Little Known Legislation ??

[Sophie-Jane]

Hi

 

On some Advertisements, for Debt Management companies, they state they can reduce debt down with a "Little known piece of Legislation"

 

Has anyone any knowledge of this

 

The reason I am asking, At present, I have a Debt Management company dealing with my debts, and I do not think they are doing their job efficiently

 

Payplan is the Debt Management company

 

So as prior to them taking over, and now in the knowledge of what I am able to make allownaces for in my Income and expenditure, I wish to reclaim control.

 

And If I am able to make use of this little known legislation, I will take full advantage of it

 

Please if you know, let me know

 

All help is Appreciated

[andrew1]

It could well be an IVA - an voluntary arrangement with your creditors, they tend to use this as a selling point but it comes with all kinds of problems. I would suggest discussing your situation with the ccca ( consumer credit counselling service)http://www.cccs.co.uk its a charity and will give very good advice for free about how to deal with your debts. Debt management companies tend to be profit driven also and to be honest you can do much of what they tell you yourself without tieing yourself up for 5 years. They are tempting for the unwary as it seems like an answer to everything. Don't be frightened by your debt - there are many many ears out here waiting to help. You just need to get the fear out of you and start organising yourself. You have made a start by going to a debt management company, but if you haven't signed anything yet Don't until you have explored the alternatives. You may well be able to resolve these debts easily without going into a Voluntary Arrangement.

 

With a careful bit of research alot of information about making arrangements with your creditors can be done by yourself and with the help of so many on this forum. The cccs is getting very good reviews from forum members who have got into a pickle and its free. Be wary of the Debt management companies. Ask, then ask again EXACTLY what it's going to cost you and for how long, how much they are going to get and when you know the answers ASK AGAIN! Come back here again and you'll be talked through the steps.

[ash_bash_girl]

Hi,

 

after burying my head in the sand and much embarassment i went to Debt Free Direct, whom to be fair didnt seem to be doing very well with my situation so i decided to ring the cccs!

They told me that they would probably referr me the DFD so to hang on in there.

 

How this works i am unsure but i am now with DFD and they own my life and the money i earn. if you can sort it out yourself then please do as i am stuck now and wil be paying them for something for if i had know more about myself would have took control.

 

Good Luck to you

[gizmo111]

Hi,

 

after burying my head in the sand and much embarassment i went to Debt Free Direct, whom to be fair didnt seem to be doing very well with my situation so i decided to ring the cccs!

They told me that they would probably referr me the DFD so to hang on in there.

 

How this works i am unsure but i am now with DFD and they own my life and the money i earn. if you can sort it out yourself then please do as i am stuck now and wil be paying them for something for if i had know more about myself would have took control.

 

Good Luck to you

 

Have you actually entered an IVA?

[ash_bash_girl]

Yes have been in for two month now and want to sell my home to be closer to my dad as my mum died 3 weeks ago. I was moving to be closer to her as i was caring for her full time.

 

It has my head battered as to what they want from me and especially when they want 50% of the equity.

[gizmo111]

The equity clause is usually in year 4.

If you are selling up - is there any chance you would have enough in quity to offer a lump sum to end the IVA?

[ash_bash_girl]

Unfortunatly not. I am moving to a much lesser house which is basic and less room as due to the iva i can not up my mortgage any ( which isnt a bad thing really) but i have no savings to pay for solicitors and estate agents fees so this is comming from the equity also.

 

What is left is a few grand but not enought to end my IVA due to been a very impatient and demanding and also stupid person.

 

Also they are not sure about what moving to a house which is worth less will effect my IVA as they expect you to remortgage up to the max after the 5 year to pay the short fall.

 

I ask questions but get no answers apart from it is a YES to move but if i do not know the rest of the dirt what the hell am i supposed to do?

[sequenci]

I work within the industry and i would say that an IVA is only suitable for about 5-10% of people in debt. if you are looking to consider options at repaying your debts i suggest that you speak to one of the free debt-help charities such as CCCS or National Debtline.