Back On Track

raphanius

Having got so far with a debt repayment plan we had a falling out with Eurodebt Finance / MoneySave and our long standing debts are reverting to us. Just got off the phone with Cabot after they sent me a 50% offer through the post and after umming and ahhing I decided to use what bit of savings we have accrued over the last couple of years. While on the phone I got up the courage to ask if we had any other debts with them and there was one in hubby's name and there was one debt. So I asked if they would take 50% of that one and they said yes! So the bank account a £1000 lighter but boy it feels so good to be in control. None of it would be possible without MSE and the lovely people on here who contribute and help every day.

sourcrates

Hi,

So you no longer use the debt management company, is that correct ?

Hope you got those settlement deals in writing, including the critical wording that you will not be chased by them or there agents for the remaining balance, otherwise Cabot can sell on the balances, and you can be chased all over again for them.

raphanius

thats correct I left our debt management company because they didnt believe we were spending more than we were getting in after my hours got cut at work plus they addressed everything to my OH when half of the debts at least were in my name. I asked for the account to be put into both names (as it was years ago with Eurodebt and MoneySave said no...they are the same company) Anywho it says on the letter this offer closes the account.

sourcrates

I feel i must mention that there are free alternatives such as stepchange, should you need help again at any point, i assume you intend to self mange now do you ?

raphanius

ive heard of stepchange but i havent got a statement of affairs ready for them at the moment. its a big job explaining our finances to people that havent got a clue how our lifestyle actually works. My hours vary at work OH cant work because hes disabled but doesnt get any benefits etc.... basically they think i'm lying. we accrue new debt as fast as we clear it and we have no idea who we owe what to since moneysave stopped sending statements.

sourcrates

raphanius wrote: »

ive heard of stepchange but i havent got a statement of affairs ready for them at the moment. its a big job explaining our finances to people that havent got a clue how our lifestyle actually works. My hours vary at work OH cant work because hes disabled but doesnt get any benefits etc.... basically they think i'm lying. we accrue new debt as fast as we clear it and we have no idea who we owe what to since moneysave stopped sending statements.

The majority of it will be on your credit files, I suggest you obtain a copy from each of the three credit reference agencies first of all.

The debt charities really are quite non judgemental about these kind of things, you should never pay anyone for debt advice or a debt management plan.

They have no reason to dis-believe you, your budget, after all, is your budget.

Debt management companies view you as a source of income, that is there only interest in you, and that is why they don't work in your best interests.

It appears to me you need to start over, stop borrowing money, and sort out a workable budget then start a new DMP, if that is appropriate, with SC.

raphanius

signing up to a credit reference agency is another bill I really don't need. This is how we accrue debt not by frittering on luxeries but by trying to dig our way out of a financial hole. We simply don't have enough coming in to cover our outgoings without occasionally using credit for things like clothes or essential electricals. I owe a lot to the tax office because they didnt send me a gateway identifier when i asked as at the time i did some extra work for myself. I earned £500 extra a year and now owe more than £2000 in tax debt. there simply is no way out for people like me.

raphanius

i also feel you have misguided me with the credit agencies...i checked on another board and they confirmed what i thought i knew

Your credit utilisation is high/low
The average age of your accounts is good/bad
You are only making minimum payments
You have had too many credit searches in the last x months
Etc

this is why i have had it with advice and what to do things on my own

sourcrates

Use Noddle, it's free for life.

Sign up to clearscore for free, to view your your equifax report.

And I believe that Experian is now also free, otherwise order a £2 statutory report.

Not sure how I've mis-guided you to be honest ?

If you want to know how much you owe to creditors that's the only place to look.

zippygeorgeandben

sourcrates is only giving up their time to advise you know..

raphanius

I've joined the mse club and got a report from experion but it only shows two creditors and Eurodebt have been taking money for a lot more....