Debt management co

fudgey555

Hello. My wife and I owe 40k on creditcards and loans. (Illness being the main reason)

My question is simply this. Should we try to resolve these debts ourselves by negotiating directly. Or is it better to go through a 3rd party company who profess to be able to help with all the usual claims

eg; ;
Write off 80% of your debt

NO Upfront Cost to you!

STOP creditor contact and harassment

Be DEBT FREE in 5 to 6 years time

FREEZE all interest and charges

I ask because we really are not very confident that we would handle the creditors correctly. We were shown a template to use to initially bring up the fact that in truth we will never be able to clear the debts being of an age that doesnt allow us to .

To reiterate is there a good reason why we shouldnt go through a debt management company. We dont want to go through IVA or bankruptcy. We really do not wish to handle this alone as it is causing illness with worry.

sammyjammy

Do not touch these people. There are plenty of free charity debt management companies that can help you or you could do it yourself...

There is plenty of help available here if you decide to go it alone but if not try Stepchange or Christians against Poverty

fatbelly

fudgey555 wrote: »

eg; ;
Write off 80% of your debt

NO Upfront Cost to you!

STOP creditor contact and harassment

Be DEBT FREE in 5 to 6 years time

FREEZE all interest and charges

That is describing an IVA, which is a formal insolvency solution and earns the insolvency practitioner a 4-figure fee.

If you want our advice on the way forward we will need more detail. Please produce a statement of affairs and 'format for mse'

worried_jim

Stop! Contact any of these free debt charities.

https://www.payplan.com
'PayPlan is a friendly, established, family-owned company who offer free Debt Management Plans and advice to help people who are struggling financially. Whilst we’ve grown hugely since our creation in 1992 to one of the UK’s largest providers of free debt management services, our core aim of helping ordinary people to live comfortably whilst becoming debt-free has remained the same. PayPlan offers a full range of debt advice, ranging from IVA (Individual Voluntary Arrangement), bankruptcy, CCJs, bailiff law and rights, house repossession, car repossession and other legal debt advice and debt help issues.'

https://capuk.org
Christians Against Poverty is a Christian charitable company in the United Kingdom founded in Bradford, West Yorkshire by John Kirkby in 1996. It is a national organisation specialising in debt counselling for people in financial difficulty, including those in need of bankruptcy or insolvency

https://www.stepchange.org
StepChange Debt Charity is the trading name of the Foundation for Credit Counselling, and is a debt charity operating across the United Kingdom

sourcrates

fudgey555 wrote: »

Hello. My wife and I owe 40k on creditcards and loans. (Illness being the main reason)

My question is simply this. Should we try to resolve these debts ourselves by negotiating directly. Or is it better to go through a 3rd party company who profess to be able to help with all the usual claims

eg; ;
Write off 80% of your debt

NO Upfront Cost to you!

STOP creditor contact and harassment

Be DEBT FREE in 5 to 6 years time

FREEZE all interest and charges

I ask because we really are not very confident that we would handle the creditors correctly. We were shown a template to use to initially bring up the fact that in truth we will never be able to clear the debts being of an age that doesnt allow us to .

To reiterate is there a good reason why we shouldnt go through a debt management company. We dont want to go through IVA or bankruptcy. We really do not wish to handle this alone as it is causing illness with worry.

The add you have quoted refers to an IVA.

You need advice from one of the free debt charities listed in the posts above, certainly do not go anywhere near a debt management company, there typical fee is usually around 25% (in a lump sum) and they then proceed to charge you a similar fee on a monthly basis, and all for dong nothing basically.

Avoid them like the plague would be my advice.

fudgey555

Thank you for warning us.