The best thing is that you have had your lightbulb moment as many call it - you know your in debt and your dealing with it and not carrying on spending Please and i cant say this enough dont whatever you think of pay a single penny to anyone with regards to helping you paying of your debt you will end up in even more debt as they take a percentage of what you pay as there fees so not reducing the debt
one little piece of advice if you dont listen/read anything else what weve said then listen/read this
ANY COMPANY THAT WANTS MONEY FOR WRITING OF YOUR DEBT IS CONNING YOU IT WONT WORK AND YOU WONT GET 75 PERCENT WRITTEN OFf YOU WILL HAVE PAID THEM MONEY FOR NOTHING THERE WILL ALWAYS BE ONE OR MORE CREDIDTOR THAT WONT AGREE YOU CAN DO IT YOURSELF FOR NOTHING
Make sure you know the differene between and iva dmp and bankrupcty as well 5 years is a long time to be skint http://iva.co.uk/guide_pros_and_cons.asp
http://www.cccs.co.uk/InfoCentre/EnglandandWales/Debtsolutions/Debtmanagementplan.aspx
http://www.bankruptcy-insolvency.co.uk/
Also make sure that the iva or dmp is realistic and that you can afford it otherwise the next step is bankrupcty which to be honest depending on your situation and the amount of debt you have isnt always a bad thing as you get a clean slate you can start again in six years time and unless it relelvant to your profession ie banking and a few others its not generally a problem, I remember you said you were a homeowner and what stops most homeowner of going bankrupt is the fear of loosing there home however If you go bankrupt and your house is in negative equity it dosnt mean you will lose your house either you can often hold on to it and as long as it dosnet rise in price within three years of the bankrupcy then it wont be taken So dont be afraid to look into the bankruptcy option
Be realistic on what you can affo rd to pay and be honest as well, there is no point in agreeing to pay xxxx when you can only afford xx and ending up in more debt
just remember - you wont go to jail for not paying for your jimmy choos and gucci handbag that you bought on your c credit card , debt is civil not criminal act (apart from council tax but there always one
) no one is going to put you up against a wall and shoot you cos your in debt ,
if that was the case the whole country would be in prison, or getting shot, as were all in bloody debt one way or another
but the debt collecting companies would like you to believe that you wont go to heaven, that the baliiff will be around in 5 mins and the end of the world is tomorrow in fact anything to get that money off you
other thing that might help you - if its been been more than 6 years sinced you made a payment/or aknowlegment of the debt, then make sure its not statute barred ie after six years from the date of the last payment then can not get any money of you as the debt is statute barred ( unless its been ccj and im not 100 percent that even with a ccj thats the case) if its statue barred you can tell them to get lost and smile when you say it
The only debt that can be pursued after 6 years of the last payment or aknowlegment is a mortgage shortfalll which can be pursued for 12 years
This is why they are so desperate to get you to agree to even a pound a week as a token payment as its keeps the clocks ticking for them so that they can always have the right to pursue you forever every payment that is made keep you under the six year period of statute barred debts
If the debt company is ringing you and hasseling you change your number , or dont anwser, or anwser when it convenient to you dont let them bully you into paying, You dont have to speak to them if you dont want to
Baliffs cant just enter your house you have to let them in often they say they want to check or just come in
tell them to f.... off Or dont anwser the door
Get over to martins money forums on the debt free wanabee and start to learn your rights You have plenty of them but please please dont pay a company to manage your debts for you it will only make it worse and you will be back on here in six months time saying that you owe 30k not 25 k
Hi all
I need some advice regarding my debts, am about to approach a debt managing company
and do an I V A so they approach my creditors and try and make a voluntary payment
to them as these schemes run for 5yrs and they say 75% of debt is normally written off.
The debt company stop creditors from hassling you as i want to do this the right way
with a proper company.
This is a very very bad time for me and i truly regret getting caught up in the credit card trap years ago.
Have any of you got any advice on this matter ? or have been in similar circumstances and managed
to make a fresh start.
My problem is around 25 k all added together.
I know i will not get credit again but its a road i would never go down again and that's the honest truth.
Please help X