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jenma | Im in a debt management plan but have just phoned up...? |
and they said when i first started with them i owned £6,500 or just under, i have now been with them for 2 years and i just spoken to them on the phone and they said i now owe just over £5000...
i think that is so bad that i have only paid that, i have been payin £150 every 4 weeks for 2 years!!!!
i am totaly shocked, i really dnt no what 2 do!? someone please help!!!!
Additional Details
haha hope you understand what i just written, i just read it then and didnt make much sence!! but my point was that i have only just paid over a £1000 and been with them for 2 years, paying £150 a month.... still shocked!!!! |
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Peter17
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The Debt Management Company (DMP) you are using is undoubtedly charging you a monthly fee (often about 17.5%) of the money you pay to them to distribute to your creditors.
Also, because a Debt Management Plan is an informal arrangement between you and the creditors, they do not have to freeze interest - if you were told by your DMP company that this was guaranteed, then the DMP was 'mis-sold' and you may have reason to complain to the Office of Fair Trading (OFT) who set industry guidelines for DMP companies.
Free Debt Management Companies like Payplan ( http://www.payplan.com ) are sponsored by the credit industry and therefore are free to you, the client. Payplan will recieve a donation from the creditors in order that they can maintain their service to you - and they will never promise to freeze interest - but will have a high success rate in doing so.
I'd advise that the first thing you do is to cancel any future payments to your current DMP Company, and maintain the payments to your creditors yourself (this way every penny is going towards your debt) - then if you need further support and advice try Payplan, the Citizen's Advice Bureau or National Debt Line.
Also try Consumer Direct for advice over mis-selling.
Hope this helps
Peter |
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just trying to make a difference
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companies who offer debt management plans like this tend to add their rather huge fees into the calculations, which means you pay back much more to try and clear your debts.
just last week i interviewed someone at work who had made payments of £2000 for an IVA with a debt management company.
they closed his IVA as he couldn't afford the repayments any longer and when i looked through his paperwork i found all the £2000 had been taken in their fees and not a penny had gone on the debts!
i'm afraid to say that this is very typical - never phone those off the tv or out the papers!!
if it's convenient then go to your local citizens advice for some help http://www.adviceguide.org.uk/
if not or you can't get an appointment don't worry, we suggest any of the following companies as they all offer free, confidential & impartial debt advice:
The Consumer Credit Counselling Service http://www.cccs.co.uk/
Payplan http://www.payplan.com/
National Debtline http://www.nationaldebtline.co.uk/ |
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nelson558@btinternet.com
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You have made a mistake going with one of these companies as all they do is rip people off.
Take advice from the Citizens Advice and see if you can cancel any agreement you have with them.
Good luck. |
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mark
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it seems you are stuck in a five year contract with them and there is nothing you can do they take a cut of the money you pay each month so yes it will seem as though you are paying nothing off. I would go to Citizens Advice and let them try and sort it out for you |
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acoustic_jim
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Don't get involved with them!! They're there to make money. Go to the CAB or take advice from a GOVERNMENT backed scheme. Get out if you can.
Try moneysavingexpert.com for more tips and great advice |
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Champagne 3 suspended again !
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Why are you so shocked ? Did you not read the terms and conditions before signing ? Debt management companies take a huge percentage of what you pay. It would have all been explained to you before you agreed to it. |
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Dimples
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get out of this plan if you are able to and sign up with either CCCS or Payplan, they are both charities and will not charge you a bean. |
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patrick p
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I'm speculating as I'm in the US and you're in the UK, but it sounds like you kinda got conned, and you probably have a contract with them, so I don't know what there is to do.
The way this works over here - I offer a "debt mgmt." service. I charge you a fee for this service, and maybe your first 6 months of payments (or more) cover that fee- let's say it was 15%, it would be around $1025, and, at $150/month, take six and a half months to pay.
Then money starts going to your debts - so now, you have six months of interest when you weren't paying, and now you're paying $150/month, but obviously a chunk of that is interest.
If you can get out of the debt management deal (call your creditors and see what you could work out if you weren't under the company), then I would, though you may be pretty tightly locked - ask them if there's a way to pay more than you are currently to the principal maybe? |
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sexyma
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Alas we are a nation of none readers of small print...you should gather all your documantation and go to CAB or a financial institute who offer free debt advice and explain that they never fully explained their terms and you not any better off. Thay will look into it for you. Good luck.x |
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