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Thinking of a debt plan then free help in here
chevalier
Posts: 7,937 Forumite
In trouble with your finances?
Heard about a Debt Management Plan?
Who do you go to?
PLEASE PLEASE don't go to a company that charges you.
They 'may' (if you are lucky) offer a similar service, but
Stepchange http://www.stepchange.org/
Payplan www.payplan.com
National Debtline www.nationaldebtline.co.uk
Christians Against Poverty www.capuk.org
Citezen's Advice Bureaux www.citezensadvice.org.uk
also offer debt advice. Stepchange, Payplan and Christians Against Poverty will also run a debt management plan (DMP) for you. BUT THEY DO IT FOR FREE!
Ah but you say Fred Bloggs management agency said, that they aren't very good because they are free. Or that they are funded by the credit industry so they are not looking out for you.
But then THEY WOULD say that wouldn't they. They want your FEES and they will say pretty much anything to pursuade you that their way is better. But the only outfit it is better for is THEM NOT YOU.
Example
You owe 1000 pounds. You can afford 100 a month which you give to Fred Bloggs. They take 10 pounds of your money and give just 90 pounds to your creditors.
OR
You owe 1000 pounds. You can afford 100 a month which you give to Stepchange/Payplan/CAG. They take no money from this and pass the whole amount onto your creditors.
In the first example because not all of your money is going to the creditors, it will take you longer to pay off your debts.
Also generally (and it really is case by case), creditors prefer to deal with the free organisations as they know they are getting a better cut of the money because there are no fees.
To Summarise
IF THEY CHARGE A FEE SAY NO AND GO ELSEWHERE
cheers
chev
Heard about a Debt Management Plan?
Who do you go to?
PLEASE PLEASE don't go to a company that charges you.
They 'may' (if you are lucky) offer a similar service, but
Stepchange http://www.stepchange.org/
Payplan www.payplan.com
National Debtline www.nationaldebtline.co.uk
Christians Against Poverty www.capuk.org
Citezen's Advice Bureaux www.citezensadvice.org.uk
also offer debt advice. Stepchange, Payplan and Christians Against Poverty will also run a debt management plan (DMP) for you. BUT THEY DO IT FOR FREE!
Ah but you say Fred Bloggs management agency said, that they aren't very good because they are free. Or that they are funded by the credit industry so they are not looking out for you.
But then THEY WOULD say that wouldn't they. They want your FEES and they will say pretty much anything to pursuade you that their way is better. But the only outfit it is better for is THEM NOT YOU.
Example
You owe 1000 pounds. You can afford 100 a month which you give to Fred Bloggs. They take 10 pounds of your money and give just 90 pounds to your creditors.
OR
You owe 1000 pounds. You can afford 100 a month which you give to Stepchange/Payplan/CAG. They take no money from this and pass the whole amount onto your creditors.
In the first example because not all of your money is going to the creditors, it will take you longer to pay off your debts.
Also generally (and it really is case by case), creditors prefer to deal with the free organisations as they know they are getting a better cut of the money because there are no fees.
To Summarise
IF THEY CHARGE A FEE SAY NO AND GO ELSEWHERE
cheers
chev
I want a job that is less than an hour driving away from my house! Are you listening universe?
0
Comments
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Couldnt agree more.......Im with step change and they have been so wonderful and all the money i pay goes directly to my creditors... xxxFirst time buyer- Shared ownership- 13/7 DIP Leeds- soft search- 20/7 told we got house-21/7 instructed solicitor- 27/7 sales memo and full application- 30/7 hard search- 3/8 mortgage declaration sent- 6/8 told valuation complete
13/08 questions from underwriters
17/08 letter to say initial assessment completed.
20/8 Broker says it will be another week until more communication from Leeds.
27/08 Mortgage approved0 -
Thanks carly, I wrote this as so often we see people coming on here struggling and they say they are paying someone to (mis) manage their debts...
chevI want a job that is less than an hour driving away from my house! Are you listening universe?
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Been here for a long time and don't often post0
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