Balance discrepancies between creditors/dca's and Debt management company.

esmerellda

just wondering as I have seen it pop up a few times now, whether there are many people with experiences of people who have been on debt management plans, administered by either free services or fee paying companies.

Do you receive monthly/quarterly statements telling you how much your balances are owing to your different creditors - and have you found out from original creditors/dmc's that the balances are rather different to what the DMC is telling you ?

and does anyone know the reasons behind this ?

GeorgeUK

Can't answer that, but you should receive an annual statement for any account that is regulated under the Consumer Credit Act (from 1st October 2008). It would be interesting to see who gets what.

mozzyc

Hi

I can only think that's its because when you're on a plan with payplan etc, they don't take into account any interest added to your account. They work with the figure that you started the plan with, and subtract your payments from it.
Meanwhile, you're getting charged interest, late fee's etc, and that's just making your balance go up.
So to get true balances, either wait for the statement, or phone your creditors/write to your creditors regularly to get the accurate balances, and update payplan etc with them.

Hope that makes sense :rolleyes: