Help and advice please

[jon1965]

Hi all
Well I am kinda in a huge mess. I have c. 40K of debt made up of overdrafts, personal loans, credit cards and payday loans. Currently most of them are being managed for me by a DMC and have been for a few years. I don't want to bore you but just as I get things steady i take out more payday loans, cock it up, sort it, take out more. Anyway all was going ok till last year when I lost my job. Now I am paying each creditor £1 per month. Interest has been frozen on everything. I pay my DMC £10 per month ( he is a friend as well as working for a bigger concern and has kept this one private) so he is hardly making money out of me.
I know I have a few options, one of them is to take over myself (not sure I can stand the stress) continue or try to find a free company such as CCCS. Alternatively I could go bankrupt although I dont have the cash to do it. Another option is to go on bended knee to my moher and confess all and ask for some money (she isn't that well off but could probably find 10-15K. However she lost my dad a little over a year ago, has supported me through coming out, losing my job, my fault and is still supporting me through an ongoing police investigation) You need to accept that she is very middle class and all this is hard for her.
I do not understand what is meant by unenforceability and where do I start .
I am I think quite happy to take evrything back off my DMC and try to do it myself.
Any advice would be warmly welcomed

I would say I am a little cynical about some of the free DMC's although people talk highly of them. I have had a few problems on another forum when I questioned motives etc and was called a trouble maker and worse.
Thanks in advance
Jon

[MrsD]

Re: Help and advice please

You need to read up on the forum about UE, loads of info and examples here. We don't harass posters here about their individual views, we are very much on the side of the posters, don't care where or how you got your debt, only interested in finding the best way to deal so that you can have your life back.

You can only look at UE on some types of debt, so a list of everything would be a good starting point. And you can have one very good piece of advice to start with, no more payday loans!!!

[PlanB]

Re: Help and advice please

Jon. It's good to see that you're open to suggestions on how to sort your money stuff because there is more than one way for you to cure all this. I'm sure your Mum would help you out if you find your back against the wall, but I'm also sure we can help you first if you let us try

I like the unenforceable route because that way you can establish what you may never have to pay back and then see what's left to manage. And being able to give two fingers to the creditors who've made your life hell along the way can be an added bonus

Good luck with your next step

Plan B x
(a middle class Mum!)

[jon1965]

Re: Help and advice please

Hi
So I am thinking that the first thing to do is get all me paperwork back from the DMC. Then send off a CCA request to each and start a diary on here. I think that my DMC did this for some but I guess I need to do them again. Interestingly when I asked Wonga for a balance they said it would cost me a tenner.
At this point do I still keep paying them or do I stop?

On and btw I know , payday loans are evil

[Never-In-Doubt]

Re: Help and advice please

payday loans

Sod them, first thing to do is stop paying them...... as for Wonga - don't get me started, I want to rip them a new arse at the best of times - they're getting confused with a SAR which does cost £10 - a balance does NOT!

Then send a CCA off for all other accounts and stop the dmp. Then we'll get you back on the straight and narrow.... as others have suggested, start a diray please.

[LooLoo]

Re: Help and advice please

Hi Jon and welcome.

you have def come to the right place. I too was in a place where I was considering BR and then I did my own self managed DMP for a year and finally (o how i wish I had started sooner) I went down the UE route.

No one is saying that whatever route you take it will be easy but..... at least here you will get the support you need.

the main thing is is ask questions and o boy did i ask a million and one questions at the begining.

Also don't forget we have all been sitting where you are now........ wondering which way to turn and what to do next - so we do know what you have been through

good luck and don't forget the site is not all doom and gloom and we have some great fun threads should you want or need a bit of light relief.

take care

LL

[philnicandamy]

Re: Help and advice please

sorry I really couldnt resist...

a bit of light relief.


LL

[LooLoo]

Re: Help and advice please

sorry I really couldnt resist...

Phillip do you need a slap!

[jon1965]

Re: Help and advice please

Lol did you read my post...."coming out" .
thanks guys, going to take me a while to get everything from the DMC but prior to that i do have some info so I will try to get it all started tomorrow.

Just to confirm, you recommend that I stop paying anyone at present until I get everything back "in house"

[PlanB]

Re: Help and advice please

did you read my post...."coming out"

Yes I did, and if you can deal with that then you can definitely deal with the UE journey

[jon1965]

Re: Help and advice please

Hi guys.
Well I spoke to national debt line who were very good. There overall advice is that I can not afford to pay anything towards my debts at the moment, to take charge myself. They suggest that I write to all my creditors asking them to write off the debt due to my ongoing ill health (although she doesnt hold out much hope) . Also she agreed that a CCA was a good idea as well as a letter to all the payday lenders removing any authority for them to try and take money (although they have never tried this).
As far as my last question on the BR forum about the house etc she recommended some specialist advice, but that would cost me 40-50 quid from the bankruptcy advisory service.
I will get round to setting up the diary but with 18 creditors and not all the details it will take me a while.
Thanks
Jon
p.s and yes I did say wife
p.p.s I spoke to John who has been doing my DMP and he was quite dismissive about UE saying that it didny work like that anymore....seems I now know more than him, although NDL did say it was normally only catalogue debts that went this way

[PlanB]

Re: Help and advice please

I will get round to setting up the diary but with 18 creditors and not all the details it will take me a while.

p.s and yes I did say wife

Check out other diaries but I think it's done by putting a seperate post for each debt which makes it easier to update each time something new happens

And yes I did read you said 'wife', in fact in your BR thread you said ex-wife which makes more sense from what you've said so far Good luck with the UE

[Pixie]

Re: Help and advice please

Read any of the UE diaries on here and UE - One year on - allaboutFORUMS to see if it works or not

I dare say that you DMP friend may be a little biased even if he's helping you out as a friend. And it isn'tjust catalogue debts that go the UE route.

[jon1965]

Re: Help and advice please

Just to clarify, still married because I could never be arsed to get a divorce but have been apart for 10 years

[Never-In-Doubt]

Re: Help and advice please

p.p.s I spoke to John who has been doing my DMP and he was quite dismissive about UE saying that it didny work like that anymore....seems I now know more than him, although NDL did say it was normally only catalogue debts that went this way

Well John isn't correct in this assumption

We do have our own DMP specialist (free) if that is something you later wanted to consider but right now if you have no funds then a DMP aint right anyway......