Companies that help manage debt?

Having seen drew go though what he has, the DMC has worked for him....

however we are both now witnessesing my sister and brother in law going though hell.... which is now resulting in a personal bankrupcy for my brother in law!

Without going into to much detail, yes they have been stupid in spending, yes Drew tried to help them a long time ago as he could see the route they where heading down, but also his own business has also been presented with a wind up order. But I am the first to tell them, they should have asked for help a long time ago and stopped spending and answer the phone calls to the banks rather than avoiding them!

Looking at it he says it amounts to 65K maybe a bit more... they stand to lose the 2 vehicles they have and a lot of other things.... the only silver lining is that because they moved house last march, there is no money in the house so they have been advised that they will not be forced to sell as there is no point, just need to keep up the mortgage payments! We have seen this get worse and worse over the the months since August last year. And at any time when we have tried to help or talk to them about it... we got told it was fine.

I have debt (student debt) which will be gone in 5 years.....I do not believe that everybody who gets into debt is stupid, there are really reasons for it! I've seen how a DMC (not consoldation loan company) has helped Drew, and have also seen how he is building on what they did and paying it back quicker!

Originally Posted by timwilky

Yes, I say debt is stupid, I grew up in an age when if you want something you save up for it. A letter from the bank managers would be something to fear.

As I said earlier, I saw the misery my brother went through when he had his house repossessed. I was always determined never to be in a situation where I placed myself or my family at risk.

I have once had to take out a bank loan to buy a car. The conditions that the bank lending officer imposed would these days be illegal. You cannot have the loan unless you take out our insurance policy on it etc. These days credit is easy, too easy.

I know damm well that people suddenly find themselves in changed situations. My own son is a very good example. But far too many seem to think they can borrow their way out of trouble.

I am not disciplined. I make far too many spur of the moment purchases. I want a new bike, guess what I am saving for it.

Totally agree. I was stupid and after I finished uni (with quite a bit of debt) I stuck my head in the sand and hoped that it would solve itself over time Lesson learned.

That's why I took out an IVA 4 years ago; I wanted to be debt free when/if I start a family and be in a good financial position. Worrying about money really sucked and I got really really depressed at one point, but the feeling of dealing with it head-on overcame that.

Originally Posted by EssexDave

Do you ride to work? I was there a couple of weeks ago. Nice building.
Gotta go to holloway next week for some training. Fun...

Yep, every day. I leave the bike in the garage downstairs instead of the bike bay in Bedford Avenue. One of the reasons I'm still in this job is the secure parking

What were you doing there? I work for the HFEA on the 1st floor (sorry, really off topic now).