money village or not?

motherhubbard13

Hi ok I will try to make this as short as possible (not easy)

I lost my job and landed myself with £25000 pounds of debt. I could only find part time work so I contacted spectrum for an iva.
this was set up with a £900 (over 3 months) admin charge and I was told I would be debt free in 5 Years....

6 years later they have changed their name to money village and I have just found out that I am not on an iva as I don't have enough disposable income..
They take £65 an month of me Pay may creditors £36 and keep £29 a month as their fee..(my last statement said I owed £27000..after 6 years of paying every month?)..

My question is 3 of the accounts are paid to Carbot Financial and 1 to Capital One. Should I contact them and agree a deal with them, will they freeze interest and cancel money village,so at least my full £65pays off debts or is it safer to stay with money village..
thank you in advance for any help

fermi

Talk about being ripped off! :eek:

Go to stepchange https://www.stepchange.org

Or DIY DMP http://mymoney.nedcab.org.uk/moneyadvice/dmp.asp

Companies should be OK, as they will get double what they are now! Better chance of getting things frozen as well.

Saying that, even with interest frozen at £65 per month you are looking at another 12 years at least? Have you looked at other options? Do you have assets to protect?

Weird_Nev

That's criminal.

Do direct to the creditors, and use the advice of the debt management charitys. Cut those ****ers out of the loop!

nicp60

That's awful!!!

I feel like there should be some recourse for this - do you have the original paperwork?

motherhubbard13

Thank you all for your advise.I cant find the original paperwork (I did hide it coz my husband doesn't know about any of this) terrible I know but its to late to tell him now he would go mental.
luckly the mortgage and house is in his name.the only thing I own is an old panda that gets me to from work.not worth very much at all

motherhubbard13

I got my money village review this morning it said on my debt management programme it will take me 768 months to pay off and cost me £21000 in management fees on top off the £27000 I owe in debts..time to get out I think..

Deep_In_Debt

OMG!!!!!! 21k in fees......that is shocking.

Yes, get out and quickly before you pay any more to these sharks.

happy_bunny_2

Send money village a subject access request. See what comes back.

If you were told it was an IVA but they set up something different you may have grounds to complain. SAR might get a copy of your initial paperwork.