Should I stick with Debt Managment Plan

ca7csu

Hello folks - advice needed please
I got into a bit of a mess 7 years ago after breaking up in a relationship. I ended up living on credit and amassed a debt of £12k. 4 defaults have come from this.
I ended up taking a Plan up with Debtfree Helpline which seemed liked a way to get on top of things.
From what I gather they take £20 from the sum I pay out to creditors.
Now I've been in a better situation finances wise for the last 18 months. Ive worked out that if I continue with the DMP it will take a further 5 years to pay off.
I am aware that I am coming up to the 6th anniversary of the majority of the defaults and they should be wiped off my credit file.
Would it be a solution then to get a loan to pay the remainder of the outstanding debt?
Sorry If I am being naive.
Any advice is appreciated

Tixy

Do you know which of your creditors have frozen interest and which if any are still charging you interest?

If all or most have frozen interest then its not a great idea to get a loan on which you will be paying interest to pay off debts that are not incurring interest.

if you think you'll be a further 5 years then rather than waste another £1200 on fees to DFH (if it is £20 a month) you could either switch to a free DMP provider, or you ight want to consider doing a self managed DMP for the remaining period of time (if you feel you can manage to deal with your creditors and not be intimidated into paying more than you can afford or paying more to one than their fair share etc.

ca7csu

All but one have frozen interest, Barclaycard are charging a small amount.

Grumpelstiltskin

Ca Please read this.

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

Then ditch the fee charging debt management company ASAP.

If you go with one of the charities every penny you pay will go to pay off your debts not to line the pockets of some vultures.

sgtbush

how about increasing your payments to the DMP, at least your creditors are accepting the amounts now,so im sure they would be even happier with a bit more.

ca7csu

Im now thinking about going with Payplan and upping the payments to by £30 a month.
Would that be straight forward to do?