Debt Management plans

purplejenny

I am about to start on a debt management plan - my debts are around £50000 and I only have about £100 to pay to the creditors - has anyone been in this much debt and had a management plan accepted by creditors. I am worried about loosing my house if the creditors get stroppy. I NEED some reassurance PLEEEEESE.

OberonSH

Hi, Are you going alone on this one, or have you gone with a company/charity. If you're worried about it, I could recommend going with one of them. They'll deal with the creditors, the paperwork and work out repayments with you. I havenb't had to go this route myself, but plenty on here are going via companies like Payplan (? I think this is one).

Get a cup of tea, calm yourself right down and spend half an hour or so reading through some of the posts on here. That'll put things in perspective for you. Pop up your SOA (see the 'sticky' post at the top of the forum about this) - basically all your in and outgoings, and we;'ll see if we can boost that £100 to something more, by cutting down your bills.

It's okay love, you're amongst (similarly skint) friends now, and we'll help you get your life back.

artic_fox_2

youve taken the 1st step putting your post up. now read the replies, do as sugested, and the helpfull advise will come rolling in, we're here to help and motivate

livinginhope

Hi purplejenny,just wanted to say,yes! we have double your debt :mad: and only pay £115/month,we have a debt management plan with Payplan,most creditors have agreed to the plan,a couple are still dragging their heels but have left us alone for ages :rolleyes:
Try not to worry,talk to Payplan or CCCS and see what they say
LIH

purplejenny

thanks to everyone who has responded to my plea. It looks as though I will have to do this myself and CCCS says that because ihave an interest only mortgage which still has 13 yrs to run and i dont have a solid financial plan to pay the capital a that time a DMP would take 40 yrs to clear my debts and because that is longer than the mortgage, they cant help me???? Any more ideas pleas

CLAPTON

we need the full financial details before any meaningful advice can be given , post a SOA giving the full details :

An SOA Statement of Affairs

a. list of income
b. a detailed list of spending (include mortgage and secured debt but exclude unsecured debt)
c. a total of spending as above
d. now you can see how much you have to pay debt monthly by forming income minus spending
e. a list of unsecured debts
i.e. debt amount, minimum monthly debt repayment, APR
f. a total of unsecured debt and of monthly unsecured debt repayment
also say if you rent or buying , if so how much is the house worth and how much the mortgage, also your general situation: partner, children, working etc.

southernscouser

Hi Jenny.

If you're willing to post a SOA (see this thread for a guide) we might be able to help you make some cutbacks so you can pay more to your debts.