Payments held by DMC

Ladyunlucky_2

Hi. I'm around £15,000 in debt and currently paying £112.93 a month to Debtaid to pay everyone. Debtaid charges £18.80 for their services. I am wanting to change to a fee free debt management company 1 so i get the debts paid quicker and 2 because after 1 year some of the repayments still haven't been arranged.
I would change immediately but while waiting for payments to be arranged with creditors Debtaid have held the money I have paid. I worked out yesterday what money of mine Debtaid has in their coiffers gaining interest that has been held. Only just over £1000! I keep thinking that some of my creditors could have been paid off with that money. I'm not entirely sure what debtaid will do with that money but I assume that I will stop paying them just before the debt is paid up and they will pay the rest with the money held but i'm just not sure.
I am really worried that if I change debt management companies that I will lose that money all together. And that is alot of money to lose.
Has anyone else been in this situation or can offer some advise.

keith_lard

Get In Contact with CCCS, they will speed things up for payments to creditors what debtaid are doing God knows!!

rchddap1

I agree. If you continue as you are nothing will change and you carry on throwing good money to this company when it should be going towards your debts. Besides...I'm sure CCCS have come across this situation before and can advise you on how best to sort out that 'lingering cash'.