Debt Management Plan

Kruger94

Hi All

Today I took the step to enter a DMP with over 60k debt across 6 lenders. I have agreed to pay a good amount back but still awaiting whether the creditor agree to the payment amounts by the the company I am using. 
Has anyone had any situations where the creditor declines the payment amount? Really scared and worried about this process but I was consistently in a bad spiral and affecting mental health.

pogg000

Which company did you set this up with?

Kruger94

pogg000 said:

Which company did you set this up with?

Hi I set this up with Angels Advice

Grumpelstiltskin

Kruger94 said:

pogg000 said:

Which company did you set this up with?

Hi I set this up with Angels Advice

And how much are  they charging you?

Why haven't you gone with one of the free charities?

Are you sure you have researched debt management fully?

Have you saved an emergency fund?

Have the debts defaulted?

The answers to these questions will help us help you.

Kruger94

Grumpelstiltskin said:

Kruger94 said:

pogg000 said:

Which company did you set this up with?

Hi I set this up with Angels Advice

And how much are  they charging you?

Why haven't you gone with one of the free charities?

Are you sure you have researched debt management fully?

Have you saved an emergency fund?

Have the debts defaulted?

The answers to these questions will help us help you.

Hi, I have indeed and they have really good reviews so that's why I chose them and have helped me along the way and discussed the whole process. I have spent hours investigating this so I am no expert but I know I needed to come to this decision. I have cancelled direct debits and defaulted in some but I am waiting for creditors to approve the amount. For an emergency fund I do incase of any emergencies. 

Grumpelstiltskin

OK You still haven't said how much they are charging you and what they can do that the debt charities can't.

fatbelly

To answer your question, it doesn't matter whether they accept it or not. You pay them anyway.

To answer Grump's question, they charge £50 per month, reducing to £39.50 pm after 6 months

Grumpelstiltskin

Well fatbelly I wonder what they do for that amount of money?

Kruger94

Grumpelstiltskin said:

Well fatbelly I wonder what they do for that amount of money?

fatbelly said:

To answer your question, it doesn't matter whether they accept it or not. You pay them anyway.

To answer Grump's question, they charge £50 per month, reducing to £39.50 pm after 6 months

Is it worth me looking into a debt charity , which one would you recommend?

Kruger94

fatbelly said:

To answer your question, it doesn't matter whether they accept it or not. You pay them anyway.

To answer Grump's question, they charge £50 per month, reducing to £39.50 pm after 6 months

Thank you, I’m just worried about all the threatening letters coming my way that’s all and I want to pay it back hence me setting this up 

2021rdsunshine

Kruger94 said:

Grumpelstiltskin said:

Well fatbelly I wonder what they do for that amount of money?

fatbelly said:

To answer your question, it doesn't matter whether they accept it or not. You pay them anyway.

To answer Grump's question, they charge £50 per month, reducing to £39.50 pm after 6 months

Is it worth me looking into a debt charity , which one would you recommend?

Stepchange is usually recommended and it’s free or you can do your self managed DMP. Many of us are doing it and it’s not that hard. What you definitely shouldn’t do is paying a company to do your DMP. With the money you pay them you can either increase your payments to creditors or saving the money as an emergency fund