Do you have to pay a company to go through dmp?

king1

HELLO!

My wife and I have started to really consider whether a DMP is the way we must go. She has today in her wisdom contacted a company called "debt something or other" Who has calculated that our debt outgoings are £600 - he claims he can reduce these down to £200 per month.

The first two payments would go down as his fee £400

The following payments would go to our creditors.

This sounds a little odd? any help will be great thanks.

king1

Right ok read some posts now so forget that last question ... Lets get cracking

Horace

Hi and welcome

I don't know much about DMPs myself but instead of paying a company (you will end up paying them more than the debt) try contacting one of the debt charities such as CCCS or National Debtline - I think their details are in one of the stickies at the top of this board.

Why not post an SOA (statement of affairs) so that we can see your incomings and outgoings (you will need to do one anyway) and the good folks on here can give some advice on what to do and where to save/make cutbacks. https://www.makesenseofcard.com/soacalc.html follow the instructions on there to format it for MSE and copy and paste it here.

Deep_In_Debt

There's no need to use a fee paying company when CCCS, Payplan and CAB will all do them fee free and all your money goes to the creditors thus reducing your debts more quickly. Also, creditors are more likely to accept a fee free company for that reason.

Good luck.