End the debt
Question
I have signed up with a debt management company, who take a fixed sum from my monthly income and then use that to repay my creditors. The problem is that I get no updates or reviews from them, which means I have no idea how much longer I need to keep up the payments. Each time I ask I get an evasive answer. So how can I resolve this?
Answer
It may be possible for you to leave this company, if you feel it's in your best interest. Firstly, however, you will need to read the contract and see what notice and penalties may be involved
There are other free debt management options that you may want to explore. These free options would mean that you have rather more money available to pay your creditor but may have to do more work yourself.
The first option you might like to consider is to contact your local Citizens Advice Bureau (CAB). An advisor there will be able to talk through the possibilities with you and advise on your ability to leave the company you are with. Some offices are able to offer a full money advice and support package to eligible clients while others offer a limited amount of advice. Another organisation that is able to help through their website and telephone helpline is National Debtline. You can reach them on 0808 808 4000.
The askcab website also has an interactive budget sheet that will enable you to draw up a financial statement that you could use to negotiate with creditors. What's more, the budget sheet will complete the pro-rata calculations you need in order to make offers to all your creditors.
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Question answered by CAB
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