bad debt

[stephen2504]

i have around 10000 worth of debt to 4 credit card companies i was made redundant a few month ago and all i can afford is 80 pound a month a debt management company offered to act on my behalf they said they would contact all my creditors get all the interest frozen and sort everything out for 80 pound a month which they would take 15 pound a month out of it. does this sound alright and is it the best way to go about it. ive tried cab but i dont seem to be getting anywhere im still getting phone calls from creditors saying they are going to pass it on to a debt collection agency im totally stressed out with all of this please help any advice appreciated

[factor-fiction]

I think you'd probably find you end up paying fees to this debt management company but your creditors would not agree to the lower payments. i certainly can't see why the firms would agree to freeze interest.
I suggest you press CAB or you contact each firm and discuss your options. They may be sympathetic.
If the cards have different rates pay off as much as you can off the highest rated one first.

[CheekyChops]

Definately don't use a company that will charge you a fee. Contact CCCS or Payplan who will both set you up on a DMP (debt management programme) but won;t make any charge for doing so. Why pay someone �15 per month when this could be going towards repaying your debt?

http://www.cccs.co.uk/

http://www.payplan.com/

[BeatySwalls]

you have done it all wrong. i avoided paying my debts for 8 years by giving them the run around. call each of them up and say you have just moved into the place and getting these debt letters from the previous tenant. hey presto your debt is on hold. but as soon as you apply for credit they can get your address from the credit report

[themas]

I can only say the action advocated by the last post is immoral, unethical and quite likely illegal - if found out (not impossible) it seems to be tantamount to fraud.

[Dee59]

I have just read your dilemma. As this was in May - has things sorted themselves out now? The reason I ask is because I have just gone on a debt management programme and feel a bit uneasy about it.

Any comments/advice would be greatly appreciated.