am I doing the right thing ?

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andybum

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Post by andybum » Thu Jul 22, 2010 10:24 pm
I have had problems with my bank,I owe 16,000 over two loans one was taken out while I was not in a fit state of mind to do so (diagnosed with bipolar).I do not want to use this as an excuse but this can be proven by doctors records.I spoke to the manager of the loans department and explained my situation to him and asked if they could consolidate my loans so I paid a lesser sum each month so I can Keep my head above water.He said they could not do that and I should use my overdraft to pay the loan payments if I was struggling to pay them.I tried to get another loan to of 16,000 to pay off this debt at 337 per month instead of the £460 Barclays are currently charging me.This was no good and could not get a loan from any company.I have since spoken to moneyexperts.com who advised me to start a dmp where they would take the debt and I would pay £250 as an initial payment to them then £300 per month there after for 4yrs & 8 months and my depts would be cleared,I have a 20 min consultation with them tomorrow and they are sending a courier to my house for me to sign the paper work.Are they people good to use for dmp's and am I doing the right thing.Barclays said because I am left with £550 before my loan payments that I can pay their loan and have £50 a month for myself to live on!!!.Please let me know if anyone thinks this is the right road to go down.
 
 

kallis3

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Post by kallis3 » Thu Jul 22, 2010 10:39 pm
Hi,

Sounds to me as though a DMP could be a good idea for you. I'd speak to one or two companies before making a decision.

Visit www.iva.com for a list of companies and reviews. You will receive free and impartial advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

MelanieGiles

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Post by MelanieGiles » Thu Jul 22, 2010 10:58 pm
If I were you I would contact the forum's own Andy Davie as well as the firm you have chosen. Quite possibly one of the best debt advisors I have ever come across, and if nothing he will give you a good, honest second opinion about your options. I agree that DMP seems to be the best way forward.
Regards, Melanie Giles, Insolvency Practitioner
 
 

andybum

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Post by andybum » Fri Jul 23, 2010 3:50 am
Hi Many thanks for you swift reply,I have recieved an email from my chosen company ie: Consumer Credit Counselling Service telling me my appointment is booked for today at10.30am.When I visited this sight it says they offer free dmp's,so now I am confused as my phone call was with money expert financial.com who told me I would have to pay a service fee of £252 then I will pay £300 a month for the duration of the dmp which was 4yrs and 8 months according to them.Is this fee correct and if so why do they state on their web site that their dmp's are free?.
Once again many thanks for all your help

andy
 
 

Shining

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Post by Shining » Fri Jul 23, 2010 3:57 am
Hi Andy, I'm not sure about the fees but welcome to the forum from myself too and one someone will be along later to advise. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

MelanieGiles

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Post by MelanieGiles » Fri Jul 23, 2010 7:50 am
How interesting! Is there any link between this firm and CCCS? I did not think that CCCS charged for DMP services at all, given that they are funded by creditors. Did they refer you to CCCS, or did you feel that you weren dealing with CCCS from the outset?
Regards, Melanie Giles, Insolvency Practitioner
 
 

kallis3

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Post by kallis3 » Fri Jul 23, 2010 8:00 am
Sounds to me as though this payment could be an 'introduction' fee. Don't mind so much if the company has done the initial work, but it doesn't sound as though they have done anything other than set up a phone call with CCCS.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Adam Davies

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Post by Adam Davies » Fri Jul 23, 2010 8:43 am
Hi
I wonder if the CCCS are happy at being referred from a commercial company for a fee ?
Regards
Andam Davies
 
 

CCCS Counsellor

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Post by CCCS Counsellor » Fri Jul 23, 2010 1:29 pm
Hi Andy,

CCCS are a registered charity and not linked to any commercial companies. I am happy to look into this for you to make sure that it is the CCCS that your appointment is with.

If you would like to send an email to contactus@cccs.co.uk FAO Sarah and I will confirm this for you via email. If you have a client reference number could you add this to your email for me please?

Kind regards
Sarah
CCCS is a registered charity. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
 
 

Adam Davies

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Post by Adam Davies » Fri Jul 23, 2010 1:51 pm
Hi
Can you keep the forum updated regarding this Sarah ?
Regards
Andam Davies
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