Desperate and need advice!!!!

gillespie684

Hi

My debts have spiralled out of control and I know have over £30,000 worth of debts mainly because I my min payments were so high I was living on my credit cards. I am also on maternity leave and my husbands wages got cut by almos £300 a month, a lot when you have as much debt as I do!!!!

I am paying reduced payments to my cards at the moment but I am still paying the full amount on my loans, I received a letter from MBNA saying that I needed to start paying £114 a month instead of £14 to stop my account from going into a default. I have considered doing a DMP with CCCS but the amount I pay is similar to what i am paying at the moment, however I cant affort to up the amount to £114, I have 3 cards with them between me and my husband how long will they allow me to make reduced payments? Should I do the DMP. How likely am I to get taken to court and get CCJ'S??? If I do the DMP with CCCS will I avoid the defaults on my account? I have cards with MBNA and Capital One also loans with a company called Fortis, Santander and Barclays bank....has anyone had any experience with them and a DMP???

Please help I am at the end of my tether and I feel like I am missing out on so much with my daughter because all I can think of is my debts.

I look forward to hearing from anyone
Gillespie684

Butti

Hi,

Firstly I would sit down, calm down a bit and have a cup of tea.

There may be little difference between what you are paying now and what you would pay on a DMP but I think it would offer you other things. Firstly support from the CCCS, who have seen it all before, and possibly the feeling of taking back a bit of control in this situation. More importantly the DMP will give you some legislative structure to getting these people, particularly MBNA, off your back. They seem to appear a lot on these boards telling people they can afford to pay more than they can actually afford to pay.

All your questions can be addressed to the CCCS so I would ring them for a chat. I think it is your best bet for protecting yourself from some of the more 'assertive' card companies.

B

[Deleted User]

post a statment of affairs so people can see your full income and expenditure, including all debts, minimum payments and APR's.

There may be areas that you can reduce your expenditure, if you cannot currently increase your income.

Are you hoping to go back to work at the end of your maternity leave? If you are when will this be?

Here's the link to the SOA calculator: http://www.makesenseofcards.com/soacalc.html

When you have completed it copy and paste it here.

D9

Superbiatch

Hi there

Defaults aren't so bad, if anything they just stop you getting credit for the next 6 years - not a bad thing with a 30k noose around your neck. Then they drop off your credit file provided your debt is repaid, 6 years to do 30k (provided the interest is stopped), thats 5k a year in my books so easily do-able

DMP is probably the way forward for you but as others have pointed out do post an SOA to see if any savings can be made elsewhere.

Now take a deep breath and relax as you've had your LBM and paniced like we all did

SB x