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Debt Advice Forum Forums Debt Solutions Debt Management Plan Paying for debt management plan

This topic contains 6 replies, has 4 voices, and was last updated by  wendell018 3 years ago.

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  • #737

    Ralf22
    Participant

    Hi Everyone,

    I have been in a debt management plan for the last 2 years and i’ve just realised half of my monthly payments are just going to the company. They say i was told this would be the case at the start but i don’t remember. What can i do?

    #738

    Hi Ralf,

    You have a few options with regards to your current debt management plan. The first would be to check any paperwork you received about the plan as this should outline if fees were agreed prior to you entering the solution. You can either choose to continue with the plan and the fees or speak with a company who don’t charge.

    I will caveat the above though by saying it could depend on your level of debt as to whether a debt management plan is the right solution for you.

    How much debt do you have and how much are you currently paying to your creditors each month?

    #739

    Ralf22
    Participant

    Hi,

    My debt is £22,537.65 according to the most up to date statement and i’m paying £200 every month although £100 is going to the company for managing my case.

    #740

    Even if all the interest and charges were frozen and the full £200 was going to the creditors, it would still take over 9 years to repay.

    That does seem to be quiet long for a debt management plan and it may be worth looking into other debt solutions.

    You might want to call us on 0800 085 0226 so we can talk more in depth about your financial circumstances and possibly find a more suitable solution.

    #741

    Ralf22
    Participant

    Thank DAF i’ll call later on this evening when i have more time to talk.

    #742

    Joanne Brock
    Participant

    I had the exact same problem a few years back Ralf when i had a debt management plan and i ddn’t know they took money to manage my case.

    I argued night and day with them that i wasn’t informed but in the end it turned out they had told me, even though it wasn’t clear.

    These companies seem to put it in such jargon you don’t take in what they are telling you so i know exactly how you feel.

    #1166

    wendell018
    Participant

    Look’s like you already solve this issue about debt management plan and i am happy for you ,to be honest i did not yet experience into debt management plan and i am lucky to see a solution for this kind of matter .Lately i am working in a työturvallisuuskortti koulutus and someday i will surely need the help of debt management plan and hoping not yet to experience this issue.

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