DMP moneyworries.co.uk

gz023247

Well today has certainly being an eye opener for me! I had my 1st solicitors appointment today ref to a recent seperation and thought I had best detail my finances. Anyhow, after taking my 3 credit cards, 2 store cards, loan and csa payments I found I had £72 a month left after my wages. This did not take into account any petrol or food costs, nor car insurance or road tax costs (these were paid for 12 months in advance via credit card - not the food tho lol!)

Anyhow, after realising how bad a pickle I was in I contacted yes loans, gave some details, and then was transfered to someone from moneyworries. As most people have said I was advised a monthly payment of £300 a month over 8 years would clear all my outstanding monies with the help of them. Sounded fab and while on the phone gave them the outstanding credit card details, loan details, etc.

Anyhow, lloyds tsb contacted me this evening to say they had declined a transaction for £900 on my card. I was aware these folk wanted this money with a view of me starting payments in feb. For some reason I asked lloyds to hold back the payment for a further 24 hours. I am glad I did as now after reading all this I am shocked! As I was also told my credit rating would not be affected etc.

Anyhow, my questions are as follows:
Paperwork is due to be with me on thu this week from mw. As I have not signed anything yet does this get me out of being obligated to thier services?

Will I need to contact the credit card / loan folk to advise to dismiss any letters or notification from mw, or do you think they will not have contacted anyone yet due to this £900 request payment declined?

Any advice greatly appreciated. :beer:

RAS

Cancel you card so that money worries can take no more money.and talk to the debt charities in post 4 above..

You could also do a Statement of Affairs here, but basically, you pay for your rent, Ct, utilities and food, then deal with the rest of the stuff

Tiptopkat

Hi All,

Unfortunately, I have just mistakenly signed up for a DMP from MoneyWorries.co.uk. After agreeing over the phone and them taking an initial payment of £50 I thought I had better do some research and found out LOADS of bad stuff about them - now I'm worried that I've made a massive mistake.

As well as the £50 they have taken from my credit card, I think I have agreed to them taking £70 introduction fee from my debit card on the 23rd Feb - the bloke spoke so fast I had to keep asking him to repeat himself!

There are then fees of £150 for the next 2 months, which then go down to £86 a month which is what they will pay my debtors.

After reading all the bad experiences that people have had with them I think I should cancel but am aware that I don't really have a chance of getting my money back.

Does anyone have any advice? I stupidly thought that they were going to help me and I wish I had read this first

Many thanks in advance

Deep_In_Debt

I'd just cancel and cut your losses and go with CCCS, Payplan or CAB, then all your money will be going to pay your debts, thus clearing them more quickly and not lining the pockets of these sharks who are just out to make money out of you. Check out the National Debtline website for advice = they are also free to use and give good advice should you need to call them.

Their fees sound extorionate.

Try the CCCS debt remedy on line tool - it's free and it will show you your options.

Good luck.

Tiptopkat

Hi - thank you for your advice. I will do that - one more question!

If I was to go with a DMP from CCCS or somewhere else, would it affect my credit rating?

many thanks for your help.

Deep_In_Debt

A dmp anywhere will affect your credit rating as you are basically breaking the terms of your original agreements with creditors by making reduced payments. No getting out of that one I'm afraid when on a dmp.

Tiptopkat

Brilliant thanks - I've been searching on the net but couldn't find a straight answer!! Thank you :T

At least now I know that even if it's a massive struggle I'm better sticking to my agreements and trying to pay them all off as I am now

Thanks again.

cookie220985

i did a dmp with moneyworries in the past, and i finished it through till the end, my fees i paid at the beginning were then refunded on recieving confirmation of all creditors being paid in full.