Financial advice
Have any of you ever used one of those financial debt reduction companies? The ones that can seemingly represent you to your banks, get the total amount of debt reduced, leaving you with one monthly payment? What are the pitfalls? would i still be able to get a mortgage in a couple of years?
( JeffTheDogFucker Can you dig it?, Tue 11 Aug 2009, 10:46, 8 replies, latest was 16 years ago)

Visit the CAB instead
They're much better, they won't tie you in to a loan, won't charge you interest - it's usually a free service - and if you feel like you could manage it yourself with a little help it's the way to go.

They'll write to all the people you owe money to, try and get reductions, make them an needs based on your spare funds etc. I found it really useful.
( Noeli overtheshoulderboulderholderthingstraplatchboobs, Tue 11 Aug 2009, 10:53, Reply)

www.moneysupermarket.com
www.whatareweyourfinancialadvicebitches.net
www.bychristwhyaskthesecuntsforfinancialadvicewhenyoucouldspeaktoatrainedprofessional.org
(Slip Digby is a meat puppet, Tue 11 Aug 2009, 10:54, Reply)

Are you calling me a cunt?

( Noeli overtheshoulderboulderholderthingstraplatchboobs, Tue 11 Aug 2009, 10:55, Reply)

You'd like that, wouldn't you?
No, I'm using 'cunt' as a term of endearment.
(Slip Digby is a meat puppet, Tue 11 Aug 2009, 11:08, Reply)

Damn!

( Noeli overtheshoulderboulderholderthingstraplatchboobs, Tue 11 Aug 2009, 11:09, Reply)

IANA Financial Advisor
...nor have I had contact with any of this lot.

However, my understanding is that they will charge you a fee (I think I've heard 5-10% of the total consolidated debt balance). You'll end up with a lower interest rate, that is lower than credit card and unsecured personal loan, but higher than a standard (or possibly even sub-prime) mortgage, and the debt will be over a longer period. I don't know what the arrangements are for paying things off early, but I'd suspect they're fairly punitive.

Having said that, with rates being low at the moment, if you really need to do something like this, it might be a good time. However, you could also look into other alternatives like a loan from ZOPA (peer-to-peer lending), as a lot of the lending on there appears to be to support self-managed debt consolidation.
( Fireflier La la la la, not listening on, Tue 11 Aug 2009, 11:06, Reply)

Payplan
My missus used a company called payplan, as recommended by my mother who is a debt councillor at CAB,

They dont charge any fees for sorting it out, and then make all the contact with your creditors. They have been excellent so far. (They cant deal with debt owed to the government)

Have a look on google, but they are more reputable and no additional cost.
(lordofallhesurveys How appropriate you fight like a cow, Tue 11 Aug 2009, 11:51, Reply)

.
Are you referring to debt management plan?
There is not normally debt forgiveness on these and likely to pay more over a period of time. It will also impact your credit rating.
Or IVA?
If you want to gaz me any more details (I confess to working in insolvency so know a bit about these things) I may be able to help.

I believe there is also the Consumer Credit Management Counselling Service & National Debtline who may offer advice.
( kitsune-tsuki tankeløst hode får lettest sove, Tue 11 Aug 2009, 13:31, Reply)