Money advise

sveaney

Hi All,
Currently in about 11k worth of debt need a bit of advice.

Currently with a debt company they are paying my debts of for me but it's not getting anywere fast.

I have 1 x loan, 1 x credit card, 1 x overdraft, 1 x littlewoods account and 1 x argos account.

Yes yes stupid i know.

I could go down a few routes;

1. Get a 11k loan for 200 quid a month and pay that of for 6 years.
2. Stay with my debt company and continue paying it off till i die
3. Get payplan to pay everything off apart from my loan/overdraft and pay that off seperately so will be spending about 200 a month on debts. i prefer this option tbh

any advice appreciated

sveaney

bumpage

debrag

Is your debt company charging u? if so go to payplan or CCCS

Why don't you want the loan & overdraft included?

sveaney

i was going to pay of my overdraft and loan and pay back something like 50 a month via payplan as the loan and overdraft are biggest amounts.

im still liking the 11k loan though, debt free in 6 years.

im currently with ADS they are awful.

I have been ringing around getting settlement figures today from all my creditors

debrag

how much is the total for the cc, littlewoods & argos?

I wouldn't go with a loan as it's more money you are paying, payplan can lower or freeze your interest. You can also make over payments

It would be much easier if we knew your debts & what you spend each month.

dudleyboy

Hi, if you post up the individual balances with your current APRs... perhaps even post a full SOA... you'll be able to get more detailed thoughts and advice.

hooby_groovy

3. Get payplan to pay everything off apart from my loan/overdraft and pay that off seperately so will be spending about 200 a month on debts. i prefer this option tbh

If you're already on a DMP then I would recommend cancelling if you can and switch to Payplan.

However, they won't pay the amount for you and then take payment from you, they will simply arrange for you to repay what you can through them.

You will need to include all debts, so the loan and overdraft will also be included.

The next step is to post an SOA so that money saving areas can be highlighted so that you can pay as much back as possible.

The benefit of this is that Payplan may be able to negotiate a halt in interest charges, the downside is that your credit record will show defaults and arrangements. I guess if you're on a plan currently its not an issue.