Debt Management company help

Chezza71

Hi everyone... HELP!

I've had a lengthy phone call tonite from a company called First Step Finance. My debt is £13.5K and they are saying I can clear this in 3½ years by paying them £210 a month (including a £20 management fee to them) and they will put this money in some sort of interest-bearing account. They would then pay £2 or £3 off the loans and the rest of the money would stay in this interest-bearing account. I'm not quite sure what happens to this money - I guess it eventually goes to the creditors.

Has anyone else had dealings with this company? Or should I go through CCCS and do my own DMP?

Sea78

Please DON'T go through tihs company - go through the CCCS instead - it won't really be your own one if you use CCCS as they will run it for you and give you all the support you need. The other one will not help - it will !!!! off creditors, and not help the situation at all.

Sea xxxx

Chezza71

Thanks for your reply! I now realise that CCCS would give a lot of support - I thought it would be too scary doing my own DMP! Wouldn't know where to start!

Sea78

I know - I felt like that! But they've been fab - lead me through everything step by step (during the first phone call I could barely string a sentence together lol!)

Sea xx