Need to set up a DMP - whats the pros and cons of NationalDebtline, CCCS, Payplan etc

bcfc84

Hi,

I have stupidly got myself into £20k worth of debt and have agreed repayment terms with some of my creditors but currently the sum of these is just crippling me and I need to get myself set up in a debt management plan.

I intend to pay back all I owe and realistically could afford around £700 per month to my creditors so would hopefully have my debt clear within 3 years.

This week I was in Lloyds bank discussing the c.£5k current account overdrawn balance I have with them and they gave me some documentation with the details of national debtline and I was told "they will be able to freeze all interest, agree repayments with all your creditors who have to agree to national debtlines repayment terms, and all this should take only a couple of weeks!"

My question is - is this strictly true what I was told in the bank?

And also - If I am to set up a DMP who would be the best company to use (particuarly in terms of speed of setting up the DMP)?

Would this be National Debtline, Payplan, CCCS, Citizens advise or A N Other free counselling service?

Apologies for all the questions and thanks

bcfc84

iwanttosavemoney2008

you will find most will recommend CAB or CCCS or any of the other FREE DMP helplines. but more will surely follow with further advice

mikethesaint

from my experience it takes a little longer than a couple of weeks more like a couple of months,however if you make token payments and write explaining you are entering a dmp with xyz organisation that help the situation for the record I am with CCCS who i found extremely helpful.Good luck but dont use a fee paying service they are really there to help themselves in my humble opinion

sickasachip13

CCCS have been absolutely brilliant with us. It was pretty quick in terms of them getting paperwork etc to us - the delay at our end really was us organising a new bank account before the poo hit the wall, getting all our paperwork in order here, organising the first payment to CCCS and then waiting to hear back from the creditors. Couldn't recommend CCCS enough - feel free to look at my previous posts if you like, I've been posting since the start.