Light Bulb Moment

Matty73

I think I had mine last week.......

....better late then never but I'm after advice....

I have around £40k worth of debt (Halifax x 4, MBNA and Capital One)

I am currently employed (have been since 18) but my 'Over Time' has been cut and I'm about £800 short (which covered all my debt bills) but I still have to pay for my car (gets me to work and back!) mortgage (no equity!) bills, living expenses (i.e. food!!)

I needed to find that £800 a month to cover debts (mostly minimum payment) so that left me with only one option..... admitting I'd got in to a stupid mess (the stress and worry I've had over it all for last 12 months or so!!!!!) so I contacted a couple of places;

CCCS (from this site) and they recommended definately a DMP or maybe IVA
Accuma (not sure how I found them) and hey recommended an IVA

Both services are free but which is best for me?

When I have paid my bills, mortgage, car, living cost, etc.. I've got about £150 to £200 left and CCCS say my payments will be about £40pm and Accuma say £150 to £200 pm

Now CCCS seems to low, am I missing something there?
Accuma seems about right, no where near what I'm paying but i'm paying what I can afford to pay......

Any idea's, help, suggestions, donations appreciated!!

Finally, 'HELLO' everyone....

Matty.

moozie_2

Hi there

CCCS is the one everyone will recommend on here

Have you read the small print of the other company's proposition? How much of the £150 will be going to your creditors? :rolleyes:

Stick with CCCS, they know what they are talking about and they won't con you.

Good luck!

PS IVAs are not free - DMPs are.

chevalier

Hi I have looked Acuma on the web, and they say that their ADVICE if free. It doesn't say that doing the setting up or negotiating is free. Subtle difference. That may be why Acuma are saying so much more money than CCCS, because they have to take their fee out of it.
CCCS is free all along the line, ie their advice and the setting up of a Debt Management Plan (DMP).

The other thing is for you to do a Statement of Affairs (SOA), see southernscousers sticky at the top of the forum for info on what to include. You will have to do something similar to talk through with CCCS, so this would be good practice!

best of luck
chev

Matty73

moozie wrote:

Hi there

CCCS is the one everyone will recommend on here

Have you read the small print of the other company's proposition? How much of the £150 will be going to your creditors? :rolleyes:

Stick with CCCS, they know what they are talking about and they won't con you.

Good luck!

PS IVAs are not free - DMPs are.

I have read both and both offer the same thing, and I've confirmed with both that the service is free, now I'm confused on what's best.....

IVA's are not free? Well that's not what I've been told, seeds of doubt have now been sewn....hmmmmm..... I better get back on the phone I guess!!

Thanks for the info!

Matty.

CLAPTON

lets be absolutely clear here ALL IVAs costs money, none are free.

most companies offer free advice.

some companies CCCS, Payplan will run a DMP for you for free.

The costs of IVAs are usually paid out of your monthly payment, so do not even consider anyone who asks for money upfront...only once the IVA is agreed and up and running.

Post an SOA and we will be able to see what your options are.

Matty73

SOA? (had to ask I've no idea!)

Matty.

CLAPTON

if you read the ACCUMA site it clearly says that they charge 20% for a DMP which will mean it will take 20% longer to pay off your creditors


and although they say that you pay nothing for an IVA, they say it is funded by your creditors ... which means your payments to the creditors have their charges deducted (which is similar to most IVAs ).

moozie_2

Matty73 wrote:

SOA? (had to ask I've no idea!)

Chev explained it well

chevalier wrote:

The other thing is for you to do a Statement of Affairs (SOA), see southernscousers sticky at the top of the forum for info on what to include. You will have to do something similar to talk through with CCCS, so this would be good practice!

best of luck
chev

CLAPTON

an SOS is a statement of affairs , sometimes referred to as income and enxpenditure....presumably Accuma and CCCS asked you for the equivalent :

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.

Matty73

LOL..........sorry guys!!!

I missed the blindingly obvious!!!!!

I've just spoken to CCCS and I'm going with them......

Will let you know how I get on and will post up my list of debts soon enough!

Matty.