Advice re Spectrum

monkey2008

Hi

I don't know if any of you can help me. About 2 years ago I entered into a credit agreement with Spectrum. I now know that this was a really stupid thing to do and that there were so many ways to solve my problems rather than paying somebody to do it for me (or so I thought). I was young, naive and terrified of being in debt and just felt like I needed to do something, and they seemed to be able to give me what I needed at the time.

However, I now realise that this was totally the wrong thing to do. My question is now - how do I get out of it? Has anyone ever had any experience with trying to removing themselves from agreements such as these? My money situation is much better now and I do have some savings. Although I would struggle to pay off some of the bigger debts, I might be able to manage it at a push. My debts total about £9k. Even if I could just pay off the smaller ones and then come to an agreement direct with the two larger ones, I think I would feel much happier. I have absolutely no confidence in Spectrum, I'm still getting calls from creditors after 2 and a half years and it takes forever to get through to Spectrum on the phone. I really want out before I waste anymore of my money. Please help me if you can, I would really appreciate any advice.

If I can get out this agreement, then is it possible to just negiotiate with creditors myself and get the amounts paid off? I know that if a debt is a certain age they will sometimes offer a substantial discount to get the debt cleared. Does anyone have any advice on this?

I'm really sorry for the long post - but I just don't know where to start with this really and any help you can give would be really really appreciated.

Thanks xx

chez000

Re - getting rid of spectrum not how youd go about this id imagine they d have given you some info when you started with them - doubt it would involve much more than just stopping giving them any money, but they might have some sort of penalty charge if you cancel without appropriate notice so its v.important to check any paperwork you have.

it is compleltely possible to set up your own agreements direct with creditors the same way that spectrum would have done for you and save yourself the fee or there are some places CAB, CCS that can do this for you for free.

1st write to creditors requesting copies of agreements and up to date balances,

2, then draw up an SOA, work out what you can afford to pay, then send an offer along with a copy of the SOA to each of the creditors