Sweet the debt free wannabe!!

sweetipie92

Hello everyone, my name is Ryan

I am nearly 20 years old and have debts to the amount of about £4k!

I admit this was through utter greed and gambling! So i have stopped the gambling and want to start paying off my debt! one of the reasons that my debt got so high was this... I signed up to "Fresh start finacial management LTD" to sort out of debts they then took the admin fee from me and did no more! I was still getting letters from credits etc etc! So i have opened a complaint with them and are processing that to see if i can get compensation! Am i right in thinking i can pressure them to pay some of my debt off instead?

Anyways.... Whats the best way to clear up this mess of debt! its effecting me as a person as im always worrying! Also i want to get my credit rating back up!!

bargainbetty

Hi Ryan,

Your best bet is to post up a statement of affairs and let the lovely people here advise you on how to reduce your expenditure, maximise your income and work out what you owe and how much you can afford to pay back. You might find yourself directed to template letters (always do everything in writing) to send off to get creditors off your back for a bit too.

Get all your info together and post it up. Don't be shy, everyone here has been somewhere along the road you're on now.

You are unlikely to get much back from Fresh Start except a portion of your admin fee. They won't 'pay your debts' for you - why would they? Your chances of compensation are slim, but you've learned from it. Go to CCCS or Payplan, free services that do the same thing but won't charge you a fee.

It might turn out that you don't need a DMP - that would wreck your credit rating for six years. Post up the SOA, and let the good people here help you work it out.

Good luck

sweetipie92

Can i ask what SOA means? and also I only know a ruff amount ? Is that ok