Personal debt helpline

gerrard8_s

Hi i've just joined up with this company as i'm struggling with my finances big time with 7 catalogues and 3 very high apr (39.9%) credit cards all my own fault! It sounds really good and the payments are much easier to cope with and i will have paid them off quicker than if i carried on what i was doing just paying the min amount each mth i couldn't afford to pay anymore so i calculated that by the time my credit card would be paid off i will be 107!!! I'm only 34 now! Has anyone heard or had dealings with them? I have been in touch with a few debt helpline people but this one seemed better. Please tell me i havent made a mistake!
Thanks
C x

saffronflowers

DONT DO IT - you do not have to pay anybody to set up a dmp - call either CCCS or Payplan who are registered charities and will do it for FREE.

SFx

newlywed

Don't google cccs - or some of the paying companies come up - go straight to https://www.cccs.co.uk or payplan.co.uk for impartial, free advice from a debt charity!

If they set up a DMP for you they don't charge any fees so they won't advise you to do something that isn't suitable as they aren't gaining from you (unlike virtually every other debt "help" company who all take a nice big slice of your money)

Merlot

gerrard8_s wrote: »

Hi i've just joined up with this company as i'm struggling with my finances big time with 7 catalogues and 3 very high apr (39.9%) credit cards all my own fault! It sounds really good and the payments are much easier to cope with and i will have paid them off quicker than if i carried on what i was doing just paying the min amount each mth i couldn't afford to pay anymore so i calculated that by the time my credit card would be paid off i will be 107!!! I'm only 34 now! Has anyone heard or had dealings with them? I have been in touch with a few debt helpline people but this one seemed better. Please tell me i havent made a mistake!
Thanks
C x

Agree with SF, you will be making one big mistake if you go with this company, please call the CCCS today http://www.cccs.co.uk/ they are a debt charity and will not charge you a penny for using them, they are fantastic and some of the very helpful members of CCCS post on this forum also. give them a call, its free.

If you are able to do so, please post an SOA (incomings and outgoings) and we will see what we can do for you.


Merlot.x.

gerrard8_s

I can pull out of it at anytime at the moment i was paying my creditors £250 a mth When i went thro my outgoings with the PDH they said i can do it for £100 a mth and it will take around 5yrs and 7mths.
My debts prob amount to £1,600 on one card £900 on another and £1,000 on the last one and catalogues amount to £1,700The helpline said there is a £25 fee to set it up and to ring my creditors and thats included in the £100 a mth. So many companies doing it i get confused ahhh
C x

newlywed

If you pay them £25 a month for 5 years and 7 months, you are paying them £1,675 that could go towards getting debt free sooner if you go to one of those two free charity ones

fermi

Don't just take our word for it. Listen to the advice of Martin Lewis and this site:

From:http://www.moneysavingexpert.com/loans/debt-help-plan#help

The right people to go to

You need non-profit debt counselling help, in other words a one-on-one session with someone who is paid to help you, not to make money out of you. This is different to ‘free’: many commercial companies say they’re free as you’re not charged directly, but you’ll still pay somehow. The places I'd recommend are:

Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
National Debtline - Website: National Debtline Telephone: 0808 808 4000
Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest
Community Legal Advice - Website: Community Legal Advice Telephone: 0845 345 4 345

These counsellors use a variety of techniques, you may be put on a debt management plan, where they negotiate with your creditors. You may be recommended an IVA (Individual Voluntary Arrangement) or even bankruptcy (not as scary as it sounds). They will certainly show you how to prioritise the most important debts to enable you to keep food on the table and roof over your head.

Most importantly they're not judgmental, they're not there to tell you off, they're just there to help you sort out the problem. The sooner you talk to them the better. It may help you sleep at night.
Unfortunately they can be oversubscribed. If it takes time to get an appointment with them, use the info on their websites to start to plan. There may also be a local debt councillor in your area, such as Christians Against Poverty (not about religion even if it sounds like it) but ensure it is a non profit/Charity.

The wrong people to go to

Avoid any of the beasts that advertise debt help or management on the TV or in red top newspapers. They are commercial companies who simply want to make cash out of you, they don't care. While in the short term their plans will make your payments lower, in the long run it'll cost you dear. Avoid them. Don't touch them. Don’t go near them.

I think this post from the Chat Forum explains it better than I ever can:

"We, my wife and I, are on a seven-year plan with CCCS" (that's the Consumer Credit Counselling Service, one of my recommended agencies – Martin) "having recently changed from a commercial debt management company after hearing Martin on Radio 2's Jeremy Vine show. The simple action of swapping to the CCCS has shaved over two years off the length of our plan as the money we were paying the management company now goes to our creditors instead! Of course, that also means a financial saving of nearly eight grand over the term of the original plans 10 year period."

This includes IVA companies who advertise about “a little known government loophole”. While it sounds good, it’s only for a few people. If it is for you the debt counselling agencies should suggest it.

RAS

Hi

http://www.moneysavingexpert.com/loans/debt-help-plan#help

The people below will be best able to provide independant advice and they do not charge fees. There is a debt remedy on the CCCS web-site, if you want to play with that. The other non fee charging company is payplan, although they are not a charity.

Either way, we would recommned that you talkk to them

Also

Have a look at the snowball on www.whatsthecost.com and work out how long it would take you to pay off your debts with out DMP

Put up a statement of affairs so people can find ways to help you reduce your spends.

Sign up for www.quidco.com and other cashback companies, so that if you switch, you can get cash back towards your debts.

Sign up for www.freecycle.org so you can get things for free if something breaks down or just you need some clothes.

Merlot

gerrard8_s wrote: »

I can pull out of it at anytime at the moment i was paying my creditors £250 a mth When i went thro my outgoings with the PDH they said i can do it for £100 a mth and it will take around 5yrs and 7mths.
My debts prob amount to £1,600 on one card £900 on another and £1,000 on the last one and catalogues amount to £1,700The helpline said there is a £25 fee to set it up and to ring my creditors and thats included in the £100 a mth. So many companies doing it i get confused ahhh
C x

Phone the CCCS and then you can pull out of the agreement with PDH, they are scum, and you may run into problems later, they may not be able to freeze the interest or something, no-one should use a company that charges you.

Merlot.x.

gerrard8_s

Thanks guys i've just filled the quick form in and i'm gonna ring em now thanks again let you know how i get on
C x

saffronflowers

Well done phew was worried there - also remember that first £100 you pay also goes to them!

SFx