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| The independent answer to your debt problems | login join |
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dansdirtydebt!
| 01-07-2008 05:22 PM |
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Joined: 01 Jul 2008 Posts: 1 | hey all, I'll keep it short and sweet but here's the rub. Since 2000 when my dad died after a horrible and nightmarish illness I started getting in more and more debt due to not really caring about the future. Now 8 years later i sit here over 60k in debt to loans, credit cards and overdraft. I was paying over a £1000 a month just to keep these people off my back and i finally snapped, woke up and decided to do something about it. Ive taken the steps to set up a debt managment plan, the monthly amount of which i can afford. The company in question are now just getting in touch with my creditors to start making offers. Now the thing im most scared of is getting ccj's and being hounded by baliffs etc. Do these companies generally manage to keep these things from happening or am i about to enter a world of hurt and stress? I should be coming into a large sum of money in the next couple of years hopefully which would be used to clear the lot of. Any previous experience of large level debt going into a DMP would be appreciated.. This whole situation is giving me chest pains and sleepless nights but the worst thing is its all my fault. Help anyone :-( |
| DW George | 01-07-2008 08:36 PM |
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Joined: 01 May 2007 Posts: 174 My Profile | Hey Dan Going what you gone through must have been very hard and it's only natural for you to lose focus on things, especially money. However, now you want to address your debts, which is obviously a burden to you. We will try and help you achieve some focus and resolve your debt issues. A debt management plan is great for short term respite from pestering of creditors, but it is not really a long term solution. With a debt management plan you are breaking the terms of your contract to get a lower monthly repayment. Some creditors will accept requests to freeze your interest and some won't. It all depends how your creditors are feeling. So the worst case scenario in a debt management plan is that your payments are not really making an impact on your debts. Your credit rating will not be great in a debt management plan and it does not stop your creditors taking legal action against you, ie CCJ's etc. Really for any sort of debt solution to be effective you need control over your spending. How much of a handle do you have on your income and expenditure? Complete our SOA and make it visible and we will take a look at it to see how much control you have over your finances. (We are having some problems with it, click continue when the error page comes up. You are not entering any personal info which will identify the debt as yours, so you'll alright) You are doing the right thing addressing your debts and also asking questions about the route you have already taken. I know from experience that having a plan of attack on your debts does help you sleep at night and although it does not remove the debts it good to feel that you are doing something about it. Post back with more information about your income, expenditure, assets and liabilities and we will try our best to help you out. Regards George |
| helpmenow | 01-07-2008 08:56 PM |
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Joined: 15 May 2007 Posts: 35 My Profile | Hi Dan Don't blame yourself too much. Far too many people get the blame for mounting debts. I signed an IVA last year and so far so good. My spending went out of control and I just couldn't focus on making the right decisions about money. But, regardless of my income I still managed to get into more debt. I even got a nice letter from a credit card company inviting me to use their credit card cheques to give someone special a cash gift or to take a holiday!!!! Don't get me started. I know my debts are my responsibility and I have woken up to that. I now have a plan, my IVA, which has taught me to be more responsible with my money which I am. Basically I am saying it's not all your fault. Keep in touch Helpmenow ps check this video out it's brilliantly funny and sooooo true. http://forum.debtwatchdog.com/In-Debt-Start-Here-The-lighter-side-of-debt-Thread-51.html |
