some help plz

posty21

i will start with saying that i have debts of £12000 and i dont have enough cash coming in to pay all my debts . a firm called dfh phoned me and told me i can pay £100 a month i will have to pay £100 up front next week and then £70 the week after then i pay £100 every month after reading the terms & conditions i found out that they take £30 of my £100 every month as a charge .i have already signed and sent of the form on friday .it says i have 7 days to terminate the plan which i will do on monday. should i have any problems with them ?.

i have decided to go with payplan instead of dfh am i making the right choice i dont want to make a mistake the second time round lol . thanks

GeorgeUK

Sounds like you are doing the right thing and have caught this in time. They will probably try to persuade you to stick with them as "Payplan is funded by the finance industry and won't be looking out for your best interests". But Payplan will be looking out for your interests and you should just tell them you'll take your chances. At least all the money you pay will be going towards the debts.

If you haven't already done so i would also suggest you look at the statement of affairs calculator so you can see what your expenditure and debts may be on a monthly basis and how much you are short each month.
http://www.makesenseofcards.com/soacalc.html

Numpty_Monkey

Have a look at Non-profit Debt Counsellors' List
These don't keep any of your money, they pay it to your creditors

George has posted the link to the SOA calc, If you want to post the results on here and the great and good people maybe able to point out some where some savings can be made

sugarpants_2

How do you get in cotact with pay plan? Does it affect your finance? ie getting a mortgage,loan etc??

Numpty_Monkey wrote: »

Have a look at Non-profit Debt Counsellors' List
These don't keep any of your money, they pay it to your creditors

George has posted the link to the SOA calc, If you want to post the results on here and the great and good people maybe able to point out some where some savings can be made

posty21

i have just been on the phone to payplan and they wont take me on as i do don not have enough debt i said i had £12000 as i do but £6500 is my car on hp and i can not add that to a plan & u need £6000 or more to be acepted dose anyone no if cccs will take me on or are they the same as payplan u have to have £6000 or more

marfan_not_martian

Hi posty21 go to www.cccs.co.uk and fill in their debt remedy details and it will tell you if a DMP is suitable for your needs.

Good luck

GeorgeUK

Not sure about the minimum amount of debt required, but i would definately give CCCS a ring.
They can help set up debt management plans (DMP) the same way payplan do.

sugarpants - it is only if you enter a DMP that your credit rating may be affected (more than it currently is). With a DMP, you agree not to take any more credit and your current creditors agree to reduced payments (usually). As you are no longer paying the agreed minimum payments, this would impact on your credit score and so would have an influence on the type of mortgage you may be able to get.