Debt Management Company not working out

[Amethyst]

Posted on behalf of 'LindyLou' - all advice appreciated.

I have been using a debt management company for 3 years costing £45.00 per month but it won't be paid off for a long time as £45.00 isn't going to my creditors I have been approached by a company advising an IVA would be in my interest by doing so I could be debt free within 5 years which is way before my debt management have told me it will be approx. 2018 before I'm free of debt

are there consequences in switching my payment plan will it be labelled as bankrupt anyway if so going bankrupt might be the direction to follow swiftly my debts will be settled and my credit history wiped my debt problems surfaced in 2009 my finances were beyond my control after having a Brain Operation in January 2008 .

In March 2009 after discharging myself from hospital I made a bad investment of £53,000 which at the time was necessary to keep a roof over my head in a home without stairs if I did decide to go Bankrupt would my health issues be taken into consideration.

I can no longer work as I'm paralysed living on benefits trying to pay back my creditors is a struggle and the length of time its going to take is becoming unrealistic as things stand I will be 74 before out of debt.

I don't even receive my Government pension for 7 years thanks to the age for eligibility its all so confusing would really like some impartial advice have seen CAB who will do it for free but now advised I will just be given some template letters to send to my creditors offering a small amount of money but informed it will only help in the short term and eventually they might become aggressive threatening bailiffs and warnings which I can't cope with

I'm carer for my Husband who has dementia & heart failure any further pressures would be far too much

any Ideas please my debt which initially was approx. £10,000 is now standing at £6,500

[labman]

Re: Debt Management Company not working out

Yours is a very complex situation, and one over which you are highly unlikely to get the specialist advice you need here. What we can do is signpost you to sources of advice though, and three spring to mind immediately:

1. The Insolvency Service - http://www.bis.gov.uk/insolvency

2. National Debtline - http://www.nationaldebtline.co.uk/ Unlike some of the other major free debt help organisations, National Debtline have no incentive to push you down any one particular route and are totally objective and impartial

3. North East Derbyshire Citizens Advice Bureau (NEDCAB) - http://mymoney.nedcab.org.uk/moneyadvice/ This branch of the CAB is setting new standards in debt management. Their free online tool helps you to narrow down your options, and if you want, pursue them through the site. It is excellent. Whether or not you use CAB or NEDCAB in the end, it might be very helpful indeed to explore options.

I hope this helps. :beagle: