Debt mangement plans

jjex22

Hi all,

I opened a thread in loans, but I think this area may be more fitting?

Basically I got in trouble with PDL's - I know, big mistake, but I'm now looking to get out.

I've been on the phone to money expert and they are proposing that I make 9 monthly payments of £330 to clear my debts. I currently owe around £2300 that cost me £450 in interest per month.

The plan sounds fair, but I was just wondering if anyone has had experience in debt management companies and money expert in particular. The guy on the phone seemed very helpful and honest about the procedure, but I'd like to check I'm doing the right thing?

Any help would be appreciated

Tixy

Just posted on your other thread - but in case you haven't seen have a read of this - IMPORTANT - Where to seek professional impartial advice about your debts.

Stick with the free impartial debt advice charities

[Deleted User]

Research, research and research lots more, I'd google for reviews of the company name some good and some bad out there like all industries

It's alright people keep telling you to get onto one of the free charities but they only help/take over if you have debts of over 5k and above and or have a real surplus income available which if you have, have you considered approaching the payday lenders yourself? it can be done

You could also use proof of your time unemployed (it was one of Payday Express's acceptance of a repayment plan if I remember) - see if that helps because you shouldn't of had to keep rolling over, can only but try

All the best

Dani1980

hi

i started a debt management plan in March this year. after looking at all the options, i went for a company called 123debtsolutions. so far its going well, and its so nice to suddenly have no letters/phonecalls from the various PDL companies! i would recommend doing it, although it will temporarily harm your credit score, mine doesnt seem to be that effected so far xxx

nfollows1982

I keep harping on about this (!!) but my advise would be to contact all of the PDL companies yourself and make payment proposals to each of them individually.

Wonga are one of the easiest companies to deal with when it comes to this, although I honestly dont know how well the others fair.

Who do you owe the money to and how much to each?

National_Debtline

Hello there,

Do consider ensuring that you cancel any 'continuous payment authorities' that you might have with the payday loan companies. This is the permission that allows them to take debit card payments. You can remove the authority either with the lenders themselves or via your bank. This should make it easier to negotiate affordable payments - either via a DMP or directly with each creditor.

Best wishes,

National Debtline.

Tixy

Dani1980 wrote: »

hi

i started a debt management plan in March this year. after looking at all the options, i went for a company called 123debtsolutions. so far its going well, and its so nice to suddenly have no letters/phonecalls from the various PDL companies! i would recommend doing it, although it will temporarily harm your credit score, mine doesnt seem to be that effected so far xxx

Temporarily harm your credit score?
Its likely to make it very difficult for you to get any new credit for the next 6years, other than subprime credit.
Of course if your DMP is predicted to last 6years then that won't necessarily be an issue but its certainly not a temporary issue.

sickasachip13

Hi all,

Please, please consider going to CCCS or Payplan. Both these organisations, CCCS being a charity, provide debt management plans for free - instead, by going with a fee-charging company they are taking money from you for doing what CCCS and Payplan do for nothing.

There are an awful lot of horrible situations regarding fee-charging companies that regularly appear on these pages - they are often not what they seem and, often, what they promise turns out to be not based on truth.

Why pay someone to do this with you, when there are service out there for free?

SAAC

sickasachip13

Have a look at this thread where someone was asking about moneyexpert, there are links to various problems people are having with them:

https://forums.moneysavingexpert.com/discussion/4016413

SAAC

Time_to_face_the_music

Dani1980 wrote: »

hi

i started a debt management plan in March this year. after looking at all the options, i went for a company called 123debtsolutions. so far its going well, and its so nice to suddenly have no letters/phonecalls from the various PDL companies! i would recommend doing it, although it will temporarily harm your credit score, mine doesnt seem to be that effected so far xxx

Tixy wrote: »

Temporarily harm your credit score?
Its likely to make it very difficult for you to get any new credit for the next 6years, other than subprime credit.
Of course if your DMP is predicted to last 6years then that won't necessarily be an issue but its certainly not a temporary issue.

New poster singing the praises of fee charging DMP company. Call me cynical but it does look a tad suspicious :think:

sickasachip13

I agree TTFTM x