First Time

onwardsandupwards_3

Hi.

First time on here so sorry if I ask some obvious questions. I'm hoping this is a case of 'better late than never' in terms of sorting my life out.

My main concern is regarding a DMP which cccs site suggests I should try. I have £80,000 worth of unsecured debt, (£40,000 spread over 4 credit cards - £40,000 with Barclays), and £700 to meet those debts.

Does it sound plausable that the companies will accept this offer if I use cccs?

My alternative is to try topping up mortgage, which I could do by about £40,000, but this would increase mortgage payments and still leave £40,000 of unsecured debt.

Any advice welcome

Thanks

terryw

onwardsandupwards wrote: »

Hi.

First time on here so sorry if I ask some obvious questions. I'm hoping this is a case of 'better late than never' in terms of sorting my life out.

My main concern is regarding a DMP which cccs site suggests I should try. I have £80,000 worth of unsecured debt, (£40,000 spread over 4 credit cards - £40,000 with Barclays), and £700 to meet those debts.

Does it sound plausable that the companies will accept this offer if I use cccs?

My alternative is to try topping up mortgage, which I could do by about £40,000, but this would increase mortgage payments and still leave £40,000 of unsecured debt.

Any advice welcome

Thanks

I am sure that others will be along to offer advice more fully. But be careful of this term "unsecured debt".....if ANY creditor obtains a judgment against you, it is a straightforward procedure to take a charging order on the house. OK, the house is unlikely to be taken from you but the debt must be paid from the proceeds of sale when it is eventually sold.

terryw

Deep_In_Debt

The CCCS are respected within the finance industry and therefore creditors are likely to accept their proposals (although they don't have to). I'm on a DMP with CCCS at the mo and all my creditors have frozen interest so I can see my debts reducing.

As terryw suggests, "unsecured" can be turned into secured - it seems Charging Orders are becoming quite common.

I would suggest seeking advice from CCCS or National Debtline. Give them a call tomorrow and see what they suggest.

HHH_2

I too have a DMP with CCCS it has been running successfully for over a year and all creditors stopped interest pretty quickly which they werent prepared to do when i contacted them myself before going to CCCS.

simbalou

Hi, just wanted to let you know you aren't alone. We owe £45,000 and just in the process of CCCS helping us with the payments. Give them a call, they are so nice and not judgemental at all. They have a few options to help you and the people on here are brilliant at offering advice. Sorting our debts out has taken a huge weight off our shoulders, it's not a nice thing to go through but I felt better as soon as I called cccs.

Sorry I'm not offering advice, I just wanted to let you know there are many people in your situation and there are people out there that can help you.

scooterwife

In my experience most companies will accept that level of payment.
we started DMP with debts of £35k and payments on £129 a month(increased now though)
Some will keep accounts, some will sell on to Debt Collection Agencies, which may mean nasty phone calls, but even our DCA's are accepting payments, and theres always someone nice to talk to at CCCS if you need them :j

onwardsandupwards_3

Thanks for listening.
Feel better just knowing I'm not alone

Summer1969

You are not alone. PLEASE ring up one of the people suggested. Our LBM was a couple of weeks ago, £63k worth of debt. I was having panic attacks etc...but I rang the CCCS and they were great, and we are seeing the CAB tonight. A DMP has been suggested, so just need to sign the paperwork, we have already opened up a new bank account not linked to any of creditors, to get the salary paid into that.

Good luck.

10past6

Hi

Regarding sorting your debts out, there are 3 scenarios to consider.

a) DMP = Paying a regular monthly to your creditors until ALL debts are cleared, be it 2 years or 20 years, the downside of this: Creditors / DCA's have the option to take legal action at any time during the life of your DMP.

b) IVA = Paying a regular monthly sum for 5 years, in year 4 you will be expected to re mortgage your property, depending on the equity you may be expected to divide that amount between your creditors, but that depends on your circumstances at the time, the upside of an IVA, it's a legal binding contract, Creditors / DCA's CANNOT CONTACT YOU DURING THE LIFE SPAN OF THE IVA, however, the downside should you fail to keep to the agreement Creditors / DCA's can apply for your BR, again, THAT DEPENDS ON THE CIRCUMSTANCES THAT CREATED THE IVA TO FAIL.

c) BR = As you have property to protect BR would NOT be an option for you.

It may well be worth your while speaking to one of the debt charities, click here for details.

Finally, one very important point: There are many, many companies offering debt / IVA advice, you have NO reason to use ANY of these companies, they CANNOT offer you anything more than the debt charities.

simbalou

Hi, just wondered if you had called anyone yet to seek advice? I rang cccs on Monday morning, my pack came today and my DMP will start on 1st July. It's that quick. I've spent months crying and seeing no way out and all that time has been wasted because I wish I'd picked up the phone sooner and got it sorted.

Please let me know how you get on and if I can help at all then let me know.

NEVERAGAIN_4

I Am In The Same Situation As You. Sorry I Cannot Offer You Any Advice Yet! I Am Just Getting All My Details Together To Talk To Debt Counsellor But We Are 80000.00 In Debt Like You.

I Really Feel For You, Stay Strong. From Reading All The Stories And Advise From This Site I Am Sure Things Will Get Better One You Get Things Sorted Out With A Debt Charity.

Take Care And Best Of Luck.