debt management

hollyjohnson

debt management companies

Hi there, im new to all this website stuff, but what a great help i can see it already is for people!

I wanted advice as basically my partner has racked up over the years (before we were together) a load of debt on credit cards. We have a house and have realised that part of our mortgage was put on an unsecured loan for £22,500! His credit card debt is over £15,000 and he has an over draft with barclays.
We have a little baby and since ive gone back to work full time, didnt have a choice due to the realisation of the debt that were paying £500 a month on, with the payment of over £500 a month in child care we are really struggling with paying all of these back and I wanted to go to a debt management company to get a one of price every month as we are falling more and more behind every month and its really starting to take a toll. Whats really annoying is that the bf didnt even realise what he owes on the debts and was just paying the minium payment every month! Enough it enough, who should i speak to for this? any help really would be appreciated.

MrC1977

Hi - try speaking to Pay Plan or CCCS as they are free. DO NOT PAY for debt management. I am just starting with Pay Plan and they have been good so far. As has this site - people give you excellent help - even if it is not always what you want to hear but it makes you face up to reality.

try completing an SOA and people with give you guidence

Good luck

hollyjohnson

brilliant, ive got a phone appointment arranged with payplan on friday, i just hope that this can get down, its so depressing!

gocompare

Well done for making a start HJ! You can do it!

Sunnylooloo

Hi Holly

Also check out the other debt charities
http://www.citizensadvice.org.uk/index/getadvice.htm
http://www.nationaldebtline.co.uk/
http://www.cccs.co.uk/

I found national debtline a huge help and I am managing my own DMP on payments I can realistically afford. I found the budget that Pay Plan gave me was not feesible they would not include the money I had to pay out in pet insurance or diesel and if I had gone into a DMP with them I now there would be no way I would've been able to keep it up. (Just my own personal experience).

As has already been advised do not pay for this kind of thing.

Good luck and you will get this sorted. A year ago I faced up to everthing and now I can finally say I am at the point that I am saving money and have money left each month.

LL

hollyjohnson

brilliant, ill try them then, cant imagine not including the fuel, my partner works all over, ill see what they say, really want to be debt free so bad, glad to get the advice and help, will keep you posted

Sunnylooloo

With National Debtline they have all the template letters on line and you can chat to them (been in tears on the phone to them - this was after I had spoken to Pay Plan - have to say again that was my own personal experience and I know a lot people do have plans with them)

It can be a bit of a faff doing the letters yourself (always send by recorded or regeisterd so they have a record ad keep copies) but I just found it easier myself to be in some sort of control. I also got a basic bank account from Co-op so I have no overdraft or chequebook but I have a Visa Debit card and internet banking and it is amazing now much easier things are to control.

One thing to be warned of is, once I stopped paying the amounts and between setting up the plans you do get letters and phone calls, you just have to become a bit thick skinned, and once you are in an arrangement they do stop, but obv your credit history is shot to pieces.

My creditors usually want an update say 3 or 6 months and most have extended for a year although Egg have told me they can only do it for a year then we will have to come to some other arrangment - not sure what this is....

I know how you are feeling literally all my salary was going on bills and CC bills and to live i had to use what little I had left on the Credit cards or in Over draft...... just a vicious circle.

Good luck and let us know how you are doing and if you are not sure of any thing just ask away!

LL

MrC1977

hollyjohnson wrote: »

brilliant, ive got a phone appointment arranged with payplan on friday, i just hope that this can get down, its so depressing!

it is depressing at the start, when i realised that I had in the region of £40k debt, i didnt know what to do. when i realised 90% of the payments i made went back on in interest, it really shocked me. Then when the tenants moved out the flat it was the final straw.

However that was a week ago and since then i can actually see light at the end of the tunnel. it will be a hard slog for a few years but will be achievable if i want it to be. I have really looked at the money i spend and it is staggering how much is wasted on silly things. I am now positive about my situation

stick with it and hope it goes well