Debt Management

[Saskia76]

Has any one used a debt Management Company. Im in some debt with catalogues and credit cards. Most of my wage is used to pay back what i owe (mostly only being only to afford to pay the minimum monthly fee). Cant see me ever been debt free if all i can afford is the min amount 😩 all advice welcome.

Hi saskia
Pop into one of the big debt threads
read every post
you'll see the light at the and of the tunnel
and find a wonderful support network of folks who understand
and yes
you will be debt free if you use he standing order trick

Do not pay for debt advice. There are a number of charities that offer it. If you are referring to a formal dent management plan Stepchange do not charge fees-

www.stepchange.org/how-we-help/debt-management-plan.aspx

www.citizensadvice.org.uk/debt-and-money/help-with-debt/get-help-with-your-debts/get-help-with-your-debts/

Visit the debt free wannabe forum on Money saving expert too. They're really helpful with advice.

We went to CAB but to be honest I wouldn’t advise it. Although the advice was good, we had to have 3 separate meetings before they came to a recommendation, and each meeting was about 6 weeks apart so it took ages. Step change are meant to be very helpful. Have a look on moneysavingexpert for decent agencies and charities for this.

I've just sorted our a debt management plan with step change. They've been amazing. I took my head out of the sand on Thursday and wrote all my debts down. Went to the bank on Friday to talk to them about my insane loan and credit card payments and they recommended step change. I rang them at home Friday afternoon and in an hour and twenty mins they had laid out a debt management plan (from £790 of my wages going on repayments and sitting at The max limit of every credit card and at the bottom of my overdraft from the first of April I've now only have £350 a month to pay to them singularly to pay off my creditors. It'll take 5 years to finish the plan but I'll have more spendable income than ive had in YEARS and I've set up a standing order to move £200 a month (which I can now afford) to my empty savings account so I should come out the other side with savings too!

It's seriously the best thing I've ever done financially.