Debt Management plan

janemathieson

Hi,
Not really about bankruptcy but this looked the best place to post, sorry if I'm wrong!
I have a DMP with payplan which I've had for about 6 years now.
Yesterday I had a call from Gregson and Brooke who want to take over my DMP and have said that they will fight to get my debt down by reclaiming late payment fees, putting in harrassment claims with my creditors if they contact me etc. I know there are minimal, if any, late payment fees as I approached payplan before I missed any payments... but G&B say they will cut the term of my payments in half!!
They want to bring the paperwork over to me on Monday to sign but my alarm bells are saying that this is too good to be true...
On the other hand I know that payplan is funded by the financial companies so therefore although they have got the interest frozen they really aren't fighting my corner.
I'm not disputing the fact that I was stupid to go into heavy debt but at the time I ran it up I had been told that I wouldn't see my youngest hit 18 and I spent... and spent.... and spent! I'm still potentially terminally ill, doctors think I'm a bit of a miracle and they 'have no idea how I'm still staying so well' and my health is a time bomb. I don't work and have been training as a counsellor, as I'm nearly qualified I asked my GP what he thought about me going back to work... He said I am medically unemployable and that I am on my knees now... asking if I was trying to put myself in the ground...
So.... what advice can you offer? Please help!

Thanks,
Jane

failingfast

Hi Jane

I've tried to Google the company and can't find anything about them. Are they a fee-taking DM company? That may be their motivation for offering you a DMP 'with bells on'. I know I would be reluctant to move from a free service to one like that.

Hope you get on ok.

janemathieson

Yes.. they are a fee charging company, they'll be charging £35/month which as I only make repayments of £50/month just doesn't add up to them being able to get my debt down at all!!

alastairq

why not have a word with StepChange? Or, CAB?

you have plenty of time, so no rush to sign anything.

janemathieson

good point... CAB is virtually non existent down here but will have a word with/email StepChange. They wanted to come out on Monday with the paperwork for me to sign but if they are legit they won't mind me checking up on them before I sign on any dotted lines!

Thank you

Deep_In_Debt

Don't go with a fee charging company - that £35 could be going towards your debts thus making you debt free sooner and not lining the pockets of these sharks. They can do no more for you than a non fee charging company despite what these sharks may say; they are full of hot air to hook you in.

Good luck.

janemathieson

Thanks for all the advice... I'm going to contact StepChange to see whether there is anything better than I have at the moment

And "Deep In Debt" however good it sounded all I could hear in my head was if it sounds too good to be true it probably is! lol Plus the fact that if I went with them only £15/month would be paying off my debts! Payplan have looked after me so far... up until this month I was paying £100/month but with the way prices have gone up on everything and Council Tax kicking in I couldn't stretch any more and they've dealt with all the renegotiations

Deep_In_Debt

janemathieson wrote: »

Thanks for all the advice... I'm going to contact StepChange to see whether there is anything better than I have at the moment

And "Deep In Debt" however good it sounded all I could hear in my head was if it sounds too good to be true it probably is! lol Plus the fact that if I went with them only £15/month would be paying off my debts! Payplan have looked after me so far... up until this month I was paying £100/month but with the way prices have gone up on everything and Council Tax kicking in I couldn't stretch any more and they've dealt with all the renegotiations

I wish you luck with it all.