Desperate - Owe £200,000 What Do I Do ???

iolanthe07

I just wanted to give this thread a bump as it seems important that we help Dora as much as we can.

Mark_Ice

Some friends of mine used this place http://www.debtfreeme.info/ and got charged for the help. Dont know if its the same place Dora's using?

mrslawrence2003

dora2505 wrote:

P.s Been To Docs And Am On Anti Depressents - Do Feel Calmer But Worried Sick
I Am Going To Stick With Debt Free Me But I Guess I Want To Know Has Anyone Else This Huge Amount Of Money And If So What Did They Do And What Was The Outcome
Big Hugs To Everyone For Your Support
Xxxxx
Xx

welcome back dora.

it's good that you've been to see your doc. not sure how much they explained but the anti-depressants usually take a few weeks to really kick in but as time goes by you will notice that you are becoming calmer and more in control and more able to manage things. please don't worry if you dont feel better instantly - these drugs simply dont work that quickly.

now that you are calmer and in a better frame of mind - lets see how we can help you get through this.

things can and will only get better - there will still be lows to come, but there will also be many highs that are longer and more sustained than the lows.

keep posting hun!

chevalier

Had a look at the debtfreeme website. Wasn't impressed. There was no mention anywhere of the fees they charge for this service, without actually putting in your details. That seems a bit dodgy to me.

Dora you CAN change your mind and go with CCCS or Payplan. Their services are
a) definitely free so that if you pay them £400 then that is what goes to your creditors. If paid the same to debtfreeme, then x% won't go to your creditors, so it will take extra time to pay off the same debt. Do you really want to be in debt a moment longer than you want to be.
b) Both Payplan and CCCS are well known to your creditors, and well respected. They are more likely to deal with them positively than with a fee taking debt agency, because they will get more money a month that way.
c) Whilst it is not guaranteed, virtually everyone I have seen on these boards that has used either of these FREE service has had their interest frozen and payments reduced. Debtfreeme, will promise to do this, but may have a harder time of it.

Please think again about using this company, if you haven't paid anything to them, there should be little problem about getting out of it. If you contact CCCS or Payplan I am sure they would be able to talk you through this process.

best of luck
chev

nrsql

Problem with debt management companies is that their interest is in receiving your fees not in managing your debt.
There have been a lot of stories about them apparentlt not doing anything other than setting up payments from a small amount of your money and pocketing the rest - not successfully getting interest frozen or agreements for reduced payments.

If you stick with them you will probably have to make sure they are getting agreements with your creditors (ask them to send you the acceptance letter) and are passing payments on.

Unfortunately the creditors have a habit of passing debts to DCA's and even their own departments not being informed of agreements so you can't rely on what they say.

Verbatim

Hi Dora,
Altho' I'm coming out the other side now our debts stem from our house extension and refurbishment too. As well as taking out a large mortgage I put £24k on 0% cards and have been moving it around ever since, nearly 2 years now. As someone who'd always paid off my cc in full religiously this has caused me endless worry and sleepless nights and now I have to have an angiogram. So do take care, try not to worry about it all non stop and give yourself some time off! I'd recommend a walk in the country, very calming and unfortunately not something I can do at the mo.

dancingfairy

Just wanted to say hi. Hang on in there. Things do get better I promise - even if you don't believe me. Come back when you feel ready - we'll all still be here to help you. Even a post saying hi is cool - we'll all help you as much as we can and it can be sorted, promise. If the figures overwhelm you maybe doing a little bit at a time will help eg one day put all letters in to piles by creditors etc. Then the next day write down the amounts etc. Just take it slowly and keep posting back here- it's o.k to rant or cry - I think most people have been there. We all want to help.

gravitytolls

dora2505 wrote:

Yes It Is Thanks
They Reckon With Bankruptcy We Wont Losse The House ? As We Have Never Missed A Payment
Xx

That sounds like an absolutely ideal solution.

But, how does it work?

How do you go bankrupt and keep you home, which is, presumably an asset?

I'd love to know, because I have friends who are massively in debt, and have no way of dealing with it. They believe they will have no option but ot go bankrupt, but think they will lose their home, which is why they're butying their heads in the sand.

Please, any advice woudl be most gratefully received.

Yes, I have pointed them towards here, but, as many of you are aware, it's often when you truly reach the point of panic that you actually look for help.

livinginhope

dora2505 wrote:

Yes It Is Thanks
They Reckon With Bankruptcy We Wont Losse The House ? As We Have Never Missed A Payment
Xx

Hi there Dora,I agree with gravitytolls here,your house is an assett,if you have equity in it and go bankrupt you will almost certainly lose it,paying your mortgage has nothing to do with it.
If you have equity in your house an IVA would be a better option,you probably wouldn't lose your house with this.
Please post again and let us know you are ok.
I know how hard it is being in severe debt,but we are sorting it,slowly,with the help of the wonderful people on here
LIH