need advice about dmp

runaroundpauper

Thinking of going with a debt managemant company i have given them my acc detail s on the phone to take the first paymant on the 15/02/2011 the first one is debit card paymant for 400 pounds after getting a couple of calls from credit card companies i started to give them the companies phone number but now i am having cold feet i have not signed the agreemant and sent it back yet i have started to get letters of authorisation from credit card companies so that they can talk with them but some people say great best thing thay have done and other people say that after 2 years there debt has increased one of my credit companies is saying that what ever deal they offer me is the same as going on a dmp and and they will freeze or reduce interest , i save the monie so if i cancel the dmp plan will they still take the £400 to start the plan even if not signing anything

chrisvaldez

Which DMP company have you gone with?

runaroundpauper

harington brookes

glimmerofhope

Roundaroundpauper
Are the debt management company charging a monthly fee - if so this means the debt will take longer to clear
There are free companies such as Payplan and CCCS - they deal with all the cc companies on your behalf.
Not sure whether they company you spoke to will still charge but someone will be along shortly with more info/help

sandiesteve

I too have contacted a company about DMP and they charge the first two payment to themselves for fees and 17.5% each month, and it will take 8.5 years to clear the debt, so i have just contacted payplan and with them it will take 3.8 years to clear the debts and no fees to them, so i have taken this option and hope i have done the right thing.

RedTulip

I was with Harrington Brooks/All Clear Finance and yes they do charge you a 'management free' although they were ok I wouldn't recommend them, especially as there are the free DMPs.

I settled on a full and final last year and I must admit they were brilliant on that front.

Good luck!

eyeopener2

Guys, guys

Please don't use these fee paying companys. Use CCCS or Payplan.

They don't charge you anything and do a better job than the fee paying ones.

Cancel the DMP with HArrington Brooks, do it now, tonight.

E2

Deep_In_Debt

sandiesteve wrote: »

I too have contacted a company about DMP and they charge the first two payment to themselves for fees and 17.5% each month, and it will take 8.5 years to clear the debt, so i have just contacted payplan and with them it will take 3.8 years to clear the debts and no fees to them, so i have taken this option and hope i have done the right thing.

By going with a non fee charging company like Payplan, then yes, you've done the right thing. You'll be debt free a lot sooner for a start and creditors know all the money is coming to them and not lining the sharks pockets, so creditors are more likely to accept your dmp.

You can even do it yourself...check out National Debtline website. There's loads of info and template letters for you to use to send to creditors.

Good luck.

Deep_In_Debt

eyeopener2 wrote: »

Guys, guys

Please don't use these fee paying companys. Use CCCS or Payplan.

They don't charge you anything and do a better job than the fee paying ones.

Cancel the DMP with HArrington Brooks, do it now, tonight.

E2

Well said.

CCCS and Payplan will also act in your interests and not theirs as they are not for profit on dmps. CCCS are a charity.

As E2 says, cancel HB and give the above a call.

debtfreewannabe321

I was in your position just a few weeks ago, i had given over my account details AND signed up to a fee paying company (DFH) and on the very last day of the grace period i cancelled it. I went with CCCS who do not charge - DFH were taking £70 for set up fee + 17.5% every payment i made them. would have taken 2x longer to pay off than it will with CCCS with obviously that 17.5% every month going on debt rather than the debt management company!

After cancelling the agreement (to which they were very rude about on the phone speaking to me like i was a child) they STILL took my money out! even after i tried cancelling with the bank. Their first payment was a charge to the account using our card details. And after that it was DD....so be careful. I got my money back, took an extra week though!

Good luck with whatever you decide

runaroundpauper

Cancelled with harington brookes in an email THEY RESPONDED AND HAVE NOT TAKEN THE MONEY thanks for your help /all, will know look at payplan
PS
THIS SITE AND FORUM IS FANTASTIC:beer: