Energy Price Cap announcement: Watch Martin Lewis explain what it means for your electricity and gas bills this winter
in Credit cards
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I was hoping for one of the MSE experts to give me the heads up on this particular scheme
I am financially astute so was going to check them out with the FCA etc but was hoping one of the Experts would say good/don't go near them based on their industry knowledge. Even after due diligence, easy to thing you are in a genuine site but in fact it is a fake. HMRC and Land Registry classic examples.
We did it as we couldn't make the minimum payments each month - Payplan will want to see that you have enough left over after essential spending to make headway on the debt but not so much that you can afford to pay the debt off without their help - it sounds like this may be the case for you - you just don't want to pay higher rates. If paying the minimum payments will leave you destitute it's worth you speaking with them.
You will need to share bank statements/credit files etc with them and have to be honest, no hiding money here and there, so bear this in mind if you like your privacy.
Obviously you won't be able to apply for any more credit during this time too, not just credit cards/loans but new washing machines and may even struggle to get new phone/tv contracts - so please make sure you're fully aware of all the implications.
I'll close this post now and thanks to all your advice, I'm definitely not going with this scheme.