Is The National Money Helpline legit?

xCharismax

Hi everyone,

Sorry if this has been mentioned elsewhere but I searched and couldn't find anything.

My OH was recently contacted by these people after applying for a loan and they offered to consolidate all his debts instead. I was wandering if anyone has had any dealing with them or know if they are legit before he signs any paperwork. As we hadn't heard of them.

Any advice is appreciated,

Charisma x

chunkytfg

Do you really need to consolidate?

All consolidation achieves is the paying back of tons extra interest over a longer period!

Are you struggling to pay back current debts? If so have you posted a SOA so we can see if you have room to cut back realistically?

Do you have suffiecent credit rating to get a 0% credit card to acehive the same goal without the intrest added?

Dont know national money helpline myself but i'm sure someone will be along to tell you either way.

What was the interest rate they were offering out of intrest?

xCharismax

I haven't a clue what you mean about a SOA?

My OH has debts that exceed £10,000 (Mainly due to credit cards so I think a 0% CC would of be out of the question) and money is pretty tight. This National Money Helpline are saying that they will be putting a stop to the interest rates and all he has to pay out is £118 a month. Sounds so dodgy to me as I know nothing about these kind of companies.

insider66

Hi there,

the national money helpline is a debt management company and you will pay for their service.

The 118 per month will not all go to the creditors and your husband will get lots of letters and phone calls from the people he owes money to as he will not be making contracted payments.

Do you really need to do this? If so it would be best to contact CCCS (Consumer Credit Counselling Service) which is free.

They phoned as your husband had been refused the loan (guess) and they pay the loan company for his details....

Incidentally, an SOA is a statement of affairs, you can find the link on the sticky on the debt free wannabe forum page

Hope this helps

Browntoa

Sticky: Help for First Time Posters & SOA Calculator

GeorgeUK

As insider says, avoid at all costs

We are fortunate to be part of the national business of Begbies Traynor insolvency specialists

I would suggest that you try using the SOA calculator and post the results up so we can see if there are any areas you can make savings in.

It might be worthwhile for both you and you husband to take a look at your credit reports (free online at experian if you cancel within 30 days). This will show you not only your accounts over the last 6 years, but how many credit checks you have recently had.

You can have about 3 credit checks in a 6 month period before your credit score is affected (not worth paying to see this). It may still be worthwhile trying to get a new credit card to take advantage of the 0% promotion, but you will need to make sure the cards don't have the same issuer (eg MBNA issue Virgin cards)