Getting Out of A Debt Management Plan

KJJ_68

I have been on a debt management plane for over two years with Harrington brooks, possibly the worst financial decision I ever made. My credit rating has been nuked for the forseeable future at least another 13 years.

Does anyone know the best way out of a debt management I am ebaying and carbooting like mad to increase the amount I repay each month but this is not a good long term solution as it is effectively a 3rd job on top of my real job and looking after my family.

Any advice on getting out of DMP would be greatfully recieved.

rdchick

I believe you can just ask to stop the DMP with Harrington Brooks ie give them a months notice and then perhaps go on a DMP with CCCS which is a charity and doesn't charge you a penny, thus getting debt free quicker.

As for your file unless you take out new credit (which you shouldn't on a DMP) then your file should be fine after 6 years of each default for example if a default is recorded in June 2010 then it will be off your file by July 2016

Hope that helps xxx

KJJ_68

I want out of Debt management completely, it is something I should never have signed up for and I would have been far better off going into debt consolidation.

I have checked my credit rating and the defaults are there but every month it is showing that I am not making the payment from each of my creditors even though I am.

DS4215

KJJ_68 wrote: »

I want out of Debt management completely, it is something I should never have signed up for and I would have been far better off going into debt consolidation.

I have checked my credit rating and the defaults are there but every month it is showing that I am not making the payment from each of my creditors even though I am.

90% of people that consolidate end up far worse off than they were before (me included). Often you take out a loan, transfer your debts across and then run up the overdrafts and credit cards again. You are far better to face up to the reality (you are broke) and working out how to pay off what you owe (however long it takes).

billinghamfan

You won't be able to get a loan to consolidate you debts due to the defaults.

The defaults appear as you are not making the payments you orginally agreed to when you took out the credit.

You should contact CCCS or payplan and transfer your DMP.

rdchick

Billinghamfan is right, no one will touch you for a loan and DS is also right in saying that consolidation doesn't work for 99% of people and I am included in this too.

CCCS or Payplan are your best bets and you'll be debt free in no time xxx

sickasachip13

Hi,

Maybe you haven't realised but a DMP with CCCS or Payplan is a whole different ball game to one with a fee-charging company. CCCS and Payplan do not charge and pass on your full monthly payment to your creditors and CCCS is a charity.

SAAC

endora

There's no reason your credit rating should be 'nuked' for another 13 years, defaults should drop off 6 years after they were entered regardless of whether you are paying or not.

You don't need a third party to manage your debts, you can do that yourself.

KJJ_68

endora wrote: »

There's no reason your credit rating should be 'nuked' for another 13 years, defaults should drop off 6 years after they were entered regardless of whether you are paying or not.

You don't need a third party to manage your debts, you can do that yourself.

It will take 7 years to pay off my debts at the current rate and 6 years after that then the red marks currentley making monthly apperances on my credit rating will go.

On the plus side I have found out that Harrington Brookes have been making irratic payments to my creditors sometimes missing payments and making part payments, I have logged a formal complaint with them regarding this

Moneymash

I am another for whom debt consolidation didn't work, that was my big big mistake and why I am here now. Do yourself, your family and the rest of your life a favour and move your dmp to CCCS or Payplan.

If you think this will be a hassle tot up all the fees you've paid to your current dmp company and take that figure off your existing debt, that should give you a moment of clarity.

KJJ_68

Moneymash wrote: »

I am another for whom debt consolidation didn't work, that was my big big mistake and why I am here now. Do yourself, your family and the rest of your life a favour and move your dmp to CCCS or Payplan.

If you think this will be a hassle tot up all the fees you've paid to your current dmp company and take that figure off your existing debt, that should give you a moment of clarity.

It takes nearly 2 and a half years off