Debt Management

[SazzyC0]

Does anybody know of any good companies who deal with this. I would like to get interest frozen and just one monthly payment in order to clear my debts. I have googled this but unsure which to go for, has anybody used a service like this and can recommend somebody. Many Thanks.

[Buenchico]

Using any commercial organisation will cost you an arm and a leg, at a time when you can least afford it. Your local CAB can help you set up a debt management plan (free of charge). However there's often a lengthy waiting period before you can see a CAB debt counsellor. The main alternative is CCCS, which is a registered charity dedicated solely to helping people with debt problems.

See here for information about debt management plans arranged through CCCS:
http://www.cccs.co.uk..._Management_Plan.aspx

Start here for more general information, including how to contact CCCS:
http://www.cccs.co.uk/

Chris

[SazzyC0]

Thanks Chris, I think it is you who has helped me with a question previously on here! You are very helpful :) My brother used one called Byron & Keely, I looked them up and they take 15% of each monthly payment which I didnt think seemed very good. Thanks again, I will contact them.

[albaqwerty]

excuse me for poking my nose in,, could you ask the company to agree to a fixed monthly payment without them adding interest?

Chris's advice is ALWAYS good

[debthelpenvoy]

I know this is a bit late in the day to answer this question but this may be relevant to others.

A creditor will only freeze the interest if they think you have no chance in paying back the debt and if you are close to bankruptcy. Credit companies are businesses where their sole aim is to make a profit, they'll try and get as much as possible out of you if they can. Remember if you go bankrupt they'll get a really poor return, so freezing interest is a ploy designed to delay your bankruptcy.

Debt management should really only be a short term strategy which should not last any more than 5 years. Anything longer than that and you should consider an alternative like an IVA or PTD (Scotland) or even bankruptcy.

Debt management plans are relatively easy to do yourself. All that is involved is basically writing letters to your creditors saying this is what I need to survive and here's your share of what's left. If you are interested in doing your own debt management plan then visit here http://www.debtwatchd...-Debt-Management.html for letter templates, guidance and support (via the forum).