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  • FIRST POST
    • Akd1961
    • By Akd1961 12th Jan 18, 3:57 PM
    • 10Posts
    • 0Thanks
    Akd1961
    Debt Management Plant
    • #1
    • 12th Jan 18, 3:57 PM
    Debt Management Plant 12th Jan 18 at 3:57 PM
    Hi

    I am thinking of getting a debt management plan but want to know full implications, this is for my unsecured credit card debts. But I also have a mortgage not included in the plan how will this effect me in the long term, I did google it but lots of conflicting information, any help appreciated.

    Or is this not the way to go owe about 17K soon not to be interest free and can't get any more cards
Page 1
    • zx81
    • By zx81 12th Jan 18, 4:01 PM
    • 17,287 Posts
    • 18,403 Thanks
    zx81
    • #2
    • 12th Jan 18, 4:01 PM
    • #2
    • 12th Jan 18, 4:01 PM
    It will trash your credit file for some years to come.

    But if you're defaulting on your debts, it may be your best option.
    • sourcrates
    • By sourcrates 12th Jan 18, 4:04 PM
    • 14,368 Posts
    • 13,553 Thanks
    sourcrates
    • #3
    • 12th Jan 18, 4:04 PM
    • #3
    • 12th Jan 18, 4:04 PM
    Hi

    I am thinking of getting a debt management plan but want to know full implications, this is for my unsecured credit card debts. But I also have a mortgage not included in the plan how will this effect me in the long term, I did google it but lots of conflicting information, any help appreciated.

    Or is this not the way to go owe about 17K soon not to be interest free and can't get any more cards
    Originally posted by Akd1961
    Post on the Debtfreewannabe forum for more specific advice on this.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • chattychappy
    • By chattychappy 12th Jan 18, 10:46 PM
    • 6,812 Posts
    • 3,701 Thanks
    chattychappy
    • #4
    • 12th Jan 18, 10:46 PM
    • #4
    • 12th Jan 18, 10:46 PM
    Post on the Debtfreewannabe forum for more specific advice on this.
    Originally posted by sourcrates
    Which is here, just in case you couldn't find it: http://forums.moneysavingexpert.com/forumdisplay.php?f=76

    In the meantime, avoid any companies offering paid advice or offering consolidation loans etc. Plenty of free advice on the forum above including details of proper organisations who can help as per sourcrates's signature block.

    Good luck.
    • Akd1961
    • By Akd1961 13th Jan 18, 8:26 AM
    • 10 Posts
    • 0 Thanks
    Akd1961
    • #5
    • 13th Jan 18, 8:26 AM
    No defaults
    • #5
    • 13th Jan 18, 8:26 AM
    No defaults as. Yet
    • theoretica
    • By theoretica 13th Jan 18, 12:57 PM
    • 5,219 Posts
    • 6,484 Thanks
    theoretica
    • #6
    • 13th Jan 18, 12:57 PM
    • #6
    • 13th Jan 18, 12:57 PM
    What is the standard rate on your mortgage? If you get stuck on it and can't remortgage how bad would it be?
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
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