Debt management help

buzzby

Hi

Not sure if this is the right board, but need some advice.
I was made redundent in November and I still ahve not managed to find employment.
I have phoned and spoke to the credit card companies that I have debt with and Santander have been very helpful. But I am having a lot of trouble with Vanquis.
When I phoned them they agreed over the phone to freeze my interest and accept £30 a month until I find employment.
Now this past weekend they have contacted me saying I am in arears. No I have been paying what I agreed but they have not froze the interest and I have over limit charges and late charges on my account.
They have not upheld their agreement which is resulting in my account getting worse and worse.

I'm not sure what my next step should be, I have just had a blazing row on the phone with them which I would imagine didnt help.

Should I just go to a debt management company if so which way should I go about it. I'm not too worried about my credit rating as this has already been affected, because of having no work.

The card is only for £1500 but with the charges they keep putting on there it is pushing it up by £80 a month.

Any help would be greatly appreciated.

Buzz

milliemonster

Unfortunately, none of your creditors have to freeze interest of charges when you ask for an informal arrangement and even if you go down a debt management plan route, this will always be a risk that while ever an informal arrangement is in place, they can renege on that anytime they want.

You need to take some independent advice on what to do, as you have come on this board I am wondering if you are thinking about the DRO/IVA route? I am not hot on DRO's at all but currently an IVA would probably not be a viable route as you don't have a steady income to fund it. It may be a DMP is worth looking at as a temporary measure until you manage to find work and then can reassess your situation?

FoggyBrain_2

Hi. Good advice above. What is your total debt, and do you have any assets ( house, car) and what are they worth ( ball park figure)?

The beatmydebt website has a pagew on DIY DMP's which might have some useful tips too.

buzzby

Hi

Cheers for the replies. I had an awful time towards the end of last year, which saw me get made redundent, split up with the girlfriend and as good as become homeless as it the flat we shared was in her name!!

So I am now living round a friends on his sofa!!

But back on topic. I have no assets and currently have around £6000 of debt which includes credit cards, overdraft and a catalogue.

beingpositive

We are having same problems with Argos but I am putting everything in writing and requesting that they do the same. So far they have ignored my letters (which puts me in a better position when I need to take it further). I keep a copy of every letter that I send them. Judging by others on this forum they have gone to OFT an have had all extra interest refunded!

Good luck