Not sure which way to turn

dazzad

Hi everyone, I am at my wits end. Am currently with a Debt Mgt program 'paying off' accumulated debt. Have been involved with company for about 5 months now and it is a nightmare. The interest is still going up on my debt, what I am paying to each of them is just being ate up with interest. Was lead to believe the interest would be frozen. Feel as if I am getting nowhere. Spoke to my debt mgt people upteen times (when I eventually get through) and they keep telling me they will send out to details to my creditors.
Have had enough of them to be honest and would appreciate any help on finding someone else suitable.
Add into the fact I have paid them around £500 in charges. To be honest I panicked and just tried to sort my mess out quickly.
I owe around £17,000 and can pay around £200 per month.

I am sick with worry, please help.

Thank you

Tixy

Hi and welcome

Who are you using for your DMP? If its not a free provider then I would suggest you consider switching to one of the charity providers who don't charge a monthly fee.

IMPORTANT - Where to seek professional impartial advice about your debts.

Whenever you are on a DMP nobody can guarantee that interest will be frozen, often creditors will agree to after a month or so whilst your DMP settles down but sometimes some will continue to charge interest long term.

If you are thinking of switching DMP providers then have a look at the T&C of the current company and see what notice you need to give to cancel your agreement with them (it often needs to be 4weeks notice in wiriting).

Pott5y

Hi dazzad.

You need to get away from the fee paying DMP asap.

Look here for advice https://forums.moneysavingexpert.com/discussion/2077631.

Lots of people on here will recommend CCCS and Payplan who are both non fee charging debt management companies. This means that your £200.00 will all go to paying off your debts. I personally went with Payplan and found them a great help.

If you are up to it you can also manage you own DMP.
Lots of template letters and advice can be found here.
http://www.nationaldebtline.co.uk/england_wales/debt_advice.php

I am sure there will be lots more advice and help along soon.

Good luck with it all.