initial chat with. They sent me the paperwork to complete and I had my 'R3' call. This was basically a 10 minute phonecall with a specialist, the R3 is a leaflet on IVA's which I had to read then sign and return the acknowledgment.

Once they received my signed proposals my creditors meeting was set for 20 days later (you don't have to attend the meeting, the creditors don't either they vote by post or fax). I got a phonecall 15 minutes after the start of the 'meeting' to say that it had been approved. A huge weight of my shoulders

Thanks for the link which was VERY informative, especially when I showed my boyfriend. He now is waiting for the IVA team to call him along with everything else leading up to the 'virtual' meeting So thank you for letting us know that as well :T