debt managment plan

spongey1973

hi guys, would be grateful for some advice. i have spoken to someone at a compnay called debt plan direct, thinkiong my only option was an iva, i own my own house and have about 13500 of unsecured debt, my fixed rate mortgage ends next month and will go up about 200 quid, hence leaving me with more money going out than coming in, i cant remortgage cos no equity, so i thought i would have to do an iva, however they suggested that i can do a debt managment plan, of which they take a fee of 30 quid a month to administer, any ideas on what they are like as a firm or am i doing it all wrong? i wanna sort this before i get in any deeper, no arrears at present on anything, but will have if i dont do something, cheers for taking the time to read this and any help or advice is very much appreciated.

piglet39

spongey1973 wrote: »

hi guys, would be grateful for some advice. i have spoken to someone at a compnay called debt plan direct, thinkiong my only option was an iva, i own my own house and have about 13500 of unsecured debt, my fixed rate mortgage ends next month and will go up about 200 quid, hence leaving me with more money going out than coming in, i cant remortgage cos no equity, so i thought i would have to do an iva, however they suggested that i can do a debt managment plan, of which they take a fee of 30 quid a month to administer, any ideas on what they are like as a firm or am i doing it all wrong? i wanna sort this before i get in any deeper, no arrears at present on anything, but will have if i dont do something, cheers for taking the time to read this and any help or advice is very much appreciated.

Stop!!!! Don't do it. Please speak to one of the free charities first. CCCS, National Debtline and Payplan. They can organise DMP's and have just as much clout as anyone else. You'll find the links to them in the stickies at the top of the board.

Piglet

RAS

Hi

Direct Plan Direct will charge you every month for something that you can get free of charge from one of the debt charities

See here http://www.moneysavingexpert.com/loans/debt-help-plan#help for details.

Do you want to pay off £100 per month on your debt or £65 on your debt and £35 to the profits of the dent company? Whch will pay off you debt faster?

Also if you post up you SOA here we can help you make moe affective use of your money.

angelflower_2

yep, as above.....dont go down that route. You have to either look to set up your own dmp or go through one of the free debt management sites. Another one you can go to is www.capuk.org

Try posting your soa and we can see where you can make savings. If you give as much detail as poss re the cards, we can also advise which one to pay more to etc etc.

It is possible to get out of this problem!!

TotallyBroke

use https://www.makesenseofcards.com/soacalc.html and post up your income and outgoings. We'll be able to then advise on ways of cutting back.

Again agree DO NOT pay amyone to do something that you can do yourself or with the help from people that are free.

spongey1973

thanks guys, will talk to someone from one of the charities and post back, thanks again. its good to hear from people who understand.

Deep_In_Debt

Hi and welcome

Just to echo what everybody else has said. Do not pay for a DMP when you can get it for free. Also try the CAB who can help set up a DMP for free.

Good luck and keep posting.