I'm looking for a debt management company so that I can pay one monthly affordable amount, I am in £10k of debt and would appreciate advice.

Is there any that offer a decent rate? The best I have been offered is 15% off of £250 per month which i feel is not to bvad through INVOCAS.

Any help is appreciated.

Thanks

You need to look into the details of the arrangement. Are these people lending money to consolidate your loans or are they just going to try and persuade your creditors to take smaller payments? How and what are they charging for their service? What will happen if you can't manage one of the payments?

It is not unknown for debt management companies to persuade creditors to not charge any more interest and so make a massive difference to the monthly payments but then take most of that difference in fees. There will be more than just the monthly payment to consider.

Thanks,

I have read through it and they take off 15% of every £250 per month (£37.50 the fee per month) £1800 over 4 years (I would pay around 5k in interest with my £7000 overdraft). They have advised they will write to the creditors advising that they are dealing, ie persuade the creditors to take smaller payments and freeze the interest, they advised they cannot really see this as a problem ? The main aspect of it is, I have a £7000 overdraft with the HBOS and I am paying £95 per month interest with no hope of clearing it off. I might give them INVOCAS a call to find out what would happen if this interest is not freezed.

They are a fully regulated company and on the letterhead it states "Your monthly payment will be your affordable disposable income of £250.00 which I can afford - I currently pay £376, if I kepy paying the interest to my bank I would have payed them around £5000 in 4-5 years with nothing at all paid off. Do you think it is worth asking them how confident they are of freezing the interest as this would really have to happen.

Thanks again.

In my view you should discuss the matter with an advisor at your local Citizens Advice Bureau before proceeding. It sounds a little complicated bringing another party in rather than just dealing with the creditors yourself. If it is straightforward to persuade creditors to freeze interest, you should be able to do it yourself without paying any fees.

hi there i am just starting a dmp through a company called payplan they are absoloutly free you dont get charged a penny, too good to believe but its true i was given there number through one of my creditors. they have been excellent in my situation so i suggest you give them a call before signing with another company. if you google payplan it will take you to there website which explains all about them. i hope this helps good luck!