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| The independent answer to your debt problems | login join |
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lll
| 25-06-2009 05:42 AM |
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Joined: 25 Jun 2009 Posts: 1 | Me and my husband got advice from the National debt helpline just over two years ago to help us pay our debt (just over £25k). they suggested we go down the DMP route. Said our creditors would 'probably' freeze our interest however some of them have not, and our debt apear to be growing not shrinking!! We are currently paying £260 a month and have never missed a payment or been late paying. However at christmas i recived a court letter, had a nightmare hour of quizzing in court and now have a ccj. (NB the payment amount stayed the same) My husband just got his letter this week. I feel totally lost, will we ever get out of this debt?? is there a way to get 'statements' of how the debts are looking nearly three years on??? please help, feel completely out of my depth and have no idea what to do.. Thank you. x |
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debbiecs
| 16-08-2009 06:05 PM |
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Joined: 16 Aug 2009 Posts: 7 | This not good, i didn't know this could happen, i am considering a DMP too, now i don't know what to do? |
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| schnitzel | 17-08-2009 12:26 PM |
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Joined: 11 Nov 2007 Posts: 10 My Profile | Hi, I thought I would share this thread with you. I have a DMP for nearly 2 years now. The service providing and paying my DMP is the CCCS. After I provided them with my budget review they worked out how much I could pay and how much I am entitled to live on. I owed money to 5 creditors and they all receive a payment based on the amound of money owed. This was fine for the first year as the credit card companies froze the interest, so it seemed like the debt was going down really fast. What I wasn't told is that the credit card companies donot have to continue with this method and can reinstate the interest. Also they want you to send them another review each year, they will consider whether to add the interest or not. I have sent a review again but they are only considering freezing the interest for 3 months and then they want it reviewed again. I was told that sometimes it is more beneficial for the credit card companies to put the accounts into the hands of debt collectors that way the interest gets frozen and the debt cleared quicker. The only problem with this is that you will be black listed from getting credit in future and this can stay with you for a very long time. I have no problem with this as I never want to have credit of any sort again. I never want to be in this position and If I do get a CCJ against my name at least I will know what I am paying is the amount outstanding and not the increasing amount of interest that is being added each month. Hope you find this helpful. |
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