Debt Management Programmes

heidic

Hi All,

I have 3 credit cards and the APR on one of the has just doubled, so I'm paying a massive £200 pcm off one, which is about to leave me broke.
I've spoken to the Debt Advisory Service and wondered if anyone had any comments or recommendations on using this? They reckon they can possibly clear them all within 7 years if the debtors free their interest rates.
I currently owe £7.8 on one card, £1.9 on another and £4.7 on a third.
I'm a single mum with an income of £28k salary before deductions.

Thanks in advance for any advice.

Redbubble

Hi,
Ive just started a DMP with Payplan (in hindsight I maybe should've shopped around first but im willing to see how they go).
They have told me it will take around 3-4 years to clear my debt and my debts are quite a bit more than yours. Maybe look at stepchange (I think they used to be the CCCS and they were great).
I also earn more than you and they've put my repayments at around £380pm (I was paying £300 on just my credit/store cards and more than £200pm on my catalogue).
They offered me either a DMP or bankruptcy but I don't want to run away from my debts.

As I said, maybe have a look around or speak to stepchange and then compare the advice given.
Good luck

heidic

Thank you so much Redbubble, I will certainly shop around and see what is out there.

My repayments through a DMP would be mocuh more achievable than what I'm paying now, and the best would be gone quicker!

Good luck with yours. :-)

barlafumble

I've just started a DMP with Step Change, and they have been brilliant. Really helpful and patient, lots of support and advise. The monthly DMP payments will be much lower than what I was previously paying by myself. There is an online tool that calculates your total debt, what your DMP payment should be and how long it will take to pay it all off. Maybe try that?

michael1983l

heidic wrote: »

Hi All,

I have 3 credit cards and the APR on one of the has just doubled, so I'm paying a massive £200 pcm off one, which is about to leave me broke.
I've spoken to the Debt Advisory Service and wondered if anyone had any comments or recommendations on using this? They reckon they can possibly clear them all within 7 years if the debtors free their interest rates.
I currently owe £7.8 on one card, £1.9 on another and £4.7 on a third.
I'm a single mum with an income of £28k salary before deductions.

Thanks in advance for any advice.

When my CC company doubled their interest rate (santander) they gave me the option of freezing the interest rate at the lower rate and make arrangements to pay in installments.

moohound

see the say no to rake hikes in Martins bit