Debt Management Programmes

kimberley1988

I have had a telephone conversation today with someone from Gropher Money about a Debt Management Programme to help pay of my debts and consolidate so I only have one payment a month.

Can anyone give me advice as to whether or not Gropher Money is a good company etc?

Kind Regards

Tixy

Hi and welcome to the forum

If you think a DMP may be the right option for you then its best to use one of the charity/free providers who won't charge you upfront fees or take a monthly fee from the amount you pay per month.

Take a look on this thread - IMPORTANT - Where to seek professional impartial advice about your debts.

The charities will explain the full implications of a DMP and advise whether they think it is a sensible option in your circumstances.

wba31

The charities will also advise you on other options if they are suitable that me be better for you long term

savingjenny

A quick look at their website suggests NO! They don't mention the downsides of DMPs (interest may not be frozen, not binding on your creditors etc), they don't mention options such as a Debt Relief Order or bankruptcy, and they don't mention charities you could also speak to about your debts - thats 3 big things wrong with them - they want to make money out of you, not find the best solution for you.

I suggest you have a look at ALL the options that might be possible for you - this site goes through them http://debtcamel.co.uk/debt-options/ and has lots of details on DMPs. Then if you think a DMP is a good idea, call Payplan http://www.payplan.com/ and they will set a DMP for you where you don't have to pay them any fees - all your money goes to your creditors.

Depth_Charge

savingjenny wrote: »

A quick look at their website suggests NO! They don't mention the downsides of DMPs (interest may not be frozen, not binding on your creditors etc), they don't mention options such as a Debt Relief Order or bankruptcy, and they don't mention charities you could also speak to about your debts - thats 3 big things wrong with them - they want to make money out of you, not find the best solution for you.

I suggest you have a look at ALL the options that might be possible for you - this site goes through them http://debtcamel.co.uk/debt-options/ and has lots of details on DMPs. Then if you think a DMP is a good idea, call Payplan http://www.payplan.com/ and they will set a DMP for you where you don't have to pay them any fees - all your money goes to your creditors.

Hi

Good post, I have also had a look on their site including reading through the info on fees and referrals etc.

Best if the O/P contacts the Free agencies, at least to get an opinion.

Going with an agency that does not charge is a no brainer for me but everyone has the right to decide for themselves at the end of the day.

Another question, have this company signed up to the new 'voluntary' DMP protocol??

My opinions and take

wba31

savingjenny wrote: »

Then if you think a DMP is a good idea, call Payplan http://www.payplan.com/ and they will set a DMP for you where you don't have to pay them any fees - all your money goes to your creditors.

I would encourage you more toward CAB, National Debtline or Step Change, not for profit organisations... Payplan are free, but are a for profit organisation. Takes nothing away from their advice, I've never heard horror stories about them to be fair...