eastleighjim:

Just do it yourself. Pay out the £300 a month on a fair and even basis and you will clear your debts in 18 months.

Your creditors may bleat but they wont get round to doing anything in 18 months and so long as they are getting something they will be happy.

I agree largely with this. It's worth putting the proposal to your creditors though as, without any agreement for repayment, they may well start/continue to add penalties and interest.

If you had a chat with a debt adviser at your local Citizens Advice Bureau, one option that they might pursue is to look at your income and expenses, decide that £300 is indeed all that you can afford, then write to your creditors on your behalf offering a share of the £300 each month for however many months it'll take. It's possible that, if the offer comes through a third party, your creditors are more likely to accept. Many companies add penalties and charges just so that, if there is ever such an arrangement, they still don't do so badly.

Hi Hobbles

Just do it yourself. Pay out the £300 a month on a fair and even basis and you will clear your debts in 18 months.

Your creditors may bleat but they wont get round to doing anything in 18 months and so long as they are getting something they will be happy.

regards

Jim

Hobbles12:Hi, So I've gotten myself into a fair bit of debt, and it's causing me massive amounts of stress. I'm trying to get it all sorted once and for all. I went over to the CCCS website, punched in my details, and it came up with a remedy. The problem is that despite going over the figures, I just don't realistically see how I can afford that much per month. It's basically asking my to pay £580 over 9 months, but I feel I can't afford this. I'd be much happier if it was something like £300. The problem is I have other things too, like a girlfriend who lives a few towns over I need to visit (Public transport). The amounts they ask you to spend on stuff I feel is unfeasible? Is there any way I can call them up and ask them if £300 is ok? My other option is to go with something like a DPP. The company I was looking at will charge 15%, but they'll allow me to pay a much more reasonable sum in my book. Any further advice? Much appreciated Cheers

Hi Hobbles

Just going on the limited information you have provided and that it might be one of those days for me....

I am not sure if I am reading this right and I presume we are talking about an informal Debt Management Plan, but 9 x £580 = £5220 (are these figures right?)

If the above is correct and your total debt is £5220 then surely the level of payment mentioned via the CCCS (£580 pm) cannot be far off normal contractual payments or perhaps even higher I would think

At £300 per month on my calculations £5220 would be cleared in 17.4 months, still quite a short period in Debt Management plan terms.

I agree with Max about further advice and the fee chargers,and would also add that rumour has it that some Debt Management Companies may also take the first 2 or 3 months payments in costs for their 'administration fees' with creditors getting very little or nothing during that period.

Have you thought of dealing with the debts yourself or via an assisted self help method (couple of links below)

http://www.cashflow.uk.net/

http://mymoney.nedcab.org.uk/moneyadvice/dmptour.asp

PS - always make sure you have had full advice and that you understand your options & implication before deciding on any debt remedy.

Pincer

You need to understand that it is not for you and any company who charges 15% to decide how much you are going to pay. There need to be negotiations with your creditors. It would be worth having a chat with a debt adviser at your local Citizens Advice Bureau so that, possibly, they can enter into negotiations with your creditors on your behalf. If you get involved with a dodgy company, they may well charge you 15%, keep all the monthly payments and leave you with your debts.

Hi,

So I've gotten myself into a fair bit of debt, and it's causing me massive amounts of stress. I'm trying to get it all sorted once and for all. I went over to the CCCS website, punched in my details, and it came up with a remedy. The problem is that despite going over the figures, I just don't realistically see how I can afford that much per month.

It's basically asking my to pay £580 over 9 months, but I feel I can't afford this. I'd be much happier if it was something like £300. The problem is I have other things too, like a girlfriend who lives a few towns over I need to visit (Public transport). The amounts they ask you to spend on stuff I feel is unfeasible?

Is there any way I can call them up and ask them if £300 is ok? My other option is to go with something like a DPP. The company I was looking at will charge 15%, but they'll allow me to pay a much more reasonable sum in my book.

Any further advice? Much appreciated

Cheers