Debt management agency's
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cherry_tree_11
Posts: 3 Newbie
in Credit cards
Hi there I'm brand new here but really need some advice re Dept management companies.
I've been using one for about 8 yr's now as my husband and I have 6 credit cards with debt totalling approx 30.000 mainly due to the ressesion when we borrowed trying to save our business ( which we didn't)
Whilst I originally thought Debt management would take the heat of us and nagging card companies I'm now wondering if it would be better for me to write all the card collection depts quoting a figure that I can afford to pay each month. I then wouldn't have to pay the DMA their fees ! What I really want to know is are the card collection departments going to co,e down hard on us ? Can they send bailiffs in ? Or make us sell our car etc ? Is this a better route to go down ? Needless to say we are pensioners and can't afford to pay the debts in full. Thank you so much for any advice Cherry :j
I've been using one for about 8 yr's now as my husband and I have 6 credit cards with debt totalling approx 30.000 mainly due to the ressesion when we borrowed trying to save our business ( which we didn't)
Whilst I originally thought Debt management would take the heat of us and nagging card companies I'm now wondering if it would be better for me to write all the card collection depts quoting a figure that I can afford to pay each month. I then wouldn't have to pay the DMA their fees ! What I really want to know is are the card collection departments going to co,e down hard on us ? Can they send bailiffs in ? Or make us sell our car etc ? Is this a better route to go down ? Needless to say we are pensioners and can't afford to pay the debts in full. Thank you so much for any advice Cherry :j
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Comments
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You can either do it yourself or use one of the debt charities for free.
You certainly don't want to be paying a fee when you haven't got enough to clear the debts in the first place.0 -
I have moved the thread to a better home.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
Sorry for the mistake and thanks :A0
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On the DFW board, there are a number of debt charities.
The bottom of this page lists a number of them.
https://www.moneysavingexpert.com/loans/debt-help-plan
Lots of posters on the DFW board use Stepchange and National Debtline also pop in to some of the threads too.
Do not pay a Debt Management Company - you want the amount you are paying them to go to your creditors.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
cherry_tree_11 wrote: »Hi there I'm brand new here but really need some advice re Dept management companies.
I've been using one for about 8 yr's now as my husband and I have 6 credit cards with debt totalling approx 30.000 mainly due to the ressesion when we borrowed trying to save our business ( which we didn't)
Whilst I originally thought Debt management would take the heat of us and nagging card companies I'm now wondering if it would be better for me to write all the card collection depts quoting a figure that I can afford to pay each month. I then wouldn't have to pay the DMA their fees ! What I really want to know is are the card collection departments going to co,e down hard on us ? Can they send bailiffs in ? Or make us sell our car etc ? Is this a better route to go down ? Needless to say we are pensioners and can't afford to pay the debts in full. Thank you so much for any advice Cherry :j
A DMP is an agreement between you and your creditors. The point to note here is that your creditors don't have to agree. But if they do agree then they are unlikely to involve debt collectors.
Stepchange provide fee free DMPs and they will negotiate with creditors on your behalf. Very basically they will calculate how much you can afford to pay off your debts after viewing your incomings and outgoings, what Stepchange refer to as your "budget". Have a look at their website:
https://www.stepchange.org0
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