management plan

Desperate_Deb

Hi,

Has anyone had anything to do with ValourFinanceGroup, they have offered me a debt management plan. Please advise.

Thanks

shinyhead

Hi Deb,

Never heard of them but assume they're a fee-charging company. If so don't do anything until you've contacted Payplan and CCCS to see what your options are. You can go on to the CCCS website and do their online debt remedy. The advantage with these two is that they don't charge for their services so all of the money you pay to them goes to paying off your debts. VFG will take a cut every month from what you pay them and no matter what you're told by them they are no more effective than the two above. If you want to find out more then look around this part of the forum asd their details are pretty widespread.

GeorgeUK

Totally agree with Shinyhead.

CCCS, Payplan and CAB can assist with a DMP and will not charge a fee for it. There have been quite a few posters here who after a year or so with one of these companies find that only £5 or even £1 is being paid to each creditor. Some even do the DMP by themselves. You don't need to pay a company to do it - all the information is available on these boards if you want to do it yourself.

(Taken from Fermi's signature)

Professional, free and impartial advice on debt problems can be obtained from several charitable and 'not for profit' organisations. They never make a penny from the advice they give, which means it will be given with only your best interests at heart. You can contact:

Your local CAB Office and ask to speak to a 'money advisor'
The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111
National Debtline - Tel: 0808 808 4000
Payplan - Tel: 0800 917 7823

Are any of the debts with a Debt collection agency? Have you requested a copy of the customer credit agreement?

Also, with a DMP your credit record will be shot for quite a few years. Is a DMP really necessary? Have you posted up a statement of affairs to see if there are other savings available that may enable tou to make the minimum payments?
http://www.makesenseofcards.com/soacalc.html

If you have been making the minimum payments and don't have any defaults or late payments, have you looked at getting 0% or low interest life of balance cards?