is there any light at the end of the tunnel???

sammyB

I would love some advice from people going through the same thing as myself!
I have been in debt for what seems like forever. I finally plucked up the courage about 6 years ago to tell my family and get some help. I have been with a debt management company for about 5 years now and at first I thought this was the answer and I felt a huge sense of relief that I was finally doing something about my debts

However, I had a review meeting with one of the debt advisors from the company this week....only to discover I have actually only paid off about £3000 of my £47,000 debt!! If I carry on with the DM plan its going to take me 19 more years to be debt free.....I'll be old and grey by then!!

They have advised me to sign into an IVA. I have been on line since then looking at all the pros and cons and i'm reallly confused!

The main advantage with the IVA that I can see is that in 60 months I will be debt free where as if I carry on with the DM I'll never pay it off.

I don't own a property and have no other savings. I am in full time work and earn an OK salary so any advice would be much appreciated????

getmore4less

How much have you paid this company?


Look at the free options for advice.


Also look at bankruptcy it might be a better option but the DMC won't tell you because they make money from the IVA.

Buffythedebtslayer

You need to ring the Consumer Credit people, as getmorefor less says, look at the free options. I hate to say it but your debt management company are more then likely a rip off.

You can ring the Citizens Advice Bureau and the CCCS

have you read this,

http://www.moneysavingexpert.com/cards/?tab=1

and this

http://www.moneysavingexpert.com/loans/debt-help-plan

You really need to get away from that "company" bunch of flippping crooks.

Please post again, there are loads of people in the same boat here, I promise there is light and you will get there

Buffy xxx

winner12

There is a very big light at the end of the tunnel get rid of the DMC and sort out a DMP you could do your own or with CCCS but ring one of the free charities National Debt Line etc and start paying all of the money towards your debts and that light wont be so far away