Should I use a Debt Consolidation Company

Batty1dog

I and my partner have massive debts and a mortgage, Im at my wits end what to do, we are paying our bills everymonth but the pressure is enormous.
I would like to consolidate our unsecured debts, so we can enjoy some quality of life.
Im considering using 123 Debt Solutions, has anyone got any advice for me please

davetrousers

Post up a statement of affairs.

(Then down the line) Consider a debt charity not a loan company.

Stop and think about it, if you're in debt, borrowing more money isn't a good idea.

Grumpelstiltskin

As Dave said NEVER EVER pay a debt management company, they will promise you the earth but please don't fall for it.

Please read this.

https://forums.moneysavingexpert.com/discussion/2077631

That links you to the charities that will help you for nothing.

The_Swerve

Batty1dog wrote: »

I and my partner have massive debts and a mortgage, Im at my wits end what to do, we are paying our bills everymonth but the pressure is enormous.
I would like to consolidate our unsecured debts, so we can enjoy some quality of life.
Im considering using 123 Debt Solutions, has anyone got any advice for me please

When it comes to debt management, consider the following heirachy when thinking about who to go to for help

1. The free sector...CCCS, there are a fair few of them around
2. The fee charging sector, look towards DEMSA/DRF affiliated companies
3. Fee chargers not affiliated with any trade body...dont touch 'em

I dont beleive 123 Debt Solutions fit into categories 1 or 2, so consider action elsewhere!!!!

Tr1pp

I used a debt management company in the beginning, it was easier at the time as i was in way over my head and didnt know how to go about fixing things, they sorted everything for me and provided a great service. Yes i paid a fee but i didnt mind at the time as the total repayments were still cheaper.

HOWEVER i did not know of free debt charities like CCCS etc, I also didnt have the advice which is so readily available from this site.

I now deal with the payments myself and dont pay a fee to anyone so knowing what i know now I would recommend negotiating things yourself or going to CCCS, it is relatively simple