HELP Things getting worse.......

wazza24

HI all looking some advise

things seem to be getting worse rather than better. Basically i have been on a DMP with the cccs for about 20 months now paying 4 creditors £5 each. The problem is i have other loans now that i have picked up in the last 20 months. When i decided to go the dmp route i had about £15000 in debt, but i had no debt with my own local bank which have leant me another £11000 over the last 12 months. when i set up the dmp i was unemployed with my wife working part time so we could afford the small token payment of £5, but know i am in fulltime work which is why i can pay the payments on the new loans. but when i next speak to the cccs they are going to wonder where the extra income is going.......

The problem is that i havent told the cccs and i am worried they will kick me out of the dmp as i should not have taken on further borrowing. I am considering just confessing all and going bankrupt as i just cant take it anymore, at the minute i am off work suffering from anxiety which i think is caused by this mountain of debt. i am not looking sympathey here, i know its my own fault. but would love abit of advice as to what is the best road to take. I have also been considering taking the IVA but i dont know to much about it.

Any help and advise would be graetly appreciated

Thanks Wazza

rayday2

Martin has done a quick guide to IVA if you search the main site you will find it.

I think your first port of call is to ring CCCS and tell them what has happened or if you can't face it ring Payplan and see if they will take you on with all the new debt as well.

Dithering_Dad

I agree with rayday2 (I usually do), you have to get in touch with the CCCS. I'm sure that you're not unique in getting additional loans after arraneging a DMP and so they won't be judgemental. Sometimes the fear of doing something is worse that actually doing it, so I'm sure you'll feel a lot better once you have all this off your chest.

They can then start looking at altering your DMP to take account of your new income and new debts, or they can look at an alternative such as an IVA or Bankruptcy.

The first step though is to call them. Do it now.

wazza24

Thanks for the replies, i think i will phone cccs this week to get this sorted, i think an IVA is the way to go.

Thanks again:beer:

tyllwyd

Are you sure CCCS will be sympathetic? I thought part of the deal when you took on a DMP was that you agreed not to take on additional debt - and this isn't just a small debt that got overlooked, you've run up almost as much as your original debt in just 12 months. Did your bank know your situation when it lent you the money? If your income had gone up why didn't you tell the CCCS at the time?

I don't have any experience of this, but I think you should be prepared that CCCS may decide that you've broken the terms of your original agreement with your creditors so they can't continue with your DMP.

yellowmonkey

Just like to say good luck whichever way it goes.


I'm afraid tyllwyd may be correct


ym

rayday2

wazza24 wrote: »

Thanks for the replies, i think i will phone cccs this week to get this sorted, i think an IVA is the way to go.

Thanks again:beer:

Good luck best to see what there reaction is and then take it from there. Come back if you are still worried or what an opinion on there advice.

nevergiveuptrying

Hi
please be aware, i would imagine your plan will be cancelled as you have broken your aggreement, its what happened to me, over a "£400 overdraft
that i tried to add to the plan

it took me ages to sort out dealing with 20 creditors , but its not imposible

good luck but be prepared

warm regards

wazza24

Hi all
yeah i think tyllwyd my be right i think that they may boot me, my local bank offered me a £5000 loan for a new car as i was taxi driving at the time and they gave me a credit card with a £6600 credit limit, all of this while i was on a DMP so i know it was my own fault for using it but if life was only so simple, none of us would make mistakes. I lay the blame for this 100% at my door but i think the banks should not be offering money to people with debts like mine.

has anyone any advise on what i should do i cccs boot me, can i still sort out an iva on my own or should i go to another debt charity for help with it all, Thanks again to you all for your advice.

Wazza

Dithering_Dad

Rather than second guessing what the CCCS will do, I'd suggest you get it over with and called them. Once you know the score, then you can examine your options.

As I said earlier, I doubt you're the first person to increase your debts while on a DMP so I don't think they'll be shocked.