Here goes... Debt Advice needed

Get expert opinion. This is the place for new questions to be posted.
12 posts Page 1 of 1
 
 

Trappers

User avatar
Posts: 6
Joined: Fri Aug 20, 2010 7:23 pm
Location: United Kingdom

Post by Trappers » Fri Aug 20, 2010 7:27 pm
Hello,

I am in a bit of a dilemma and don't know what to do. I have been thinking of sorting my debt situation out for some time now ( 40k ) and have decided to try and get it under control.

I have been struggling to keep on top of my payments for about 6 months now and am constantly getting charges from the bank for going over my limit.

Spoke to 3 different companies so far but they all give such conflicting information and some adopt a " hard sell" approach which puts me off.

Can I ask who can point me in the right direction of getting this sorted and quickly as I have a debt collector after me now for an old o2 bill.

Help if possible !

trappers
One way or another we are gonna get there!!!
 
 

Julie

User avatar
Posts: 9503
Joined: Thu Feb 14, 2008 10:56 pm
Location: United Kingdom

Post by Julie » Fri Aug 20, 2010 7:31 pm
Hi trappers and welcome to the forum [;)]

Read the reviews on www.iva.com.....what conflicting advice have you had?
 
 

Trappers

User avatar
Posts: 6
Joined: Fri Aug 20, 2010 7:23 pm
Location: United Kingdom

Post by Trappers » Fri Aug 20, 2010 7:51 pm
Thanks for quick response wow.

Well without mentioning any names as I don't want to be libel the first company based in Sale after speaking to three or four different people over a couple of days said that a debt management plan at £380 a month would be best and quoted a timescale of over 11 years which wasn't great and didn't really offer me any alternatives.

The next one based in Salford offered me an IVA at £400 a month over 5 years wich sounded ok but I felt a bit pressured by them and they were pushing me towards this rather than speaking about anything else which put me off them.

Third one was based in Nottingham but on reflection I decided against it as they were offering a debt management plan at just £200 a month but over nearly 20 years which was even worse LOL.

Any ideas on who to approach who will give the right advice and not just try and rip me off which I am concerned about tbh.

Thanks
One way or another we are gonna get there!!!
 
 

Julie

User avatar
Posts: 9503
Joined: Thu Feb 14, 2008 10:56 pm
Location: United Kingdom

Post by Julie » Fri Aug 20, 2010 7:56 pm
What I would say, is without having all your full details, no company can quoute you a repayment amount.

If I had do do it again, I would certainly use one of the professionals who post on here. Their advice is free and the support they offer is second to none. Thats my personal opinion.

Make sure, whoever you chose, goes through all your options and you are 100% sure before you go ahead.

We're always here to help xx
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:

Post by Adam Davies » Fri Aug 20, 2010 9:57 pm
Hi
Speak with a few more companies/experts and make sure that all options avaiable to you are clearly explained and that all your questions are answered. All companies should discuss all three options, bankruptcy/DRO, IVA and DMP
Regards
Andam Davies
 
 

Trappers

User avatar
Posts: 6
Joined: Fri Aug 20, 2010 7:23 pm
Location: United Kingdom

Post by Trappers » Wed Aug 25, 2010 2:26 pm
Thanks Andy,

Already in the process of deciding which companies to speak to.
Not sure if a Debtrelief order is for me though as I owe nearly 40k.

Trappers
One way or another we are gonna get there!!!
 
 

Tina Shortland

User avatar
Posts: 2950
Joined: Tue Jan 05, 2010 11:30 am
Location:

Post by Tina Shortland » Wed Aug 25, 2010 3:28 pm
Hi Trappers, one thing you should never feel when seeking financial advice is "sold to".

Getting the right advice is about fully understanding your options, as Andy says, knowing the implications of each and feeling comfortable about moving forward, in whatever direction you choose.

Your strapline is true, one way or the other you WILL get there, as have so many people who post on here.

The first thing is to understand realistically how much you can afford to offer the creditors and then what solution suits your circumstances best.

regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.

If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com

If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
 
 

size5

User avatar
Industry Expert
Posts: 3104
Joined: Fri Nov 23, 2007 7:22 pm

Post by size5 » Wed Aug 25, 2010 4:22 pm
Those in the know will know exactly which firms you will have spoken to.

Don't let yourself be put off, if the problem still exists then it still needs to be dealt with. If you feel you are being pressured, or sold to, then cross those companies off your list.

Any reputable provider will NOT sell to you, but they will take the time to go through your budget, look at ALL the options and then leave you to make your own mind up. Do be aware though that an IVA relies on documentary evidence, so even the most thorough of initial calls/factfinds is subject to change depending upon the documents submitted. The trick, in my opinion at least, is to get as close as is possible on that first call as to an idea of what you can expect contributions to be.

Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself

Follow my tweets at http://twitter.com/debtmastersize5
 
 

Andrew Graveson

User avatar
Posts: 933
Joined: Wed Jun 13, 2007 7:52 pm
Location: United Kingdom

Post by Andrew Graveson » Thu Aug 26, 2010 9:25 am
It's always disappointing to hear of "debt advice" companies where the provision of advice is really not much more than a sales pitch.

As size5 says a reputable company should be able to leave you with a sense of which options are open to you and, based upon your unique circumstances, what the advantages and disadvantages would be for you.

Any company that seems unwilling to give you the time and space to then consider what's going to be best for you might be worth avoiding.

Much better to make the right decision than a quick decision.
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
 
 

kallis3

User avatar
Forum Expert
Posts: 76945
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Thu Aug 26, 2010 10:31 am
I agree that you should receive free and impartial advice from all companies you contact.

You should get this from www.iva.com or from the experts that post on here.
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
 
 

liamjames

User avatar
Posts: 734
Joined: Mon Jul 27, 2009 9:58 am
Location:

Post by liamjames » Tue Aug 31, 2010 4:39 pm
The hard-sell approach is so frustrating - you should never feel pressured to do anything without first asking around and doing your own research.

It sounds from your comments on Debt Relief Orders that you have done a fair amount of research, and you'll know yourself whether or not an IVA or Bankruptcy sound suitable. An Insolvency Practitioner will go through all the solutions in detail, so in your case it could be best to skip out sales advisors and talk to an Insolvency Practice directly.

Good luck and take care.
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

kallis3

User avatar
Forum Expert
Posts: 76945
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Tue Aug 31, 2010 5:06 pm
A DRO is definitely not for you.

Do you have any assets, such as a house, that would affected if you went bankrupt?

I would certainly recommend speaking to one of the experts who post on here who will not pressurise you at all and will advise as to all the options open to you.
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
12 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”