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Debt Management Plans advice needed urgently

crofts11
crofts11 Posts: 3 Newbie
in Debt-free wannabe
Hello Board,

I am a newbie but I am in a lot of debt. :confused:

I'm 24 and currently owe roughly £28k. It has got to the point that I am paying out more than I am earning so I need to do something about it and need to do it quickly!!

I have been looking at one company and they are recommeding that I go on a Debt Management Plan, I am not 100% sure what this means so some advise on that would be great.

Also they are charging 15% which has been included in the monthly payments but this seems very high is it?

I would greatly appreciate any information/advise that people are willing to offer to help me get out of what seems like a no win situation with my finances.

Comments

  • embarrassed_about_my_debt
    embarrassed_about_my_debt Posts: 905 Forumite
    Hi, Welome to the boards.

    Dont use them! There are free debt charities that will help you for free so 100% will be going to your creditors.

    I'll go and find the links for you!
    Debt Now~Total-£14,366.72~CC-£1,600.00~Sofa-£1,349.01~Loan-£11,417.71
    :eek:Debt@Oct 12~Total £15,674.60~CC-£1,636.40~Sofa-£1,648.77~Loan-£12,389.43:eek:
  • louietudor
    louietudor Posts: 273 Forumite
    click the link below to go to the DMP support thread - you get all the advise and help you need there, its full of great people going through exactly the same as you

    http://forums.moneysavingexpert.com/showthread.html?t=729285&page=138
  • embarrassed_about_my_debt
    embarrassed_about_my_debt Posts: 905 Forumite
    Here you go <--- Click me

    They dont charge anything so please talk to one rather than a fee paying company
    Debt Now~Total-£14,366.72~CC-£1,600.00~Sofa-£1,349.01~Loan-£11,417.71
    :eek:Debt@Oct 12~Total £15,674.60~CC-£1,636.40~Sofa-£1,648.77~Loan-£12,389.43:eek:
  • 10past6
    10past6 Posts: 4,962 Forumite
    Hello crofts :hello:

    Welcome to the forum

    If you can complete your SOA (Statement of Affairs) it will enable us to see if there are any savings to be made.

    Click here for the SOA.
    Click here for Martins (MSE) advice on who to contact with Debt Issues - YOU HAVE NO REASON TO USE A FEE PAYING DEBT MANAGEMENT COMPANY- THEY CANNOT DO ANYMORE FOR YOU THAN THOSE LISTED IN MY LINK ABOVE.

    All information given by myself is offered informally and without prejudice - if in doubt seek help from a qualified and insured professional
This discussion has been closed.
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