Settle-My-Debt.co.uk - ??? Good/Bad

symesd

Hi

I am in debt and seriously considering using a company I have found - https://www.settle-my-debt.co.uk, however my Husband is very skeptical for obvious reasons.

They have stated that if we pay them £300 a month we could be debt free in 65 months & would end up paying back around £19000.

My Husband thinks this sounds too good to be true.

I want my debts cleared at the moment we are only paying off small amounts and at this rate will still have debts in about 15/20 years.

Please please please let me know if you are using or have had any dealings with this company good or bad I need to know

Thanks

RESPONSE FROM SETTLE-MY-DEBT.CO.UK:

"Settle-My-Debt charges only for setting up a debt management payment plan. Once plan is set up, we don’t charge ANY monthly fees."

AG47

I also would like to know which of these companies would be best?

Niv

[TEXT DELETED BY FORUM TEAM]

How much debt are you in? Is paying back £19500 over 65months sound like a good deal? I cant say at this point as I dont know how much debt your in.

There are anumber of reputable free services to help you in debt repayment, I am sure someone will be along soon with the name of one.

In the mena time, have you considered putting together an SOA?

Niv

AFK_Matrix

National Debt Line, Payplan and Step Change. Pic one and give them a call as there all free.

symesd

Thanks time to face the music, however this doesn't tell me about the company I have asked about - they appear to be genuine and what they are saying makes sense. All the companies listed as OK do not get you out of debt and are not working for you they are just making min payments - I was with CCCS for about 18mths and they chucked me out when I tried to add my mobile phone company to the debts as it had become difficult to pay - they closed my account and I ended up in a right mess and have just about managed to keep afloat - my debts remained the same in this 18 months even though I had paid them over £400 a month - they are not all they are cracked up to be

symesd

They do not just pay off your debt, they negotiate settlement figures with your creditors. I currently owe about £31k, and can pay £300 a month

symesd

I am interested in anyone who has actually heard of them, actually used them or had any direct experience with them.

They are a Debt Settlement company not a Debt Management company

RAS

Hi

[TEXT DELETED BY FORUM TEAM] or they hope to be able to do full and final settlements.

They can do neither unless your creditors agree to the terms and there is no more guarantee that they will succeed that there was that CCCS would succeed

Tixy

Most of what the website describes is either a short term DMP followed by offering reduced settlements (which you can easily do for free with one of the charity providers)

They also seem to offer to help you negotiate reduced full & final settlements - which if you are in a position to make lump sum payments you can easily do for yourself for free. There is a factsheet and template letters on national debtline website.

Have you actually read the fees they charge you?
- First 2 months payments (3rd months payment if you settle early or terminate the agreement with them)
- 20% of the monthly payment each month (minimum £20)
- £4.50 a month postage
- £60 annual maintenance
- £200 to pay a lump sum
- 20% of any PPI you reclaim
- £10 per settlement

Or you could use a charity and pay nothing. Or DIY and pay a few quid to post some letters.

retepetsir

[TEXT DELETED BY FORUM TEAM] As already advised, go with Stepchange or Payplan who will do all of the work for you, with no charge to yourselves.

tealady

You know what they say about things that sound too good to be true.
Well I feel that in this case that is right
Please contact one of the FREE debt free advice organizations listed above, they will help you find the best solution for your situation, and they won't charge you either.