Can anyone explain a Debt Management plan to me???

[Lumos]

Just going through all our options with what seems to be a never ending spiral of debt. Looking through the many helpful threads on here helped me to find the CCCS website. They have suggested a debt management plan.
Can anyone answer me a few questions.

1, Does it effect your use of your bank account?

2, Can you up the payments if circumstances were to change?

3, Are there any implications I'm missing?

Thanks

anyone? pretty please

I dont know but little bump...

I don't have a clue I'm afraid but if you look on www.moneysavingexpert.com they have a debt forum where quite a few people have used CCCS and they should be able to help you with your questions.

A debt management plan is where a company manages your debts for you. So they will reduce your monthly payments and deal with all your correspondence and phone calls and take the weight off your sholders. CCCS is funded by the creditors - you are better paying a fee and getting your interest stopped rather than going for a "free" service. Like i said on the other thread i have done this and i went thru betterway debt solutions - speak to them on 0844 400 4564

sorry gave you the wrong number!!! Phone 0844 800 4564.

I've never heard of this particular debt management co but you are most certainly not better off paying a fee for a company to manage a DMP when CCCS, Payplan or the CAB/National Debtline will do it for free. That's x amount a month that's not going to your creditors!

Have a look at the Dealing With Debt board on the Motley Fool website as there is expert help and advice available there for free.

No, dont go to any debt management company, they all charge a monthly fee, go to the CAB, they can do exactly the same, including stopping interest, lowering payments etc, and its all free.