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xycherrypie | If you were in debt, which company would you use for debt advice / iva? |
Additional Details
you read alot about pay plan, debt free direct, debt 24 and others, just wonder if anyone has had experience with any and could give me advice on who to use. want to get debt problem sorted, quick and without more stress.
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Janine J
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at the moment i am going through CCCS
http://www.cccs.co.uk/
they are really friendly and helpful; i felt so relieved after speaking to them, it took a lot of weight off my mind that i had support in my money problems, I would highly recommend them to anyone! |
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rose1
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The Citizens Advice Bureau
My friend is a debt adviser for them, and although I not in debt, she has given me so many tips with things. They are independent and will tell you what you need to do, book an appointment today!! Good luck |
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John D
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My daughter had a debt problem she went to CCCS, it is government backed and free |
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RACHEL M
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The C A B are really good they have helped me out before. |
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puffin57
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I would use CCCS which is a free service. |
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l h
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Debt advice and IVA are completely different things and require different companies.
Debt advice aka debt management is where a company offers your creditors a certain monthly or weekly payment and TRIES to freeze or reduce the interest and charges. Bear in mind it's up to the creditor whether they do freeze the charges though. Some companies charge for this service - eg Gregory Pennington, Baines and Ernst, whereas others are free - Citizens Advice, Consumer Counselling Service, Paypal. I wouldn't recommend the CAB though - they have a reputation of offering ridiculous amounts to creditors (eg £1 each per month) and quite often the creditors will reject their offer of payment. You make your monthly payments until you've paid the debt off.
An IVA is a FORMAL agreement with the creditors - it's largely as above - offering an amount each month. However you must have debts amounting to at least £15K (excluding mortgages), and you need to be able to offer a decent amount. As long as 75% of the creditors agree, you can make a fixed monthly payment for only 5 years, and then you're debt free. So it's good for large debt which would take a long time to pay off (ie longer than 5 years). However if you breach this legal agreement the companies can apply for your bankruptcy, whereas with debt management they can't. Any company's as good as another for IVAs, as they're heavily regulated, but just compare the fees that the companies charge.
EDIT - as for your credit file, both IVAs and Debt management affect your rating. IVAs will show up as IVA, and debt management show up as you not making your full monthly payments. |
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Douglas
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Hi, a slightly alternative answer I guess but you could look for a solution to make enough money to pay the debt back without really affecting your circumstances.
I know personally others have utilised our method below to get out of debt and went on to become debt free.
Good luck. |
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jumoon
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Payplan are very good,they offer debt management advice as well as IVAs and their service is free to clients,the company is funded by the credit industry.The web site is very informative and the advisors are friendly and non judgemental. |
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claire472
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im in huge debt and at the minute im just hiding from it but i wont be asking for advice i'm eventully gonna ring all the companies i cant pay (all of them from gas to mortgage) and let them no my financial situation and let them help me |
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Stacey C
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any which are going to pay it.
or give me a loan. |
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Can anyone
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www.debts.co.uk
simple
all the other answers here are for Americans, debts.co.uk is who I used, and they were simply fantastic |
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charlie
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Either the CCCS or CAB. An IVA involves you adding up all your debt, working out how much as a proportion of what you can reasonably afford each debt comes to. (ie Creditor A = £5000, creditor B = £3000, Creditor C = £2000. Money available to pay debt each month = £100. Therefore Creditor A has 50% of the total debt and therefore gets £50, etc,etc)
You then write these companies a letter making an offer of repayment. If the interest that they're currently charging is more than what you can afford to repay then you should ask them to freeze the interest (otherwise you've got no hope of clearing the debt).
DO NOT PAY MONEY TO DEBT MANAGEMENT COMPANIES. THE CITIZENS ADVICE BUREAU (CAB) OR THE CONSUMER CREDIT COUNSELLING SERVICE (CCCS) WILL DO THIS FOR FREE. Its no different to what debt management companies do, but debt manaagement companes will charge for doing it.
Its also worth noting that getting yourself involved in an IVA will affect your credit rating in the future and its one step from bankruptcy/debt collection agencies.
The CCCS and the CAB are as good as each other. |
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