Debt Management Plan Help!

[debtpenguin]

Hi,

I recently signed up to a debt management plan with Moneydebtandcredit.com. Now realised that was an ultimately extremely stupid thing to do, looking at CCCS and Payplan, waiting to hear back from them today. Can anyone give me any of their experiences with these two companies? I have around £6k in debt to 6 debtors - so no one massive debt but lots going out every month that has just become unsustainable. I have been using credit to live on, I just want to get my life back on track, instead of constantly worrying and feeling sick.

Any advice/experiences much appreciated. x

CCCS is a free debt advice service, as are CAB and National Debtline. I'd recommend that you talk to one of them about your situation before you do anything else. If you've already signed up to another company then your options could be limited.

I contacted CCCS who arranged for a proper hour talk to go through it all on the phone (although I'm self employed so had to go through all the business stuff too - should be quicker without that). My debt is about 7 times as much as yours and I honestly didn't think we could get a DMP but they were fab and we're literally about to sign the agreement and post it back. They don't get anything out of this, it's all free. I'm not sure if you have any choice now you've signed up with the other but I'd certainly give CCCS a call ASAP and ask them if there are any options.

Best of luck x

You're better off going to the CAB, they can really help and it's also free.

Can you do anything to 'unsign yourself up'..a cooling off period? Some way to cancel?

Cogito is right with her recommendations - also try Christians Against Poverty...not preachy, honest...who have won oodles of awards for their debt management (free) service which is very well established. Their website is excellent.
Good luck x

We are on a dmp with payplan - they have been really good and it's been really easy. They dealt with all the creditors for us and they are completely free so everything you pay goes towards paying off your debts- we owed about £35k but when duh hours were reduced at work we found we couldn't manage all the repayments

Good luck