Help, please

direstraits_3

Can anybody help me as i'm banging my head against a brick wall??

I have £20k in debts, have started a debt management plan a couple of months ago but its not really working out. Its not the cccs I have a problem with, just that my creditors haven't accepted the offer and are constantly harrassing me with phone calls and letters, but worse still is that they are still charging interest so with my payments to the cccs I feel like I am just treading water - my payments are not even covering the interest. Now my biggest creditor has said that they will be putting a charge on my property. In itself that isn't a problem for me as i intended to pay off debts in the event of my selling up - after all I did create them - but they tell me I will be liable for the solicitors costs and also that they have the power to charge 8% interest per year on the amount of the charge. This is what really worries me as I feel I will never see an end to this with all the constant add ons. I asked about an IVA but was told I don't have enough surplus for this so was told to just stick with the debt management plan but at the moment I cant see the point, its just making me ill with the stress. Does anybody have any ideas about where I can turn to or what I can do, please?

Queen.Bess

Hi direstraits and welcome to MSE! I'm afraid I'm not able to offer any advice, but just wanted to wish you lots of luck!

QBx

lynsayjane

hi direstraits. I'm afraid I know very little about charges on property etc but if you wanted to pop a copy of your soa up here (see southern scousers sticky at the top of the page) then we can perhaps suggest a way of increasing your 'disposable' income.

i can't say I've heard of companies not freezing interest when dealing with cccs but also don't claim to be an authority on these things. Perhaps speak to the cccs or cab for more information on your options.

If there is really nothing that can be done is bankruptcy an option?

RAS

Bump this a bit?

whatatwit

Have you spoken to CCCS about this, maybe they can contact this company again on your behalf.

Conor_3

The problem is that as IVAs and bankruptcies hit record levels as many people have abused the system, fewer and fewer companies are now going through DMP agreements especially if there's property they can stick a charge on.

I_was_a_fool

Welcome!

It sometimes takes 6 months or so before some creditors will freeze interest and charges, after that you can start to see your debt go down. By that time most of the calls and letters have stopped too. You could try writing to each creditor and asking them to freeze interest.

(I dont understand why increase in bankruptcies and IVAs make creditors less co-operative with dmps, surely it should make them more so!)