Has anyone ever used one. The wife wants us to use one due to being made redundant last year. She got another job but it is, shall we say, mucho less money. This has left us with trying to catch up. It is a case of 1 step forward 2 steps back.
So any thoughts on this
Cheers
Debt management organisations
Moderators: Aladinsaneuk, MartDude, D-Rider, Moderators
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HowardQ
- World Champion
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- Joined: Sun Jan 14, 2007 10:20 pm
- Location: Sheffield, South Yorkshire, England
Be very, very careful or keep away from most of them.
Mate of mine used one that helped him clear his debts and he only had to pay them £80 a month for the privilege, yes £960 p.a. .
I think he only managed to pay a similar figure to reduce his debts. Without their help he could have paid back twice as much.
Mate of mine used one that helped him clear his debts and he only had to pay them £80 a month for the privilege, yes £960 p.a. .
I think he only managed to pay a similar figure to reduce his debts. Without their help he could have paid back twice as much.
HowardQ
Take a ride on the Dark Side
2001 Aprilia Falco in Black
2002 Kawasaki ZX9R F1P
Take a ride on the Dark Side
2001 Aprilia Falco in Black
2002 Kawasaki ZX9R F1P
The bank offered one as a solution last year when i wanted to stop their spiral of debt fees from worsening. I was like.. Pardon?!! A debt what??!!
That was HSBC. THEN I managed to speak to a decent employee who agreed with my take and simply adjusted my overdrsaft by 100 quid.
I spoke to various agencies.. the bank, card company, etc and they were very helpful.. they should be, they wish to keep being paid.
I would go thru all my debts, speaking to the companies themselves, explaining the situation, and exhaust that avenue before even going near a phone and speaking to one of those companies. even then i'd go thru the CAB as the last ditch route before picking up a tefelon
That was HSBC. THEN I managed to speak to a decent employee who agreed with my take and simply adjusted my overdrsaft by 100 quid.
I spoke to various agencies.. the bank, card company, etc and they were very helpful.. they should be, they wish to keep being paid.
I would go thru all my debts, speaking to the companies themselves, explaining the situation, and exhaust that avenue before even going near a phone and speaking to one of those companies. even then i'd go thru the CAB as the last ditch route before picking up a tefelon
Never ride faster than your guardian angel can fly
Rather than going to a business that will want to take more from you to help ease the burden .... there are voluntary organisations that offer debt counselling to help you to manage it yourself.
I've got some contacts in this area - I can ask around to see if they've any contacts in your part of the world if it would help.
I've got some contacts in this area - I can ask around to see if they've any contacts in your part of the world if it would help.
“Scientists investigate that which already is. Engineers create that which has never been.”
-- Albert Einstein
-- Albert Einstein
This place was recommended to me: https://www.cccs.co.uk/InfoCentre/Engla ... dancy.aspx
And this site is a mine of useful info regarding all money matters: http://www.moneysavingexpert.com/
Basically as I found out recently, you'll only get help if you can already afford to pay your debts, if you can't, no one wants to know you as they can't make anything off you.
Unless of course you're a teenage chav slut fresh our of school with a couple of brats in tow, or an asylum seeker, in which case you'll have money and gifts showered upon you all day long.
And this site is a mine of useful info regarding all money matters: http://www.moneysavingexpert.com/
Basically as I found out recently, you'll only get help if you can already afford to pay your debts, if you can't, no one wants to know you as they can't make anything off you.
Unless of course you're a teenage chav slut fresh our of school with a couple of brats in tow, or an asylum seeker, in which case you'll have money and gifts showered upon you all day long.
SHINY BIKE SYNDROME Motorcycle valeting and paint protection specialist.
Aladinsaneuk wrote:andy is having a VERY heavy period
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DavShill
- SuperBike Racer
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- Joined: Tue Jan 16, 2007 7:51 pm
- Location: Beverley, East Yorkshire
Be very careful Paddy. First you should talk to the bank and the individual card or loan companies and try and arrange reduced payments. Don't delay, keep them informed and they should be receptive. The bank is your safest bet. Aviod all of the companies that advertise a magic solution - there isn't one. If it sounds too good to be true - it will be.
CAB are a good start - they will help with the method of approach and support you case if necessary.
CAB are a good start - they will help with the method of approach and support you case if necessary.
We got our gas and electric reduced, and will have 50% off our mortgage for April, May and June, so there is some hope and help. The bank doubled our overdraught limit as well. What this does of course is just defer any debt to later in the year and buggers up your credit rating, but at least it buys you a bit of time to find a better job, reorganize your finances, cut out any extras you can do without or even or sell some stuff to pay back existing debts.
The most valuable thing you can have at the moment is common sense, it's all stuff you can do yourself, but debt advice centres and the CBA will be a useful sounding board sometimes to help you get your plan straight in your own heads.
The most valuable thing you can have at the moment is common sense, it's all stuff you can do yourself, but debt advice centres and the CBA will be a useful sounding board sometimes to help you get your plan straight in your own heads.
SHINY BIKE SYNDROME Motorcycle valeting and paint protection specialist.
Aladinsaneuk wrote:andy is having a VERY heavy period
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BikerGran
- Gran Turismo
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If you don't own your own home (or the little bit the mortgage people don't own) and the debts are really mad, you might look into declaring yourself bankrupt.
Makes life a bit awkward for a while as you can't have a credit card or similar, but it actually wipes out the debts after a while.
Makes life a bit awkward for a while as you can't have a credit card or similar, but it actually wipes out the debts after a while.
The tragedy of old age is not that one is old, but that one is young.
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Falco9
- Aprilia Admin
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- Joined: Wed Jan 03, 2007 9:24 pm
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I think there is some sound advice already been offered here.
My rule of thumb (for what its worth) is to always speak to the people you owe the money to first. 9 times out of 10 they will bend over backwards to try and help you repay your debt.
Luckily I'm OK at the moment but like many of us I could find myself out of work at any point during 2010 as it will be a terrible year for many of us job wise.
In the past when I was in deep financial doo doo I spoke to both my bank & building society who helped enormously in reducing / deferring payments till we got back on our feet.
These debt companies only exist to make money themselves. Just keeping that simple thought of "whats in it for them" will help you sort out who's interests they really have at heart
F9
My rule of thumb (for what its worth) is to always speak to the people you owe the money to first. 9 times out of 10 they will bend over backwards to try and help you repay your debt.
Luckily I'm OK at the moment but like many of us I could find myself out of work at any point during 2010 as it will be a terrible year for many of us job wise.
In the past when I was in deep financial doo doo I spoke to both my bank & building society who helped enormously in reducing / deferring payments till we got back on our feet.
These debt companies only exist to make money themselves. Just keeping that simple thought of "whats in it for them" will help you sort out who's interests they really have at heart
F9
I've spent 50% of my life riding motorcycles, the rest I've wasted!
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snapdragon
- SuperBike Racer
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Declaring your self bankrupt isn't a 'Get Out Of Debt Free' card, not only will you not be able to get credit ANYWHERE for years afterwards you will have to keep declaring any income to see if you can pay anything back and will have your life managed right down to the level of having key-meters installed for gas and electric.
As has been said already, talk to the people you owe money to first, write to them and keep records of letters sent. If the shit does hit the fan and you end up in court it will go against you if you haven't tried this as a first step. They're looking for evidence that you've tried to keep out of debt as much as possible. if you have records stating what you've done, the courts will most probably instruct your creditors to call off the goons and start helping you out.
Mortgages and Council tax are the ones to try and keep paying, they're the ones that have the highest penalties. They're also the ones that are hardest to get any help with and the ones with the biggest piles of paperwork to fill in.
As has been said already, talk to the people you owe money to first, write to them and keep records of letters sent. If the shit does hit the fan and you end up in court it will go against you if you haven't tried this as a first step. They're looking for evidence that you've tried to keep out of debt as much as possible. if you have records stating what you've done, the courts will most probably instruct your creditors to call off the goons and start helping you out.
Mortgages and Council tax are the ones to try and keep paying, they're the ones that have the highest penalties. They're also the ones that are hardest to get any help with and the ones with the biggest piles of paperwork to fill in.
SHINY BIKE SYNDROME Motorcycle valeting and paint protection specialist.
Aladinsaneuk wrote:andy is having a VERY heavy period
When I was put on short-time a few weeks back, with the added threat of redundancy, my bank (Lloyds TSB), on being told of my new situation, offered a loan repayment reduction before I'd even asked for it. As others have said above, get talking. Especially to CAB - I read recently tht the majority of 'business' relates to debt - they're probably more genned up than anyone else, and they're free.
It flies sideways through time
It's an electric line
To your zodiac sign
I've got a Black and Silver Machine!
It's an electric line
To your zodiac sign
I've got a Black and Silver Machine!
Thanks for all the advice everyone. Some good info taken on board. The CAB is what we will look into. We also have the evidence Nooj speaks of from the last six months where we could not make a few payments but done our best to catch up and get back on track. This is still ongoing but heading in the right direction.
The mbna are a bunch of tossers though, they just don't want to know (and their interest rate is 34%). This is a priority to us as it is dead money going no-where. If we don't do something then things will not get any better till July2011 which is when the car will be paid for. I think the bikes will be locked away this year.
Once again, thanks for all the info.
The mbna are a bunch of tossers though, they just don't want to know (and their interest rate is 34%). This is a priority to us as it is dead money going no-where. If we don't do something then things will not get any better till July2011 which is when the car will be paid for. I think the bikes will be locked away this year.
Once again, thanks for all the info.
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Falco9
- Aprilia Admin
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Couldn't agree more. This time last year I had my wallet stolen and with just the information available from my driving license they handed out my PIN over the phone to the thieving scroat who promptly hit the card and my current account for £4,000paddyz1 wrote: The mbna are a bunch of tossers though
All the money returned to me very quickly (my bank chased MBNA for their losses and got them) but maybe that is why their interetst rates are so high
A note from the Police to me ....................Do not carry any form of identification with your cards.
Apologies for going off topic but just the sight of "MBNA" gets my blood boiling!
F9
I've spent 50% of my life riding motorcycles, the rest I've wasted!