Debt advice agencies - can anyone help?

new_start_4

Some help and advice please. Middle aged man, with a family, that has realised that servicing my debts is becoming a real problem. I am considering using a debt advice agency to possible reschedule my debts. Will I have to give up all my credit cards or would it be possible to keep one (that has no amount owing on it) for day to day usage?
Any suggestions would be extremely helpful - especially any advice about the agencies themselves.
As you can see from my user name a new start is necessary.
Thanks.

Squiffy

I'm not sure whether you could continue to use it or not. I'll leave it to someone with more knowledge of that than me to answer.

What I would say though is that whether you are allowed to or not, you should try and avoid using it. It is just going to continue your temptation to keep on spending.

Do everything you can to move over to living within your monthly income. This means paying with your current account debit card, or even cash.

Cat72

Hi
The best and free advice you can get, in my opion is citzen advice burau . They were teffiric at helping my mum when she was heavily in debt and it took a great burden of her. When my business got into debt a few years ago I got my lawyer to deal with everything- it was a big mistake. Initally it took a weight off my shoulders but then I had to take it over as they were not dealing with it properly.
So please try the CAB there ill be one near you.

Xbigman

In answer to your credit card question. If you want to get interest frozen and make less than minimum payments you will probably need to give up the card. Failing to meet one cards requirements whilst running up another is a no-no with your other debtors. If you can make the minimum payments you can keep the card, but...

...looking at it from another point of view it depends on how your debts were built up. If you have suffered from credit creep where you have steadily spent a bit more than you earn, run up credit cards and overdrafts, then taken out a loan but still run up the cards - and maybe repeated this sequence a few times - you simply must ditch all your cards as a matter of priority. The temptation to do it again is simply too great. Even if you keep the card for emergencies only it is still too dangerous to have around. Anything you didn't budget for becomes an emergency on the basis you don't have the money. If you ditch the cards and use cash you can see the money going out. With the CC safety net gone you will start to get nervous as the cash runs out, which is actually a good thing when you are in debt because you really feel every penny you spend at that point.
Regards



X

OXO_2

I can personally reccommend PAYPLAN

Found them to be really helpful and realistic.

Good Luck

new_start_4

Many thanks for the responses.

I (foolishly) have five credit cards - four of which have large sums on them but on low rates. The cards are not at the limit but are high.

The final card has nothing on it and is paid off each month.

My two children, who are students and away from home, both have an additional card on this account which they can use for DIRE EMERGENCIES. Both offspring are very good and ask before they use it - hence why I would like to keep it.

I also have a loan which I am up to date with. The problem is I am self employed with an inconsistant income and credit creep has set in. I am now at a point where I am starting to be concerned about hitting the minimum payment.

I need some advice on this and have thought about the CAB but Murphy's Law has come into play and a neighbour works there!

It is reasonable to call at another CAB in a local town instead? Also how can I prepare an income and expenditure sheet when I have a variable income?

Again many thanks for the advice - its much appreciated

[Deleted User]

You can go to any CAB. Your first appointment will be with one of the general advisors who will be able to help you - if your situation is complex or you have a lot of debt, you are winding up a partnership,contemplating bankrupcy etc.. a specialist debt counsellor will take your case.

Everything is confidential. They will not do anything without your agreement. You will need to sign a pledge not to go further into debt - that means STOPPING using your credit/store cards.

You need to take with you all your paperwork regarding your income and your outgoings - they will help you prepare an income/expenditure sheet and will also check you are getting all your entitlements i.e benefits,tax credits etc...

With your signed agreement they can deal with your creditors and can assist with everything from restructuring payments and freezing interest to negotiating full and final settlements.

I was a specialist debt councellor with CAB and cannot comment on other agencies as I had no dealings or experience with them - however if you choose to use another one - make sure they are not charging you for anything.

Good luck

zAndy1

I last spoke to my case officer from payplan (also seems to be from FCL and Shaws, guess they're all one and the same) on Monday. She took some more details and said she was going to ring me on Wednesday night and so far I haven't heard a thing. I have to say I'm very disappointed as this is a very stressful time for me and I need to feel someone is keeping me up to date with things and want to get things moving asap. So from my point of view payplan et al have been disappointing so far

Drama_Queen

I found the CCCS to be very helpful and there is no charge for their services. They can be contacted on 0845 2725400

debtbuster2K5

Hi New start,

Before going along to the debt agencies, Why not post your full situation on this board. List all of your income, outgoings, debts, interest rates and min payments. That way we could look at your spending and budgeting, and hopefully give some good advice about your next steps. Remember that you are totally anonymous, and it might be a good head start for you before meeting with the agencies. (You might not need them with the help available on these boards)

Good luck and keep posting

Regards

Pere_Ubu

OXO wrote:

I can personally reccommend PAYPLAN

Found them to be really helpful and realistic.

Good Luck

Read my recent post about debt. What is your experience re Payplan which my husband and I use and the situation we find ourselves in with First National. What can Payplan do? What is the point of issuing court proceedings do you know??

Thanks