Advice needed

Monster_Karlos

Hi There,

My main aim is to be debt free and living with me fianc!e (as I'm 28 I would like to be living in me own place and not with the parents)

However bit of background:

Had a loan and overdraft 5 years ago that couldnt meet the payments which at the time caused a lot of stress and for a solution I went with a debt management company (Although in hindsight I wish that I had gone ti the CAB for help), basically that five year deal is up around now and I need a loan to pay the last payment of the deal, pay off a credit card and to put a deposit down on a rental house / flat, for which has proved hard work as I have got a crap credit rating (defualts on the loan and overdraft).

Got an e-mail for wentworthunsecured loans thought worth a go and now not sure after reading other part of this site saying they are a scam but when I rang them they say they are not like those companies..............confused.com please help

Tjrw1985

Do NOT touch Wentworth at all. They will take a fee from you and then not find you a loan. They are a scam.

What I am more concerned about is the fact that you say you have come to the end of your DMP and still have to pay the debt off!!

If you were on a DMP that debt should now be settled.

Tixy

How much do you still owe on the debts in the DMP? How much do you owe the credit card? presumably that wasn't in the DMP and has been run up since?

You don't need a lump sum to pay off the DMP - just keep on making the same level of payments until the debt is gone (better still cancel your agreement with the dmp company, and just pay your creditors direct at the same rate).

If you went into a DMP 5years ago then you will have defaults on your credit file for another year at least - nowhere will offer you a decent loan or find you a decent loan until they have dropped off.

Monster_Karlos

Thanks for the advice.

As far as the DMP I was the told that a it would be a large payment at the end....however they havent contacted me as yet as far as that is concerened