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| The independent answer to your debt problems | login join |
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PeterAjo
| 07-04-2009 08:07 AM |
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Joined: 07 Apr 2009 Posts: 2 | Hello everyone, I'm in a rather complicated situation, lots of debt, mostly caused by my own horrendously bad organisation. I can put some blame on the banks due to crazy charging, but I also have to hold my hand up and say I have been an idiot :) It's time for action, and I have been looking at all the advice I can get my hands on. I've recently spoken with the National Business Debtline (my bedts are partly business debts, so I can't get help from cccs, etc) who have been very helpful. However, they mentioned it will take at least 1 month, after filling in and returning the SOA form to get things going. They told me within that time I should keep on top of things as much as possible. And that is my problem. I'm struggling with family issues and work, and have no time unless I either earn less or ignore family. Neither is an option. So, if I can speed things up buy paying a fee, this could be beneficial. Even if in the long run it costs me a bit more (I need my work right now). So, next thing is to look at fee-charging debt management companies. What I have found is it is very difficult to get the names of reputable ones. Most people (quite understandably) are only recommending the free ones. I wonder if anyone here could help me and recommed one or two fee-charging DMCs that I could then research and potentially use? Regards |
| DW George | 07-04-2009 09:05 AM |
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Joined: 01 May 2007 Posts: 492 My Profile | Hi Peter It sounds like you are doing a bit of a juggling act with your debts and family life. Debt management is a good short term option for getting you through a difficult period in your financial life. What is the status of your company, is it limited or are you a sole trader. If you are a sole trader all the debts are personal debts so I guess CCCS could help you but given the lag time you are obviously keen to get the ball moving. Fee paying Debt Management Companies, will also have a lag time as the they have to wait until they write to the creditors to see if they are prepared to accept the offer but will obviously speak to right away unlike CCCS. What you could do is try and speed up the process by writing to the your creditors yourself, in essence do your own debt management. Fill out an SOA, a statement of affairs which you'll have to do for any debt management arrangement. Make the SOA public and we will take a look at it and assess whether the creditors will allow it. Here is the link for DIY Debt Management. Regards George |
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PeterAjo
| 07-04-2009 09:27 AM |
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Joined: 07 Apr 2009 Posts: 2 | Thanks for the reply. I have spoken to all the free ones. I'm a sole trader, but the problem is the debts were caused by a previous business. CCCS, NDL and CAB won't help me (although I understand why). The CAB recommended the National Business Debtline. I've been on the phone this morning to Payplan. The thing is, even the guy at the NBDL told me that is speed is important, there service may not be the most appropriate. He suggested that I should consider doing it alone rather than pay. However, my main problem is time. I can get my current business bringing in an income, but it needs all the time I can give it. I've contacted a two fee-charging DMC's (just big standard ones from moneysupermarket - not ones I think I would use) and one of the significant differences is the time that I could potentially save (and of course the extra costs in fees). Both companies said I could forward all post relating to the debts to them (if I wanted to), for no extra fee. They also both guaranteed either no waiting time for phone contact, or they would call me. They also both said they would get on it within 1 week from the point of then receiving the initial fee and SOA. However, that doesn't mean the creditors will respond quickly. I can understand that, for many, these things are probably not worth paying a fee for. But I think for me they are. However, the difficulty is know which fee-charging companies are reputable, or at least have a few customers that are willing to recommend them. |
