Debt Management Plant

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Akd1961
Akd1961 Posts: 12 Forumite
in Debt-free wannabe
Hi

I am thinking of getting a debt management plan but want to know full implications, this is for my unsecured credit card debts. But I also have a mortgage not included in the plan how will this effect me in the long term, I did google it but lots of conflicting information, any help appreciated.

Or is this not the way to go owe about 17K soon not to be interest free and can't get any more cards
:j:eek::T:A

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  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    It will trash your credit file for some years to come.

    But if you're defaulting on your debts, it may be your best option.
  • sourcrates
    sourcrates Posts: 28,888 Ambassador
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    Akd1961 wrote: »
    Hi

    I am thinking of getting a debt management plan but want to know full implications, this is for my unsecured credit card debts. But I also have a mortgage not included in the plan how will this effect me in the long term, I did google it but lots of conflicting information, any help appreciated.

    Or is this not the way to go owe about 17K soon not to be interest free and can't get any more cards

    Post on the Debtfreewannabe forum for more specific advice on this.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • chattychappy
    chattychappy Posts: 7,302 Forumite
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    sourcrates wrote: »
    Post on the Debtfreewannabe forum for more specific advice on this.

    Which is here, just in case you couldn't find it: http://forums.moneysavingexpert.com/forumdisplay.php?f=76

    In the meantime, avoid any companies offering paid advice or offering consolidation loans etc. Plenty of free advice on the forum above including details of proper organisations who can help as per sourcrates's signature block.

    Good luck.
  • Akd1961
    Akd1961 Posts: 12 Forumite
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    No defaults as. Yet
    :j:eek::T:A
  • theoretica
    theoretica Posts: 12,306 Forumite
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    What is the standard rate on your mortgage? If you get stuck on it and can't remortgage how bad would it be?
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
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