Debt Management help

roomoon

After some advice

After weighing up all available options I realize I will need to set up a Debt management plan.

Couple of points I am unsure of.

Can my creditors reject my plan when it is set to them and say I must pay the current fees.

Will the creditors deal with free debt management help compainies the same way they would deal with a company that charges.
I maybe wrong but I have been told I have to send all the letters asking for a plan if I use a free company is this right?

Thanks for any advice

sourcrates

roomoon wrote: »

After some advice

After weighing up all available options I realize I will need to set up a Debt management plan.

Couple of points I am unsure of.

Can my creditors reject my plan when it is set to them and say I must pay the current fees.

Will the creditors deal with free debt management help compainies the same way they would deal with a company that charges.
I maybe wrong but I have been told I have to send all the letters asking for a plan if I use a free company is this right?

Thanks for any advice

Hi,

Yes, they can refuse your payment, but if that happens, they usually sell the debt on.

Yes, creditors despise fee charging companies as much as people on here do, never pay for debt help !!!

No, stepchange do everything for you.

Usually creditors are quire amiable when people have payment difficulties, lots of folk are in DMP's, it's not a plan as such, they just deduct your essential expenses from your income, and distribute the remainder amongst your creditors, on a pro rata basis.

Sazzie23

Hi

**** Please DON'T use a fee charging DMP company ****

folk on here have had problems with payments not being made, companies going bust with clients money lost and they don't get any better treated than a free service.

Stepchange & Payplan are both industry run free services, although they may have a charity basis and they do not charge, they are widely accepted by creditors. Quite a few folk find using SC or PP or another to set up their DMP and then moving to self managed has worked well.

All depends on your abilities, fears and your debts. If you want to research more, I'd suggest reading through some of the pages of the DMP mutual support threads (currently number 11) the link is usually in page 1 or 2 of the DFW forum home.

Sounds to me like you'd do ok self managed - NEDCAB is well respected for advice on how to handle it. No fees.

sourcrates

Sazzie23 wrote: »

Hi

**** Please DON'T use a fee charging DMP company ****

folk on here have had problems with payments not being made, companies going bust with clients money lost and they don't get any better treated than a free service.

Stepchange & Payplan are both industry run free services, although they may have a charity basis and they do not charge, they are widely accepted by creditors. Quite a few folk find using SC or PP or another to set up their DMP and then moving to self managed has worked well.

All depends on your abilities, fears and your debts. If you want to research more, I'd suggest reading through some of the pages of the DMP mutual support threads (currently number 11) the link is usually in page 1 or 2 of the DFW forum home.

Sounds to me like you'd do ok self managed - NEDCAB is well respected for advice on how to handle it. No fees.

You are so much more eloquent than I am sazzie lol !!