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debt management plans
BillieTheBot
Posts: 8,721 Bot
i am thinking of taking out one of these.
do they clear your debts for you then you pay them? i dont understand. like, do they clear your overdrafts and credit cards, take on the debt then you pay them? i dont want to have to see the debts anymore on my accounts. they bring me down. everything is minus this, minus that.
also, how much does it affect your credit rating?
would it affect me getting a mortgage when im older?
im 23 next month and im £8000 in debt (this doesn't include the £15,000 of university debt!) but at the moment, cannot afford all of the repayments. i mean, ive done a questionnaire on cccs website and according to that my monthly disposable income is £84 but its not because i have other bills to pay for that i couldn't put on there...for example, im trapped in 18 month £35 o2 mobile contract. i can reduce that to £15 though. just gotta ring them. i have no disposable income each month. ive had to live off credit but now, everything is maxed out and nowhere else will take me. its a bit messy
i mean, come april time, im moving out of where i am now and moving in my fella so ill be much better off (i'll be saving about £300 a month as ill be paying half of what i am now in rent/bills) so will be able to start paying it all off. will that be a better option? just to wait until then?
its just stressing me out so much its getting to the point where im thinking well "if i die, the debt will too". i know £8000 isn't much but when you have no money to pay it off, its pretty stressful.
do they clear your debts for you then you pay them? i dont understand. like, do they clear your overdrafts and credit cards, take on the debt then you pay them? i dont want to have to see the debts anymore on my accounts. they bring me down. everything is minus this, minus that.
also, how much does it affect your credit rating?
would it affect me getting a mortgage when im older?
im 23 next month and im £8000 in debt (this doesn't include the £15,000 of university debt!) but at the moment, cannot afford all of the repayments. i mean, ive done a questionnaire on cccs website and according to that my monthly disposable income is £84 but its not because i have other bills to pay for that i couldn't put on there...for example, im trapped in 18 month £35 o2 mobile contract. i can reduce that to £15 though. just gotta ring them. i have no disposable income each month. ive had to live off credit but now, everything is maxed out and nowhere else will take me. its a bit messy
i mean, come april time, im moving out of where i am now and moving in my fella so ill be much better off (i'll be saving about £300 a month as ill be paying half of what i am now in rent/bills) so will be able to start paying it all off. will that be a better option? just to wait until then?
its just stressing me out so much
its getting to the point where im thinking well "if i die, the debt will too". i know £8000 isn't much but when you have no money to pay it off, its pretty stressful. Beep boop. I'm a bot.
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one more question, in the future when im older (im talking 10 years or so away as im not going to consider getting a credit card ever again until im in a situation to be able to pay it off), will i be able to get one?
also, if my circumstances change (ie, in april when i move out therefore more money) and i can pay more to the cccs, will the affect of the reduced payments be as damaging on my credit score? how will they pay off my debts? like a little bit to each credit each month? is it possible to set up a debt management plan just for the credit cards? i'd be able to sort the overdrafts out myself in time.
its my credit score im really worried about tbh. my fella already owns a house but like, in 5 or 6 years time (if we are still together), we want to buy our own house together. his credit score is really good. will the fact that mine is shit stop us getting a mortgage together as the plan is, in 5 or 6 years time, we put our wages together = bigger mortgage = bigger house.
its all very confusing.
im not going to declare myself bankrupt though. no way.
thank you for all of your help! really grateful!