Dmc

britmark

Just wondered what peoples views on these debt managment companies are.

Me and my partner have got quite a few debts, loans, credit cards.
We had a phone call from a company called Debt Matters and we are thinking of going with them to reduce our debt, they reckon we could be debt free in 5 years, are these companies genuine.
Thanks

twists_and_turns

You may be better off looking for a non-profit organisation to help you such as CCCS or national debtline. As they are non-profit organisations their priority will be to help you rather than to profit from your situation.

scooterwife

I would second that. we have a dmp with cccs and have been really pleased with their help. they aren't there to make profit, so all your money goes towards paying your debts.

tigerfeet2006

Do NOT go with a Debt Management company that advertise on TV. You will have to pay them each month to deal with your debts. Go with one of the charitible agencies in my sig.

Also pop up your statement of affairs ( see here http://forums.moneysavingexpert.com/showthread.html?t=107280) and the guys here will help you make some cut backs etc.

In_Search_Of_Me

Definately go with one of the free agences (see tigers sig for no's! - post above mine!) as they will do the same as the one you have contact with for free! Plus you're more ikely to get advice on whats best for you rather than their profit making schemes! As OP said post your SOA (if you feel comfortable to!) and people can suggest way you can cut back!

britmark

Thanks for the replys.
Not sure what my SOA is at present, i am going to apply for our credit reports, then take it from there then i can tell you.
Glad i asked on here first.
Thanks.

tealady

Hello. You don't have to put up your SOA but it helps because another pair of eyes may see what you have missed with regard to ways to cut back.

chevalier

A SOA is a statement of affairs. This is basically
a) Income from all sources (not stuff that is commission based or not guaranteed)
b) Outgoings - Ie all the monthly bills, eg mortgage, utilities, insurances, phones, plus food, petrol, and then yearly things like MOT, car tax, etc divided by 12 so you know how much you need to save towards this.
c) Debts - how much, apr, and length of term.

There is a sticky at the top of the forum that gives more information. You will need something similar if you decide to go with CCCS or Payplan, for when you have the big chat with them, so this would enable you to get all of the statements etc together as a practice run.

chev