Want to be debt FREE

want-to-be-debt-free · Joined: 29 Mar 2007 Posts: 2

Hi there,

I am curently in debt of around £17,000 in credit cards and loans....

I am currently paying reduced amounts (without intrest) for each of the 6 companies but i feel like i am getting no where and it is making me feel really depressed and that my debt will never go away.... Most of my wages go on paying the compnies....

Is there a quicker way of paying them but without using all my wages each month as i only earn about £800.00 per month after tax.....

I can not get a cosolidation loan as i have three defauts on my account and there is no chance of get a loan to pay them all off in one hit and then pay a low monthly payment.

I live with my mother and brother in a council house.

Need help

want-to-be-debt-free

John · Posted: Fri Mar 30, 2007 8:39 am Post subject:

Hello.

I recommend that you use our ClearDebt analyser and complete all sections honestly and realistically. You will then be given a recommendation to resolve your debt problems.

Unfortunately, debts do not go away on their own, so you will have to persevere. An IVA may be a solution for you.

I would assume that you want to avoid the personal repercussions of being a bankrupt? You're in a strong position living in the family home whereby your outgoings are typically lower than someone living independently. Therefore it would be a good idea to repay as much as you can before the time comes to 'flee the nest' (if that's your goal).

If you complete the Debt Analyser, why not call me thereafter and I can discuss it with you. My name is John. And for the avoidance of doubt, I am not a Salesman.

Regards. John McKeown - ClearDebt Personal Insolvency Advisor

want-to-be-debt-free · Joined: 29 Mar 2007 Posts: 2

Hi John,

Thank you for your reply.....

Just a question, If i do the IVA do i pay the companies back sepratley or do they merge and pay it back.

I won't have to give up all my wages each month as i do have other things like food and clothes etc to pay for...

Thank you

John · Posted: Sun Apr 01, 2007 12:03 pm Post subject:

If an IVA is appropriate for you then we would take your debts on and we will pay them a dividend. This would typically be 30p in the £ up to 100p in the £.

Creditors would then freeze all interest and will stop writing to you. They would deal with us only, as your Supervisor.

You are given a realistic budget you live with. Of course you're given an allowence for bills, food, telephone and travel etc. You're even given an allowence for clothing, contingencies, optical (if applicable).

I cannot give you any further advice until you've completed all sections of our debt analyser. Once completed, we could then give you precise advice on the best resolution for your debt problems.

Regards. John McKeown - Personal Insolvency Advisor

pitchblack · Joined: 15 May 2007 Posts: 1

hi, i am currently signed up with cccs and my total sum does not seem to be going down. its about £10.000. i am paying £64 a month. if i entered in to an iva would i be paying more than this.

John · Posted: Wed May 16, 2007 10:45 am Post subject:

Dear PitchBlack.

I understand why you may be disheartened if your debt isn't going down. If you are paying £64 per month on debts of £10,000 it will take you thirteen years to repay. That's not including any interest which they may well be charging you.

Your contributions to your debt via the CCCS seem to be vary low indeed. Are you on a low income or on benefit? If you are on benefits, may I recommend cutting back on any expenditure where you can? If you have cable or sattelite, why not consider reducing your package? If you are a smoker, have you considered cutting down or quitting? If you were to increase your contributions to the CCCS by budgeting elsewhere this would help you in the long run.

I would recommend that you use our ClearDebt Analyser. Be as honest as possible, and once you've completed this we will make a recommendation to you. If we cannot help, one of our staff could call you anyway to discuss other avenues you may wish to consider.

No two cases are the same, so it would be a good idea to use the analyser on our main page.

I hope this helps.
Regards. John McKeown - ClearDebt Insolvency Advisor

rhs037 · Joined: 17 Feb 2008 Posts: 1

Hello

I completed the online debtclear application and received a call this morning however they are unable to help becuase i am actually in deficit at the end of the month, i am usuing credit to manage they said to speak to CCCS which i have done on the internet and will have to call them tomorrow, i am now unsure how to get out of the terrible mess and feel very upset about how i am going to do this, do you know how to help, thanks