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mandy.s22
Starting Member
3 Posts |
 Posted - 25 November 2009 : 23:29:48
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| I have been advised to go with a debt management plan with a company that is a charity and is free, also one which we pay 15% +vat that is a commercial company. which are the best and most helpful. regards |
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Jan Lee
Forum Expert
United Kingdom
79 Posts |
Posted - 26 November 2009 : 18:32:24
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Hi, and welcome.
My DMP was done via a fee paying company and interest and charges were frozen. The charitable ones are good as well.
You can approach the creditors yourself - we have template letters on here for you to send off and negotiate yourself.
The choice is obviously yours, but we are here for any advice or support you may need. |
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mandy.s22
Starting Member
3 Posts |
Posted - 27 November 2009 : 14:45:50
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thanks jan
the fee paying company say they get the interest frozen when charities can't and my husband wants all our spare cash to go to the creditors not paying more out to someone else
mandy |
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Jan Lee
Forum Expert
United Kingdom
79 Posts |
Posted - 27 November 2009 : 16:42:45
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The fee paying companies are good, and they will usually get the interest frozen, and normally CCCS or Payplan, who are the charitable ones, can do so as well.
I was always under the impression that if you paid fees, your creditors wouldn't get as much back - not so. Although you are paying for help, your creditors will get back 100p in the pound - it just may take a little longer.
With the charitanble companies, although you pay back 100p, the creditors will pay some of that back to the company as their 'fees', so the creditors actually receive less.
If you can negotiate it yourself, you will obviously have no fees and the creditors will get everything back. However there is certainly guarantee that they will freeze interest and stop charges.
Have you thought of possibly doing an IVA? Would this be an option? |
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mandy.s22
Starting Member
3 Posts |
Posted - 27 November 2009 : 22:07:16
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hi jan
No, an IVA we have been told by both sides is not an option. We will have to make up our minds by the end of the weekend.
I never thought we would ever be in this situation but I guess many people think it too. CCCs is the charity we have contacted. Has their been good or bad feedback about them?
regards |
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Jan Lee
Forum Expert
United Kingdom
79 Posts |
Posted - 27 November 2009 : 22:14:56
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They have reasonable feedback, but like everything some people like them and some don't.
I'm actually in an IVA with Payplan and I rate them quite highly.
If you're happy with the service you are getting from CCCS then continue with them.
I never thought I'd be in this position either, but don't intend to ever be there again.
Let us know how you get on with CCCS. I monitor this forum every day, so any other questions please ask. |
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advised to go with a debt management plan
