Just beginning a journey and need advice please

Debtfree_angel

Dear all,

Where to start? I've got myself into a bit of a pickle recently and confess I've fallen into the trap of payday loans :0( an ex boyfriend contributed to the problems... No excuse and suffice to say I know I've been stupid but I realise that now and I am free and single but left with a mess to sort out.

So my question: are there any decent, reputable debt management companies who can assist me with a debt management plan to begin getting back on track. I don't mind paying a fee but I want to get something in place ASAP. I've done se research but every company I seem to come across charges obscene percentages coupled with upfront fees and there are a lot of bad reviews.

Are there really no reputable companies out there?
Many thanks

moongarden

you can do your own DMP or there are organisations who don't charge. You could start by posting a statement of affairs to get some more specific advice here - a DMP may not be the best solution for your individual circumstances.

hope that helps.

https://www.stoozing.com/calculator/soa.php

wannabee_in_credit

Check out Stepchange or Payplan - both offer free DMP's.

asparagus1968

DON'T USE A COMPANY THAT CHARGES A FEE


there is no need at all! and the money you save on the fee will help you repay your debt that much quicker!

national debtline

stepchange

Christians against poverty (don't have to be Christian)

fill out the statement of affairs ,as suggested, and go from there

Debtfree_angel

Dear all,

Thanks for your help, I actually called step change yesterday and they put my mind at rest. I had been told that they wouldn't/couldn't deal with pay day loans but I'm happy to hear about them.

My only concern is that they take four weeks to get something through and I don't want to come under pressure from the payday loan people.

Does anyone have any experience with swift sterling? They seem to be most unhelpful?

matttye

Debtfree_angel wrote: »

Dear all,

Thanks for your help, I actually called step change yesterday and they put my mind at rest. I had been told that they wouldn't/couldn't deal with pay day loans but I'm happy to hear about them.

My only concern is that they take four weeks to get something through and I don't want to come under pressure from the payday loan people.

Does anyone have any experience with swift sterling? They seem to be most unhelpful?

Just tell any company that chases you that you're in the process of setting up a DMP and you can't prioritise any creditor over the others, so they'll have to wait a short while.

If you haven't already, write to your bank by recorded delivery and tell them you wish to remove your permission for any of the payday loan companies (list the companies in your letter) to take money from your account in accordance with Regulation 55 of the Payment Services Regulations 2009.

Confused_cate

Hi Everyone,

I am your typical stick your head in the sand and pretend it will get better girl! I have finally had my LBM and have decided that I need to change. I have worked out I have just over 18,000 of unsecured debt - agh!! scary!
I thought about an IVA, but we may need to change our mortgage if interest rates start to increase again.
So I have settled on a DMP with payplan. I have a couple more calls to make to them to make sure everything is correct and ready to move on with.
I have to say I am terrified! I'm finally starting to realise this is the only way I will get debt free!
would love to hear some positive experiences!
Thanks Cate

Moneymash

Confused_cate wrote: »

Hi Everyone,

I am your typical stick your head in the sand and pretend it will get better girl! I have finally had my LBM and have decided that I need to change. I have worked out I have just over 18,000 of unsecured debt - agh!! scary!
I thought about an IVA, but we may need to change our mortgage if interest rates start to increase again.
So I have settled on a DMP with payplan. I have a couple more calls to make to them to make sure everything is correct and ready to move on with.
I have to say I am terrified! I'm finally starting to realise this is the only way I will get debt free!
would love to hear some positive experiences!
Thanks Cate

Hi Cate,

It might be a better idea to start your own thread, so you can get responses specific to your issues.

Debtfree_angel

matttye wrote: »

Just tell any company that chases you that you're in the process of setting up a DMP and you can't prioritise any creditor over the others, so they'll have to wait a short while.

If you haven't already, write to your bank by recorded delivery and tell them you wish to remove your permission for any of the payday loan companies (list the companies in your letter) to take money from your account in accordance with Regulation 55 of the Payment Services Regulations 2009.

That's really helpful, thank you - I had read a little about removing the authority for taking payment but I didn't know how to go about it - nice to hear it's really that simple. :j

sexyshark

to be safe change your bank account

matttye

Debtfree_angel wrote: »

That's really helpful, thank you - I had read a little about removing the authority for taking payment but I didn't know how to go about it - nice to hear it's really that simple. :j

From what I understand, most banks don't actually have the ability to stop a payment going out (their systems don't have this feature), but once you've withdrawn your authority, if the money does leave your account they must immediately refund you.