Debt advice agencies, whether to use and which one is best for me

london1973

So i am now at the point where all of my debts have fallen into default and its time to address and get payment plans set up..per the frankly amazing support on this forum

i have quite a few..no judgement please, and they seem to be all over the place, some with debt collectors, others with the creditors and some have gone very quiet

i just spent an hour on the phone to Moorcroft re one debt and she said at the end ‘well you can’t afford any payment plan so we’re not going to try’ …(she was very nice but this is not ideal, i want to offer something small).. 

i have about 10 creditors to deal with and if this is going to be the same with all of them i can’t see myself making much progress…matters are further complicated by being self-employed and therefore very hard to predict my income 

would It be worthwhile getting an agency or a charity to handle this for me..Moorcroft suggested business debt line given i am self-employed..do they help managing debts?

ideally i want to get on to low monthly payments for now until work picks up

thanks in advance

CliveOfIndia

The usual agencies to consider are CAB, StepChange or National Debtline: https://www.moneysavingexpert.com/loans/debt-help-plan/

However, Business Debtline may be more appropriate given that this is business debt.  But there's no harm in giving any of them a call in the first instance, they'll be able to tell you whether or not they're able to help in your particular circumstances.

It's probably a good idea to stick with those agencies listed on that MSE article - there are plenty of less-scrupulous outfits who will offer to help in exchange for a fee.

MEM62

Posting up an SoA would allow more meaningful advice.  

london1973

CliveOfIndia said:

The usual agencies to consider are CAB, StepChange or National Debtline: https://www.moneysavingexpert.com/loans/debt-help-plan/

However, Business Debtline may be more appropriate given that this is business debt.  But there's no harm in giving any of them a call in the first instance, they'll be able to tell you whether or not they're able to help in your particular circumstances.

It's probably a good idea to stick with those agencies listed on that MSE article - there are plenty of less-scrupulous outfits who will offer to help in exchange for a fee.

Thanks for this, are these ‘business debts’? They were all personal loans and cards but given i am self-employed Moorcroft seem to think they qualify as business debts

i’ll give them a bell

gwynlas

Going through one of the agencies already listed will at least save you the hassl of hour long calls with each creditor who might want you to prioritise their payments.

Rob5342

gwynlas said:

Going through one of the agencies already listed will at least save you the hassl of hour long calls with each creditor who might want you to prioritise their payments.

There's no need to enter protracted discussions with each creditor, you decide what you'll be paying each one and then email them to tell them what they'll be getting.

I've done it both ways and found managing it myself much easier, you can make things work in a way to best suit your interests instead of having a debt charity involved who act in the best interests of your creditors.

sourcrates

If you are self employed regardless of whether the debts are business or personal, only Business Debt line can advise you, non of the other`s will.

However you can ask advice on here, we have an experienced panel of helpful souls, including CAB advisors, and some others who know their stuff as well.

Posting the SOA would give us the information required to help you, otherwise only generic advice can be given.

london1973

Rob5342 said:

gwynlas said:

Going through one of the agencies already listed will at least save you the hassl of hour long calls with each creditor who might want you to prioritise their payments.

There's no need to enter protracted discussions with each creditor, you decide what you'll be paying each one and then email them to tell them what they'll be getting.

I've done it both ways and found managing it myself much easier, you can make things work in a way to best suit your interests instead of having a debt charity involved who act in the best interests of your creditors.

That’s really helpful thanks, i didn’t realise you could do that..do they respond? Presumably this is by direct debit so how do you get account details etc?  

Would you mind sending me some suggested text you have used before for the email?

thanks so much

london1973

sourcrates said:

If you are self employed regardless of whether the debts are business or personal, only Business Debt line can advise you, non of the other`s will.

However you can ask advice on here, we have an experienced panel of helpful souls, including CAB advisors, and some others who know their stuff as well.

Posting the SOA would give us the information required to help you, otherwise only generic advice can be given.

As it stands i have 10 loan and card creditors.. (🙄) 
i can only afford 10 a month for each, until things improve

ideally i would like to set that up and stop the letters/calls/texts/emails and worry of course and get my head down with work..and ideally pick away at these over time (i’m already getting discount offers so my hope is over time these might increase and improve?, even if not i still need time)

sourcrates

london1973 said:

sourcrates said:

If you are self employed regardless of whether the debts are business or personal, only Business Debt line can advise you, non of the other`s will.

However you can ask advice on here, we have an experienced panel of helpful souls, including CAB advisors, and some others who know their stuff as well.

Posting the SOA would give us the information required to help you, otherwise only generic advice can be given.

As it stands i have 10 loan and card creditors.. (🙄) 
i can only afford 10 a month for each, until things improve

ideally i would like to set that up and stop the letters/calls/texts/emails and worry of course and get my head down with work..and ideally pick away at these over time (i’m already getting discount offers so my hope is over time these might increase and improve?, even if not i still need time)

OK, easy as pie, put together a short letter, tell them your situation, briefly explain why you are in financial difficulties (use those words-very important) detail your financial circumstances, but don`t go into too much detail at this point, do a rough budget showing what disposable income you have, and how you have distributed it between your creditors.

Tell them you will pay £10 on (insert date) on a monthly basis going forward.

Ask for there bank/payment details, or pay via their individual websites using the reference number they give you.

Run off ten copies, plonk a stamp on each, job done.