advice help needed on clearing debts

latexkat

Hi not sure where to start ive been on a debt management plan for the last 6 years. i still owe £13,000 on various credit cards .ive been fortunate enough to inherit a little money enough to pay all my debts off my question is my debt management is with churcwood financial i have spoken to them about my money and how i want to pay off everything great they say they rekon they could reduce what i owe to about 50 percent all i have to do is give them the full amount plus this is the bit i dont like 10 percent of what i owe for fees to them thats £1300 and they will try and get what i owe down im not to happy about this could it could end up with me paying another £1300 pound out .ihavent missed a payment in 6 years and all this company seem to want is as much money out of me as possible that £1300 could go to getting me compleatly debt free first time for about 20 years what i want to no is this right and the way its done or am i being conned, for them to take extra cash and tell me they could not reduce the debt anymore any help or advice much appreciated thanks

Ashingtonian

If you have the full amount to pay off your debt then do so, and sleep soundly at night.

mildredalien

Well, by being on a DMP with a company that probably charge you fees to manage it then yes you are being conned I assume you knew they would take fees to sort out the DMP for you so shouldn't be that much of a surprise that they want to charge you to settle as well!

I'm not a DMP expert but it might be that you can cancel your DMP with them and sort out the full and final settlements yourself. That way at least you would know exactly what you are paying each company - Churchwood could actually settle for 40% and take the extra money and you'd never know... In any case you should be able to pay quite a lot less than £13k to settle your debts.

If you decide that trying to organise all your full and final settlements yourself is too much, at least if you pay them to do it for you, you'll be debt free and a little wiser

owen_money

I agree with mildred. Ditch Churchwood asap. Deal with the F&F's yourself, you know where you stand then. Churchwood will charge you a fortune for something you can do yourself. If you want further help just ask, but dont give Churchwood any more cash, please. Depending on your circumstances you can easily get 30% to 50% off, if not more

jobdone1

do it yourself stop paying churchwood straight away ring the company's you owe money to tell them you want a full and final settlement in writing asap then always get proof you have paid it off in writing its easy and will save you a fortune you never know a little bit of cash at the end you can treat yourself for the years of hard work that you have achieved paying down your debt maybe a little break, great feeling knowing that you have this cash and not churchwoods