Any help appreciated. Many Thanks

[mikyla]

Hello,

Needing some advice really. Getting behind with unsecured debts and not sure what way to turn. We own a home and i can get a secured loan but this would leave us with no equity in the property. All in all i can probably find £15k in unsecured debt. I spoke to CCCS and they said due my partner not working they couldn't offer IVA or DMP. My partner is starting work very soon just waiting for some Documents. Then a co called me offering me a DMP but it was £199 set up fee and then £150 per month for 6 months then it would be reviewed. I have wrote letters to some creditors offering token payments, is this advisable. Any help appreciated. Many Thanks

[gavin]

Hi welcome to the forum. I am not an expert
can Please post more details then an expert will be able to help.

Empty pockets never held anyone back. Only empty heads and empty hearts can do that.

[Andrew Graveson]

Hi mikyla,

On the surface you appear to have several different options. They might include an IVA, refinancing (mortgage or secured loan), or a DMP.

Gavin is correct to suggest posting some more of the financial details as it will help people on the site to consider your circumstances.

Beware debt help companies that call you. When you know what kind of help you want call two or three companies yourself until you feel comfortable with someone to work on this with you.



Andrew Graveson
Independent Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[mikyla]

Hey,

Thanks so much for the replys,

So to contiue on A remortgage isnt possible as we have just re-mortgage in July and are tied in for 2 years. We have to Credit cards totalling £3850 a few store cards, and i have 2 catalogues.

I also pay £22.18 a month to DLC for a loan that i had 6years ago. Balance being £4500 and i pay £22 to Lowell Group for a barclaycard from around the same time think the balance is down to £750. Also My partner as £1250 overdraft. i understand what ur saying about certain Debt management co's, few years ago i used Gregory Pennington's, used them for over a year and hardly paid anything off at all. Thanks alot =)

[Soulgrowth]

Hi Mikyla

Just wanted to welcome you to the Forum ... stay around and let us know how you are getting on as I am sure some the experts here will be able to come up with a solution for you.

All the best

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

[mikyla]

Hey Debbie,

Thanks for the nice welcome. I will stick around, i've draughted some letters up to send some of the creditors to try and take the pressure off a little bit, till my partner is working and then maybe we we've more income we can see about a debt plan or a IVA.

Thanks alot again, Great sight =)

[Soulgrowth]

I think all the experts have gone out for a Saturday night ... there'll be someone around shortly though [:)]

Debbie

www.familyceremonies.co.uk

www.soulgrowth.co.uk

[mikyla]

He he,

I was thinking the same thing, all out on the beer. Dont worry im sure someone will give me some advice, they wanted more info yesterday, but for some reason i couldn't managed to post again,

changed my password today and now it seems to be working[:)]

[Adam Davies]

Hi
If I'm reading you post correctly you have approx 15k of debt with equity more than this figure.
If so an IVA will not be possible,bankruptcy could mean the loss of your house[unless someone can buy the equity from the Official receiver]
So you have two options,a remortgage but as you already state you will lose a fortune in early redemption fees,or a DMP.
Andrew Graveson fom Brightoak is highly recommended and it would pay you to have a chat with him regarding a DMP
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Soulgrowth]

It would appear that they were all at the pub yesterday evening Mikyla [:D] I told you an expert would be along soon ... and true enough in charges the lovely Andy on his white horse [:)]

Andy, I like your new profile ... the pics are super ... and is that your lovely wife? It is really nice to be able to put 'real' people behind the forum posters.

Good luck Mikyla ... you should get some sound advice from now on in.

Debbie

www.familyceremonies.co.uk

www.soulgrowth.co.uk

[mikyla]

Hi Andy,

Thanks for the help, but i a little confused a friend of mine is entering into a iva and she has £70k plus equity in her home? how is that possible then. I really can't take another loan out, not enough income to get one, as partner doesn't work. So DMP is the best soloution, is the company you recommend free or do they charge etc.

Also may i ask if i go DMP, do i have declare everything?
Thanks very much
=)

[Lisa2009]

I believe as your equity is more than your debts, you are not classed as insolvent and therefore an IVA is not possible. I agree with Andy, Andrew Graveson is worth a call he is very helpful and extremely patient.

[Andrew Graveson]

Hi mikyla,

We are a fee charging debt management company. However I'm perfectly happy to talk to you about the 'free' options as well as our service so that you can make your own mind up what will be best for you.

In terms of declaring everything you would be well advised to be open about your affairs. In reality creditors are generally very willing to come to fair (for everyone) arrangements in DMP's. It would be a shame to jeopardise that if something undeclared were to come to light later.

Andrew Graveson
Independent Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[Soulgrowth]

Mikyla ... MikeBdomain might also be useful to speak to re the possibility of remortgaging to offer a F&F to your creditors ... just a thought.

Debbie

www.familyceremonies.co.uk

www.soulgrowth.co.uk

[mikyla]

Hello,

I'm willing to be 100% honest about my situation, its just i was told by cccs, that i couldn't enter into a DMP as we didn't have enough income. My arguement was that i was managing to make some payments to some creditors and i've only miss say at the most 1 month payments. I'm not behind by months. One DMP Company, wanted a £199 set up, i'm not even sure where they got my details from. What i mean is will i loose my bank account etc. The guy i spoke said i'd have to declare my overdraft and the bank would close my account. Is this correct. Many Thanks.