Debt Management Companies

MyopicMoo

Hi, please look at the link on the sticky at the top of the forum for a full SOA of all your income and outgoings. If you do go to a DMP go with one of the free ones.

It sounds like you are gradually getting deeper and deeper and hoping you will be able to get a loan to cover everything. What if you can't? If you can post up a full SOA the lovely people here can make suggestions about where cuts can be made. Focus on clearing the debt you have - a quick fix may end up being an impossible dream. Sorry to sound so negative but that was almost how we got into the situation we are in.

monstersgang

Well what do you think then - should I try apply to get a lower rate credit card or is it not worth the risk?

monstersgang

Hi MyopicMoo can you explain what DMP means (am new to this). Thanks

MyopicMoo

Please stop! You are already more than £23K in debt, each time you need money you have taken more credit and it has got you nowhere. If you want things to change, you need to do something different.

MyopicMoo

DMP - debt management plan.

EllieF

Hi, I too am with a debt management company (I know they take a 'management fee' - but I was desperate) and have been with them for 3 years to date. HOWEVER looking back it would have been better for me to contact my creditors personally to arrange lower payments.

The particular company I am with have been very helpful though and my creditors accepted the offers right away and I will be happy to recommend them should you wish.

I know my credit rating has taken a right battering and it will take years to fix, but I am now getting in a position (where I am able to clear most of the outstanding debt in a lump sum) that without the debt management I would be no where near (unless I had taken said advice above of contacting the creditors etc...)

I would really suggest speaking with your creditors to see if they will accept lower payments before considering a DMP.

They're not for everyone, but they have helped me so far.

Good luck x

GeorgeUK

I put the link for the SOA in post 4.

Personally, i would look at getting 0% cards or low interest for life of balance cards before taking out a loan. The problem with some loans is you don't know what rate you will get if you do apply as some now say FROM x% - and if you don't want that then you've already used up a credit search which limits your options.