Debt management has totally confused me please help

corinne362

Hi Im new to this site, I have debts of just over £13000 mostly with LTSB I contacted a debt management agency who have made it seem too good to be true, they can sort out all my debt for just £290 per month for 4 years, then all my debt is paid off this company is called Bryon & Keeley financial ltd, but now I have been hearing all sorts of horrible stories about debt management companies and I dont know if I am doing the right thing, plus the man who I spoke to when I arranged all this is always unavailable, I was so happy that things were gonna go ok now Im just confused am I doing the right thing, I cant go back now as I have stopped making my monthly payments please help???? corinne

Sea78

Don't worry - it'll be ok.
Firstly, don't go with this company.
Ring CCCS or Payplan immediately. They are both free debt management companies and creditors pefer their use to the fee paying ones all your money goes to your creditors. I am with CCCS (0800 138 1111) and have found them so helpful. I would also be wary of anoyone saying they can clear it all in a too good to be true way.

Sea xxx

Snaggles

Hi Corinne, welcome to Debt Free Wannabe.

Do you know what sort of agreement it is that you have entered into? Is it a DMP (debt management plan) or an IVA (individual voluntary agreement)? Generally people on here stay away from debt management companies, because they can charge you huge amounts for the privilege, whereas companies like Payplan and CCCS are charitable organisations, and are highly thought of on these forums. Don't panic, as it may not be too late to stop your agreement with Bryon & Keeley (if you decide you want to).

Have a look at your paperwork and see if you can give us a few more details of what it is you have entered into, and we'll see if we can help. And don't panic, things are always much clearer after a few deep breaths and a cup of coffee.

corinne362

Hi this is not an IVA it is debt mamagement plan they only charge the first payment,

Storm

To be honest, this deal does look a bit too good to be true - £290 a month for 4 years comes to £13920, which for debts of £13K is ridiculously low interest & fees.

A quick google & look on companies house doesn't turn up anything for a company with this name, which makes me worry a lot. I personally wouldn't touch these people with a bargepole!

Snaggles

I would give CCCS or Payplan a call and ask them for advice - it may be that you could move the DMP over to them? (not sure if it's that simple sorry, but they will give you free and impartial advice)