Debt Management Company or DIY

coreen62

Does anyone know if it's better to go to a company for DMP or is it better to diy.

I've been with a DMP company since end of 2004 and felt really good that I could send all the threatening calls to them instead of dealing with the
calls myself.

My total debt is £39,011.75. I pay DMP £300 per month out of which they take their share of £30. At this rate it will take me 12 years to clear my debts. Has anyone got some ideas on how I can get ride of them fast, I'm now starting to worry especially since everything is getting more and more expensive and I'm starting to struggle again for money.

CCCS_Sarah

Hi Coreen,

It does really depend on how you would feel about managing your debts. What I would say is you are using a fee charging company that is taking £30 a month for something that you could do yourself – this money would be a lot better going towards your debts than to another company. If you feel that you would prefer a DMP then you could always use one of the non profit organisations such as CCCS or CAB.

If you would like any further information feel free to give me a shout or visit our website on www.cccs.co.uk

jimbo26

Don't use a company that charges you. CCCS are a charity and offer the same service for free ie. all your money goes to your creditors.

Burlesque_Babe

Please do it through the CCCS or on your own. Don't use a company which is only interested in taking money off you which you could put towards debts.

rayday2

I run my own DMP with the help of the payment calculator and template letters off the national debt helpline website.

If you are starting to struggle you probably need to look at your outgoings etc but that £30 in fees could go to the companies so you feel a bit better off and the debts come down quicker.

Broken_hearted

I run my own DMP which I find much better than CCCs who just keep telling me to go BR. Plus I'm have more flexability to overpay or make F&F offers.

davek1

if the firm are taking £30 pcm in fees thats an additional £360 per year that you could repay to your debts. ten tears is another £3,600 off your debts. I'm sure you get the idea.

I would ditch the fee charging company ASAP and go with either CCCS or Payplan. Anothjer free one is CAP ( christians against poverty) all very good and helpful.

If you feel coinfident enough and strong enough then a DIY plan is fine.

Dave