Huge Debt - dont know what to do

[CAGisforME]

16% ?? Ouch!!!

 

Sequenci - you voiced the thought that I didn't type!

[lydz29]

Thanks for your replies guys, i've been down the route of free debt help and had a bad experience with payplan.

 

Today 11:09KJD

When you pay them a monthly amount how much of that goes to Debt-Simple as opposed to your Creditors? I can't see how else they make their money you see./quote]

 

I think its 16% - in their T&Cs

 

they do charge 16% for debt management, but i'd rather pay that and get the service i need. I only thought it necessary to mention or "promote" their service because i've had a good experience with them.

[CAGisforME]

No Problem Lydz29

 

However, I do think it's important to give all the facts when promoting such a Company.

 

This site has members who are desperate need of help and I personally would hate to see someone go to such a Company without realising what they are signing up to.

 

£16 from every £100 paid to them could be used to reduced debts further. As could the £20 in every £100 that they may be able to reclaim from charges.

 

If someone was in a lot of debt that could total up to a lot of money that couuld be saved.

 

I still think that anyone seeking help with debt needs to approach the free services out there first. Reclaiming their charges is relatively simple using the formula on here.

 

I'm pleased that you have had a good experience with them. Again though, as a previous poster intimated it begs the question as to why you are here really doesn't it? As Debt-Simple are already dealing with your charges and debts.

 

Good Luck

[lydz29]

when i was looking for help i read a lot about free debt management companies thats why i went to payplan - unfortunatley it didn't work out for me.

 

Once i got a solution to my debt problems i thought it would be helpful to share my point of view for others in a similar situation.

 

I can see your point of free debt advice being a great solution for people in debt, i don't dispute that. However for me personally it was the quality of service i received from debt-simple that swayed me there way.

[yaffsimone1]

With a little persistance you could get exactly the same results by dealing with your creditors yourself and you save that 16%. Its quite rewarding aswell knowing the creditors are not as clever as they make out!

[sequenci]

i would also state that creditors are usually much more receptive to the idea of freezing interest and charges when they now that you are dealing with a charitable debt advice firm such as cccs or ndl, the main reason being is that they actually assist with the funding of these organisations in the first place!

 

here is the list of funders for NDL for example:

 

National Debtline England & Wales | Funders

[licklelady]

Back again with a little question .....

 

I got a call from NDL last niteto say they have passed my file to the CCCS instead of payplan. He confirmed a few of my figures and said everything should be fine and I should here something in a few days time.

 

I just got one little niggle - As I only have £137 left to pay off 17 creditors and totalling about 24k debt. Do u think I will be accepted? And what happens if I dont - Do I then try and do it all myself?

[sequenci]

Do u think I will be accepted?

 

i can't think of a reason why you wouldn't be, the general rule of thumb is that you need at least £5 per creditor, which you have.

[jopee]

HI, ANYONE HAD ANY EXPERIENCE WITH DEBT MGT COMPANIES WHO OFFERED TO CLEAR YOUR DEBTS WITHIN 60MONTHS AND AT THE END DID NOT MAINTAIN THEIR PROMISE DUE CREDITORS BECOMING MORE AGGRESSIVE "DUE TO INDIVIDUALS CLAIMING BACK THEIR BANK CHARGES" ??

WE'RE SORT OF DEEP IN DESPAIR AT THE MO THINKING THAT WE WERE COMING OUT OF THE TUNNEL ON TO FIND THAT WE COULD CARRY ON THE PROGRAMME, GET OUR MANAGEMENT FEE BACK (OF COURSE!!) AND DEAL WITH OUR CREDITORS OURSELVES OR DECLARE OURSELVES BANKRUPT. ANY ADVICE WELCOME APART FROM THE ONE WE GOT FROM THIS COMPANY "YOU GOT YOURSELVES INTO DEBT IN THE FIRST PLACE" ( I SORT OF KNOW THAT)

THANKS IN ADVANCE:o

[sequenci]

HI, ANYONE HAD ANY EXPERIENCE WITH DEBT MGT COMPANIES WHO OFFERED TO CLEAR YOUR DEBTS WITHIN 60MONTHS AND AT THE END DID NOT MAINTAIN THEIR PROMISE DUE CREDITORS BECOMING MORE AGGRESSIVE "DUE TO INDIVIDUALS CLAIMING BACK THEIR BANK CHARGES" ??

WE'RE SORT OF DEEP IN DESPAIR AT THE MO THINKING THAT WE WERE COMING OUT OF THE TUNNEL ON TO FIND THAT WE COULD CARRY ON THE PROGRAMME, GET OUR MANAGEMENT FEE BACK (OF COURSE!!) AND DEAL WITH OUR CREDITORS OURSELVES OR DECLARE OURSELVES BANKRUPT. ANY ADVICE WELCOME APART FROM THE ONE WE GOT FROM THIS COMPANY "YOU GOT YOURSELVES INTO DEBT IN THE FIRST PLACE" ( I SORT OF KNOW THAT)

THANKS IN ADVANCE:o

 

hello there.

 

1) start your own thread, that way you should get some help specific to your request

 

2) lower case is far nicer to read

 

3) no debt management company can guarantee to do this unless you have signed into an IVA, would you mind stating the name of the DMP firm?

[jopee]

Dcm Apex

[licklelady]

wow not been on here for a while... needed a little time to get my head sorted extra.

 

Well thanks to you lot my finances are ''sort of'' sorted.

 

We are now on a payment plan with CCCS. We pay them £137 and they pay our creditors. We no longer get any phone calls and if we do get a letter we just call cccs and they deal with it. So thats all the stress and worry gone.

 

The mortgage arrears..... we spoke to our lendor and explained the situation with cccs and that now we wouldn't get behind with our payments they have agreed to capitalise the £1,178 arreas we had, so now our account is back in the black.

 

We had two bank charges claims with first direct totalling around £1500 and we won both of those, so have used the money to pay off some smaller debts and overdrafts.

 

We also won natwest charges, we had a overdraft with them so now thats cleared and we used what was left to again pay off smaller accounts.

 

Lloyds and yorkshire bank charges claims have been made but they took so long to send statements and we submitted a claim for the amounts at the begining of july - they replied saying they would respond within 3-4 weeks, and now the OFT are in high court - I am guessing nothing will happen for a while.

 

So everything is going ok at the moment. (touch wood)

 

Now that we have cleared arrears on prioty debts it also means that we can now pay more moeny to CCCS for them to share out, so we now have a debt free deadline of 6 years time..... whooohooooo. (excluding the mortgage of course!) My car finance finsishs soon aswell so that will be another £150 to add for CCCS, and hopegfully that will bring the debt free date even closer.

 

Thank you all so much ... I know I wasnt on alot asking questions but just being able to come on and read other peoples and get information helped us to get back on track.

[gizmo111]

wow not been on here for a while... needed a little time to get my head sorted extra.

 

Well thanks to you lot my finances are ''sort of'' sorted.

 

We are now on a payment plan with CCCS. We pay them £137 and they pay our creditors. We no longer get any phone calls and if we do get a letter we just call cccs and they deal with it. So thats all the stress and worry gone.

 

The mortgage arrears..... we spoke to our lendor and explained the situation with cccs and that now we wouldn't get behind with our payments they have agreed to capitalise the £1,178 arreas we had, so now our account is back in the black.

 

We had two bank charges claims with first direct totalling around £1500 and we won both of those, so have used the money to pay off some smaller debts and overdrafts.

 

We also won NatWest charges, we had a overdraft with them so now thats cleared and we used what was left to again pay off smaller accounts.

 

Lloyds and yorkshire bank charges claims have been made but they took so long to send statements and we submitted a claim for the amounts at the begining of july - they replied saying they would respond within 3-4 weeks, and now the OFT are in high court - I am guessing nothing will happen for a while.

 

So everything is going ok at the moment. (touch wood)

 

Now that we have cleared arrears on prioty debts it also means that we can now pay more moeny to CCCS for them to share out, so we now have a debt free deadline of 6 years time..... whooohooooo. (excluding the mortgage of course!) My car finance finsishs soon aswell so that will be another £150 to add for CCCS, and hopegfully that will bring the debt free date even closer.

 

Thank you all so much ... I know I wasnt on alot asking questions but just being able to come on and read other peoples and get information helped us to get back on track.

 

Glad things are looking much brighter for you - don't forget to keep an emergency fund for when things need doing i nthe house or car.

[licklelady]

yep - got that budgetted for.

 

Its amazing how much difference it makes when u actually know what ur doing and not letting the DCA's bully you.

[bluedog2]

Hi.... all

 

I would just like to say that C.A.B were my life savers when I was going through divorce...

They helped me to get the creditors off my back and fight my corner when they were trying to get ME to pay for Ex's debts!

They can help with a number of things but they also help you to fight for yourself.

Good luck licklelady... hope its sorted..

[samj1966]

HI EVERYBODY

IAM NEW ON THIS FORUM JOINED TODAY

I HAVE LOADS OF DEBTS AND SO DOES MY FIANCEE TOTAL £71000 JUST OVER for both of us been paying credtiors overselves and paying a monthly sum to each and managing just, but getting me down and have joined the consumer forums dont know where to turn and its ruining our lives just want help any advice cheers samj1966

[honey5]

samj1966 firstly hello and welcome

 

you need to start your own threads in the relevant forums and that way you will get the help/support and advice you need

good luck to you both

honey x