debt management companies

alihopi202

Hi, could someone please give me some advice?
We stupidly entered into the black hole of payday loans, unfortunaly we now owe over £5000.
A debt management company approached us called Immediate Finance, they take £151 from our account monthly, although the payday loans have stopped contacting us, the debt company say they only pay £1 per month to each company until our money accumilates to pay off one company at a time.
However I am worried and am wondering have we done the right thing?
Please Please can I have some good advice
Thanks

Time_to_face_the_music

alihopi202 wrote: »

Hi, could someone please give me some advice?
We stupidly entered into the black hole of payday loans, unfortunaly we now owe over £5000.
A debt management company approached us called Immediate Finance, they take £151 from our account monthly, although the payday loans have stopped contacting us, the debt company say they only pay £1 per month to each company until our money accumilates to pay off one company at a time.
However I am worried and am wondering have we done the right thing?
Please Please can I have some good advice
Thanks

alihopi202 :hello:

Have you signed anything? If so, when?

Please approach CCCS or Payplan, both of which offer a completely free service to helping you with debt.

Immediate Finance charge you a set up fee, then take 17.62% of everything you pay. This money should be paying your debts not feathering their pockets :mad:

Hopelessly_Hopeful

I agree wtih TTFM

Dont worry all will sort, alwas a solution.

HHx

owen_money

Use CCCS, its free

FireWyrm

So, you pay this company £151 a month, or £1812 a year to do what you could do yourself? I think you probably know the answer to whether this is a sensible option or not. Put it this way, you owe £5000, that money you would pay to the DMP company is nearly HALF what you owe to your creditors.

I've said it before and I'll say it again. DMP companies are sharks feeding off the misery of others. They dont have a magic wand to make it all stop and your creditors go away, but they do seem to have a knack for making money you could use, disappear. They do absolutely nothing that you couldnt do yourself if you wanted to. If you really cannot face dealing directly with creditors then please, for the love of little green apples, go to a CHARITY, who are there to help and have YOUR interests at heart.