Debt management plan

mag21

Hello,
My credit rating is poor therefore I can't get a loan with my bank or other banks.
I took a loan from a payday company which I am now struggling to repay them as the interest is so high.
I contacted a company called Norton Finance, they said they couldn't offer me a loan, but they could arrange a debt management plan where they would deal with the loan companies for me and I would have to make one payment to them a month. They charge 17% interest.
They said I could cancel at any time and that I if could make bigger payment when I can afford to reduce the payments.

This plan would really help me with all my debts at the moment.
However, I am a bit concerned as I have never done this before.
They also advised me to cancel my card or move my wages to a different account in case the payday loan tries to take money before they negotiate the repayments with them.
I wanted to ask if anyone has used this company before?
Would really appreciate your help.

Kind regards,
Mag

chalkie99

Don't pay any company like this!

Go to http://www.cccs.co.uk/ or http://www.payplan.com/

Have a browse through the Debt Free Wanabe section for more info.

The above organisations can help you with debt management without taking your money to line their own pockets.

scottishblondie

As above - don't pay a fee for this sort of service, contact one of the debt management charities chalkie mentioned.

mag21

Thank you very much for your help. Will look into this.

Mag

CHR15

Your company will typically take your first two months payments entirely for themselves, your creditors will not recieve a penny (but they will add money to your debt so it will grow rapidly).

Form then on they will take 17% of everything you pay, not only will you be dripping a little bit toward your debt, but you will be paying them to effectively make your payments for you.

They cannot give promises your interest will be frozen, all they can do is write exactly the same letter you could do yourself.

If you are unable to take this on yourself, use the CCCS or Payplan who will do it all for you, for nothing. Do NOT pay these companies, there are dozens being closed down each month for doing little more than scamming punters.

antonic

I would recommend Payplan, had a DMP with them for the last 70 mopnths (14 to go) and never had a problem with them.

Do NOT use anyone who charges a fee.

iolanthe07

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