Advice

samymullane

Hello,

I currently have around £5500 of credit card debt from when I was younger and stupid. I am currently on a debt management plan as there was a period of time when I couldn't afford the monthly payments the bank were asking for. However, I am now in a position where I can afford to pay more back each month and I am trying to find the best way to do this outside my plan as they take a portion of the money so takes longer to pay it back.

I have spoken to Natwest direct to pay them directly however they have sold the debt on so this isn't possible. I and my partner are looking to buy a house in just over a years time so I need this debt sorted asap.

Any advice on this would be much appreciated!! Thank you!!

Candyapple

You do realise that even by clearing the remaining debt, that the damage has already been done to your credit history for 6 years from the start of the DMP?

Experian: https://www.moneysavingexpert.com/creditclub
Equifax: https://www.clearscore.com
Call Credit: https://www.noddle.co.uk

Check your credit files, who does it show as your creditors – the debt(s) will have likely been sold to a debt collection agency – that is who you will need to contact.

Willing2Learn

Hi,

You ideally need to post on the Full and final settlement help thread where you will receive guidance as required.

[Deleted User]

I would forget the H2B ISA you posted about here: https://forums.moneysavingexpert.com/discussion/comment/75540417#Comment_75540417

And throw as much as you can at the debt to clear it down before you even think about purchasing a house.

If NatWest have sold the debt on then you need to contact whomever it has been sold to and make new payment arrangements with them direct

DCFC79

Who is your dmp with ?

Im hoping a free one and not 1 who charges a fee.

samymullane

Yes I am aware of the damage. My concern at the moment is to try and get it all paid off as soon as possible.

samymullane

My debt management plan is with Greggory Pennington, and they take a fee each month as I couldn't get accepted by anyone and I was desperate to try and sort things out.

Willing2Learn

samymullane wrote: »

My debt management plan is with Greggory Pennington, and they take a fee each month as I couldn't get accepted by anyone and I was desperate to try and sort things out.

I strongly recommend that you terminate your contract with Greggory Pennington. You can then either get the remainder of your DMP managed for free or alternatively self-manage. Don't give Greggory Pennington another penny is my advice. Every pound of available disposable income should go toward paying down the debts, and not to paying someone to do it for you when there are a multitude of free options.

DCFC79

samymullane wrote: »

My debt management plan is with Greggory Pennington, and they take a fee each month as I couldn't get accepted by anyone and I was desperate to try and sort things out.

Im sure Stepchange or 1 of the other debt charities would have helped you out.

samymullane

Willing2Learn wrote: »

I strongly recommend that you terminate your contract with Greggory Pennington. You can then either get the remainder of your DMP managed for free or alternatively self-manage. Don't give Greggory Pennington another penny is my advice. Every pound of available disposable income should go toward paying down the debts, and not to paying someone to do it for you when there are a multitude of free options.

Thank you!!

Willing2Learn

If you head on over to the Debt-Free Wannabe board then we can look at your options. Moving forward, you might want to consider self-managing the remainder of your DMP. Alternatively, you may want to consider one of the free agencies to manage your DMP...