debt consolidation companies

[tali122]

i am not in debt myself buthas anyone used those debt consolidation companies who advertise heavily in the tabloid press and on tv- they seem to promise the earth?- and isn't paying someone to reduce your debts somewhat ironic?

[andyjevs]

If anyone uses those, they are silly because there are a couple of companies....payplan being one, who do it for free and are very helpful. Anyone in that position should have a look at payplan's website, contact the national debt helpline, go to the CAB or look here www.debtquestions.co.uk  and ask advice. This is from personal experience...i'm in no way linked to any of the above

[Mrs_Pegasus]

These loans are always over long periods of time and although  they reduce your monthly outgoings you pay back far far more than you ever would if you had stayed where you were.

However, they are a way out for some people.

Along with payplan, I would also advise people to look at CCCS.  Both are charity type organisations who earn their 'keep' from the credit companies.