Debt Consolidation

freddie6953

Hi,

I`m new to this so I`ll get straight to the point,

The debts I have are as follows,
All credit cards,
MBNA £14000
Santander £3500
Asda £4400
Total £21900

I enquired online to several "Debt Management" companies,one of them rang me earlier ,we had a chat and they came up with me paying them £228.72 a month until they find me a cheaper loan,which they said "could take some time due to the state of the country",unqoute !!!

I`d be paying that some for 10 years if they cant find me a loan.

The sum seems good,as they`ll sort out my debts with the 3 cards companies.

I`m after some feedback,experiences,and ideas.
Many thanks for reading this and taking time to reply.

debtinfo

who are you going with

nudenut0121

Dont go to a debt management company as they charge you for something you can get for free from debtline the citizens advice or any other leading debt charity that would be my first port of call.iIn the early days of bad credit i went to my local neighbourhood office,they wrote to all my creditors and offered them a pound per month each and they accepted there are plenty of people who offer good advice for free these debt management companies often charge you for their service,the last thing you need eh?

Frank_Cannon

What do you get for your £228.72 per month?

fatbelly

Freddie, you posted on the bankruptcy board.

Are you considering bankruptcy? If so, why the loan?

freddie6953

Thank you for your replies,
What do I get for my money??
Thats a good question,the way it was explained to me was,they`d,promise solutions would take over my debts,communicate with the card companiesand leave me to carry on living as usual.
But your question has got me wondering about value for money!!!

I`ll get in touch with CAB asap,they maybe able to help.
A mate at work has £18000 of debt and has just gone down the IVA route.
Thanks again

curly04

DONT DO IT

I got ripped off by a company they took 16% of everything I paid for 2 years and then didn't pay half my debts and I got charges against the house the lot!

fatbelly

Freddie - CAB are a good option for you.

Don't consider going with a company other than one in Martin's guide.

Your mate may regret the IVA for 18k. There's normally around 6k of charges built in and most are mis-sold.

confused76

speak to the cab, cccs or national debtline....

www.citizensadvicebureau.co.uk
www.cccs.co.uk
www.nationaldebtline.co.uk

i'd be very cautious with what you're considering at present, personally i would run in the other direction! try the free debt charities for advice

NittyGritty

try the CCCS debt management plan , its free

nudenut0121

its up to u, you go to local council neighbourhood office,or c.a.b.they are free and just as good as anyone else take it from me mate i went from paying over 300 to 4 quid a month!:T:T:T:T:T:T:T:T:T