Debt Management Plans?

The_Muher

Hi everyone, new on the board.

Myself and my partner have got to the stage where it's becoming a struggle to buy a sufficent amount of food for our family and also pay for petrol to get to work due to mounting debts from loans and credit cards.

Poor decisions when I was younger and also a couple of years ago when I wasn't earning what I do now resulted in credit cards, then consolodation loans, more credit cards and another consolodation loan.

On my own I have ammassed 14k of debt added to my partners own debts and also joint loans we owe in, in total, 31k.

After a weekend of realisation that things are not going to get miraculously better we have contacted Debt Advice Scotland and they have given really great advice to us, one being a Debt Management Scheme.

Anyone used this facility to clear outstanding debts?

Numpty_Monkey

I've never heard of them, to be honest
are they chargeing you a fee to run your DMP
(ie we'll take 15% of what you pay every month )

Id sugguest contacting one of theese Non-profit Debt Counsellors' List
and they will put you in touch with the Scotish equivalant:A

The_Muher

Debt advice Scotland are a charity organisation and only use companies to arrange your DMP that do not take a fee.

Fingers crossed we can get something sorted.

Just speaking to the guy tonight was like a weight of my shoulders when all around looked bleak.

I want to pay my debts, thats the thing, I don't want the easy way out that some places falsely advertise.

Fingers crossed!!!

:j

podperson

Just had a look on their website and says they offer free advice but if you wish to set up a dmp they will refer you to a debt management company that may charge you 15-18%. Just double check this before starting anything up with them. This may well be a good solution for you but if you do decide to go with it just make it is free, if this company does try to charge then go through one of the debt free charities such as CCCS, Payplan or CAB. All your money will go towards the debt, which will be paid off quicker.

Was on one myself for quite a few years with cccs and yes it can work well. Some of my debts kicked up a bit of a fuss over the size of payments at first but when they did accept them it was wonderful just to have one payment going out and not to have to worry each time you opened a letter or answered the phone.

Hope it works out well for you x

Tixy

Hi

A Debt Management Scheme is something we don't have in England & Wales. Hence why people haven't heard of them. They are different to a DMP in that it is actually a protected scheme and protects you from lenders taking court action against you. This factsheet is quite useful - http://www.nationaldebtline.co.uk/scotland/factsheet.php?page=22_debt_arrangement_scheme

There may be other users on here who are on DAS but I can't think of anyone offhand.
Maybe change the title of this thread (under edit post) so that it specifically mentions Debt management scheme in Scotland or something so you might get more people seeing the thread.

For a second opinion on your options you could contact national debtline in scotland.