Promise Debt Solutions?

FranBrowne

Hi all,

Looking for some advice please! A bit about us first, we're both 25, married, bought first house last year and have a baby due in May. We both work full time but seem to have no money left by the time we've paid out our debts each month and whilst we're just about getting by now, god knows how we'll manager when little one arrives.
We have a managed loan of £15k and 4 credit cards- total debt is about £20k and paying nearly £500pcm to these. I have looked at a loan to consolidate, but this would be secured on house which I don't want to do and again more interest. I have spoken with Promise Debt Solutions who seem to be good and reckon we'll be debt free in 8 years if they can get all interest frozen.
Has anyone dealt with Promise and any suggestions how we're best to deal with this?

Many thanks!!

poorandindenial

Hi Fran

This sounds like they are a commercial company who will charge you for their services. Instead you would be better off going through a charity who may also be able to get interest frozen for you but more of the money you pay will go to your creditors. The charities are Citizens Advice Bureau, PayPlan and CCCS (all are hyperlinked in the DFW Dictionary thread at the top of the page)

Speak to them and they will explore the options with you for free.

Good luck sorting it all out.

fermi

If promise are suggesting a Debt Management Plan (DMP), then contact CCCS or Payplan instead.

They run free DMP's where every penny goes towards paying off the debts. They are also generally well regarded by most creditors so should be more successful in negotiating down interest and charges than a fee changing company.[SIZE=-1]

The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 [/SIZE][SIZE=-1]

Payplan - Tel: 0800 917 782[/SIZE]

FranBrowne

Thanks all. I went to Payplan and they said we weren't struggling enough to help us! Sounds like I should get back in touch with them. We're not too bad at the moment, but once I go on maternity leave our income will be really affected.

fermi

Try talking to CCCS as well. If they come back and say that a DMP isn't suitable for you as well, then you can be pretty sure that is right.

Payplan and CCCS will try to give you advice based upon your best interests, while a company like promise will always be thinking about the fees they can earn from you.

You can also put a few "what if" questions to them if your circumstances are going to change in the near future.