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Debt Management Plan - will it affect my ability to take out car insurance and pay monthly

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Hi,

 

I'm not entirely sure I am doing the right thing here.

 

I have about £4000 of unsecured debt over five seperate creditors (two credit cards, catologue, two personal loans).

 

I have never missed a monthly payment but I'm struggling with day to day expenses whilst meeting the payments due.

 

I've signed up to a debt management company who tell me that they are hoping to have interest freezed on all accounts

and I simply pay £200 a month from which they will take their fee and divvy the rest out between creditors.

 

I'm becoming increasingly concerned at the amount of non-payment telephone calls and letters I am receiving.

 

I know this is because the debt management company have told me not pay this month whilst they sort the payments out

 

but because I was still on top of payments beforehand I still had an ability to get credit.

 

Paying only £200 a month would be a god send but am I doing the right thing?

 

Will I still be able to take out my car insurance and pay in monthly installments?

 

As I know bankrupt people that can't.

 

One last thing,

 

my mobile phone contract is due for renewal after Christmas.

 

Will this be affected?

 

I have always made all payments on car insurance and to my mobile phone provider.

 

Please help!!

 

I'm never going to have the £1200 for car insurance to pay up front and I need my car for work.

 

Thanks in advance. (A panicking) Sunshine

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All I can say is that I have 3 defaults on my file and I got installments on my car insurance last year. The APR wasn't good (29% I think).

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It will I think be costly im, would work out much cheaper to pay in full if at all possible.


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yes good advise!!

 

dump that fee paying DMP

 

do it yourself [its easy]

 

or use step whatever the new name for CCCS or payplan.

 

just as side noe.

 

you mention cat debts etc

 

have you looked at PENALTY fees and PPI recclaiming?

 

dx


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When was the loan and credit cards taken out?

 

As for the catalogues, you only need pay them £1 a month.


Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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I've been on a DMP since 2010 and have had NO problem continuing my car insurance on monthly payments, DDs.. as for my phone contract, this i have just re-newed with no problem either, as the poster states above, gain another DMP from a non fee company, i started with one, and am now continuing the plan alone, little hassles along the way, but all seems to be going okay, touch wood... starting a plan is always the hard bit, getting the calls, letters etc can be down heartening, but these should ease once the plan is set up and running...stay strong :)


!2 years Tesco distribution supervisor

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All advice is given through own opition, also by seeking/searching info on behalf of poster, and own personnel dealings.

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well as the op has never comeback since 2mins after posting the question

one wonders why they asked for help

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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