Is this a reputable company thats going to help me out?

clonky

http://www.debt-line.org.uk/

they say they can reduce my outgoing by £112 a month, take over my bills, get my credit score back on track and just charge me £62.55 a month for this service.

I owe roughly £23k
Income of £1400 per month

£12000 loan to be paid off in jan 2012
credit card1 £3000 paying min payment APR 21%
credit card2 £3000 paying min payment APR 5.9%
credit card3 £1200 paying min payment APR 19%
Overdraft £3500 APR 15.9% (currently over it)

I am paying over £100 in intrest a month

At the moment I pay out £552 per month on these payments but I am NOT reducing the balances apart from the loan.

The company say they can reduce the payments to £417mth - I can be debt free by 2012.

It seems a good deal to me as I am currently paying £397.96 just for the loan until 2012. Its just a few pounds more (and flexible) to clear the whole amount by the same time.

Am I doing the right thing? has anyone had dealings with this company?

All suggestions greatly welcome

LilacPixie

NOpe - why pay for a service that others will do for free. Contact CCCS, national debtline or the CAB

Gemmzie

What Lilac said ^

~Beanie~

No you are definately NOT doing the right thing.

I haven't even clicked on the link to their website but they probably aren't doing anything that you couldn't do yourself (or that someone else could do for you) for free. And over 4 years, they will be charging you over £3K which could be going towards reducing your debts.

You could set up a DMP (debt management program) with CCCS or PayPlan and they will do it for free so all you money goes towards reducing your debt, not towards lining the pocket of some money grabbing organisation that preys on those in debt and desperate!

http://www.cccs.co.uk/
http://www.payplan.com/

GeorgeUK

Are you currently meeting your minimum payments?

If so, what that company will be charging you for is a debt management plan (DMP) that will put a serious dent in your credit rating. There are free debt charities that can set up a DMP for you without the charge. They also have a better chance of getting the interest stopped from what i have read.

Kudox

Just to agree with what the others have said. i have a dmp with cccs and they are fantastic and its free, dont pay when you dont have to.

Numpty_Monkey

I agree with the above, Lilac,Gem,Beanie,George,Kudo.
Go with one of the debt charites they probably have more respect amonst the finicial institutions, than any fee paying company who are only doing it to make money from you

All the info you need is on here

Post a full SOA on here the clever people will save you money to enable you to pay off your debts
use this link
http://www.makesenseofcards.com/soacalc.html