Debt Management company call

Hanky3

Hi everyone,

I've just had a call from my debt management company. I've been with them for three years and have found them to be pretty useless. For a start, I was paying them a fee (only found out about non-fee paying DMP's after I'd spent the best part of a year having hassel from creditors and really couldn't face starting the process again). And I found I had to sort out payment plans with my creditors and advise the debt management people what I'd done!

Anway, as I've just been made redundant and have no source of income save for jobseekers, I advised the debt management people when they phoned I won't be able to pay into them anymore as I'd been advised by National Debtline / CAB that the minimum I can pay into a debt management plan is £100 per month, which I don't think my creditors would be happy with and also I simply can't afford it. I've been advised by the charities that bankruptcy is a viable option as I don't have any assets.

But the debt management company have shaken me up a bit. They advised that the CAB does not always give proper advice as to the best way to sort out your debt problem??? Is this so? Are the debt management people allowed to say stuff like this?

Sorry for the ramble - just a bit stressed. Going to court on 1st July to declare bankruptcy.

Thanks.

dojoman

Take no notice of what they are saying, they will say this as the advice you are getting from cab is free whilst theirs is not. They are talking a load of !!!! and are just trying to scare you in to paying them their fees.

skylight

Ignore the creditor. They have their own financial interests at heart and only those. They do not care one iota about you, they just want you to pay.

Compared to some lies and actions on here, that is really tame!


Now, occassionally you may get the odd CAB volunteer who isn't totally clued up on BR but on the whole they are very good. National Debtline is a great place to start especially as all their information is online anyway.

Did you get a redundancy package??? ORs can take this.....

Hanky3

I received a redundancy payout of £760. This is the cash I'll be using to pay for the bankruptcy. Will this be ok? I really have no other way of raising the fees required.

fredfedup

That should be no problem. make sure you have a BR friendly bank account set up. Barclays Cash Account or CO-OP Cashminder.
fred

fermi

Hanky3 wrote: »

I received a redundancy payout of £760. This is the cash I'll be using to pay for the bankruptcy. Will this be ok? I really have no other way of raising the fees required.

No problem at all.

As said by the others, ignore the bullwarks the DMP company comes out with. Their priority is to protect their fees/profits, and as such they are told to "rubbish" everyone else, especially the not for profit agencies like CAB.