need advise asap

[seert]

i have two credit cards which are at their maximum of around £19000

i have been paying the interest on these for the last number of months but i am no longer able to do this and have advised one of the companies of this and have to get back to them tomorrow

what can i say to these card companies that will give me some time to either get something sorted out through this forum or some sort of finance together to try and pay them each month

i am a full time wheelchair user and cannot work, my wife does not work but cares for me.

i have read some information with regards to IVA's and DRO's but not sure if i come under these, is there another option rather than bankruptcy.

as with many many other people my wife is worried sick so any help would be appreciated and lastly in the meantime, we live in Northern Ireland are there contacts here that we can speak to or go and see

thank you for taking time to read this.

[dipsy]

Hi seert

I am not sure but I think that Michael Peoples from MCD is in Ireland.
Their website is mccambridgeduffy.com. Hope this helps.

[Kelly O]

Welcome to the forum, i am sure you will find lots of useful information along with help and support here

You can only do a DRO if your debts are under £15,000, total assets of less than £300 and a total disposable income of less than £50 per month.

You could write to creditors and tell them you are in financial difficulties and you are currently seeking advice with a view to finding a solution to your debts.

Under the OFT Debt Collection guidance creditors should suspend recovery of the debt where it can be evidenced that the debtor is developing a repayment plan or receiving assitance from a appropriate 3rd party representative.

There are firms on this site who have offices in NI, including MCD and Melanie Giles

[stormsylv]

Hi seert and welcome.

Firstly you have done the right thing in contacting your credit card company informing them that you are struggling.

All you can do when you call them back is tell them the truth regarding your accounts and hopefully they will help or advise you accordingly.

Im sure this wont result in bankruptcy, maybe you could come to an agreement with your creditors or failing that a Dept Management Plan.

Let us know how you get on with the credit card companies.

[Michael Peoples]

While you only have two creditors your debt is substantial and there are certainly options available other than making minimum payments for the rest of your life and possibly the debt increasing anyway.

We have offices in Belfast and the NorthWest while Melanie also has offices here. Grant Thornton have a large operation in Belfast so you should not be stuck for some good advice. Ring around for some free advice and good luck.

[seert]

do i need to get help from the Consumer Credit Counselling Service/National Debtline or can you go to some of the firms mentioned here directly?

[Michael Peoples]

You could speak to a number of companies but be aware that the CCCS is a charity funded by the banks whereas the insolvency firms who post on here are professional and independent. Few companies charge up front fees to discuss your options but shop around and go with whoever you feel most comfortable.

[terry d]

just go direct yourself,i found various companys very helpfull when i was applying for an iva,i dont think where the company is would matter as you dont have an person to person contact anyway,but hopefully an 0800 would be better for the free calls,i found vincent bond very helpful,they are a sponser on this site,the number is at the top of the page an 0800 as well

[Tina Shortland]

Hi seert - as terry d says, unless you specifically want to travel to an office the location of the company doesn't matter as everything can be done over the phone and via post - saving you having to travel. Some companies also hold telephone meetings in the evenings if that suits.

Once your disposable income is understood and the overall details of your circumstances then the options can be discussed - there will be a way forward you and you have c ome to the best place for support and advice.

Companies on here can be contacted directly via there contact details on here.

[terry d]

i honestly did not know which wayto turn owing £38,500 but this forum was great for finding the right company and new friends of course who all have the same thing in common,debt

[Shining]

Do contact 2 or 3 companies and they'll give you some impartial case specific advice. www.iva.com is a comparison site which you may find useful.

[terry d]

trouble is all the companies sound great when you first ring then,so id rather go with one that is mentioned as good and fair on here,remember they are running a business and they want your business,so take your time with who you chose afew more days of searching for one wont make any differance to most people looking to enter into an iva,DMP,bankruptcy etc

[Shining]

You'll know when you've found the right company as you'll feel comfortable in them. One key point that is important to me - make sure they're contactable, that in itself has been invaluable to me. A good company will discuss all debt solutions and take the time to find the one for you.

Personal recommendation is good.

[luluj]

Completely echo Lesley's comments ......really will know when you have found the right company.......good luck.