Advice for what is possible?

Marshy8877

Hello

I got into big problems with credit cards and loans in a previous marriage and took all the debt with me when we split up. Roughly £24,000.

I tried to pay minimums for a while but it became too much and 6 years ago went with Credit Consumer Council to consolidate the debt and stop the interest. 6 years on and it's down to £16,000.

Does anyone know of a quicker way to get through this? Is there a different company to go with? Is the a Government backed scheme to pay only a portion of the debt?

Any help is really appreciated as I want to move on with my life.

Thanks

DS4215

If you can raise some money you might be able to make full and final settlements on any individual debts - you *could* get as low as 25-30%...

Tixy

There are different organisations who also offer DMPs. But as a debt advice charity CCCS (or stepchange as they are now called) are one of the few who will run a DMP for you at no charge. Switching to a commercial company who take a fee from your monthly payment would mean that there was less to distribute to your creditors each month, and so would take you even longer to clear your debts.

Maybe try speaking to them again to confirm they still think a DMP is the best option for you.
You could talk to them about whether any alternatives may be more suitable for you (such as an IVA or bankruptcy perhaps).