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Debt consolidation

scotjwd
scotjwd Posts: 3 Newbie
in Debt-free wannabe
I have recently spoke with MoneyExpert.com around a debt settlement plan to reduce my monthly payments on several credit cards, overdrafts and a loan that I have outstanding...just wondering if they can be trusted? They seemed to cover all the info I was after and looks like a good way to manage my payments which are destroying me at the moment...any advice would be gratefully appreaciated!

Comments

  • Tixy
    Tixy Posts: 31,455 Forumite
    Hi

    I would suggest you contact one of the debt charities - who will do the same thing for you for free (and probably give you a better service and advice whilst in your DMP).

    See this link - IMPORTANT - Where to seek professional impartial advice about your debts.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    scotjwd wrote: »
    I have recently spoke with MoneyExpert.com around a debt settlement plan to reduce my monthly payments on several credit cards, overdrafts and a loan that I have outstanding...just wondering if they can be trusted? They seemed to cover all the info I was after and looks like a good way to manage my payments which are destroying me at the moment...any advice would be gratefully appreaciated!
    NOT WORTH IT!!!!

    You have to pay an intial fee and an ongoing monthly fee. While you are making payments to them they keep them and do not pass any of your money onto your creditors until the initial fees and monthly fees have been paid. You will end up in default on all your credit agreements.

    They don't do it out of kindness for free. Go to a charity.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • scotjwd
    scotjwd Posts: 3 Newbie
    Much appreciated have just spoke to CCCJ and am getting a callback from them next week...thought what moneyexpert had been saying seemed too good to be true!!!
  • scotjwd
    scotjwd Posts: 3 Newbie
    Sorry should have said CCCS!
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