We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

In deeper Debt from charges and compound interest

charlieO_2
charlieO_2 Posts: 4 Newbie
in Debt-free wannabe
Hello all,

I am very new to the forum and glad to find solace and eventually solution I believe.

I am languishing in debt due to compound interest and charges that I will now attempt to claw back since getting to know this site...

I have not borrowed in the last three years since I secured my mortgage, except from friends for survival, but some of those I owe have now managed to secure the formally unsecure debt now on my house.

I am distressed that they are still hounding me for repayment despite this.

Any advice or tips would be appreciated.

Thank you

Comments

  • immoral_angeluk
    immoral_angeluk Posts: 24,506 Forumite
    10,000 Posts Combo Breaker
    Are you in a DMP or anything?
    Total 'Failed Business' Debt £29,043
    Que sera, sera. <3
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The best place to start is with a SOA (Statement of Affairs - there is a 'sticky' on how to do it at the top of the page) and then people will be able to see what's what and offer their expert advice.

    You've come to the right place and this is the beginning of your journey.

    Welcome, and don't worry.
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Duplicated post
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
  • charlieO_2
    charlieO_2 Posts: 4 Newbie
    Hi,

    DMP?, not a formal one with the creditors..

    I have tried with a few agencies but some asked for upfront money to themselves, others that said they are free for some reason are not taking me on after initial consultation.

    I personally negotiate with the creditors and then they compound penalties and charges...

    thank you
  • jenchin66
    jenchin66 Posts: 648 Forumite
    CCCS and Payplan are free see the sticky thread
    Pad, started 28.11.08 running total £3674.91:T
    Sealed pot challenge member 346:T
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354K Banking & Borrowing
  • 254.3K Reduce Debt & Boost Income
  • 455.2K Spending & Discounts
  • 247K Work, Benefits & Business
  • 603.6K Mortgages, Homes & Bills
  • 178.3K Life & Family
  • 261.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture