Debt Management Companies

S

stresseds

Guest
Hi

Can anyone offer me advice on using a debt management company? I'm thinking about using one but would appreciate some advice, not sure if its the best option.

Thanks
 
stresseds, this is your second post on this topic. In general debt management companies are profit-making companies and while they may be able to assist you in some way their bottom line is their bottom line so they will make money from you. Have you approached or dealt with MABS, whose services are free? What is your debt situation? Have you browsed threads here for others in debt and the advice given them? Have you tried to go with any of that advice? It is a little difficult to answer a blanket query.
 
Mabs is not very usefull, they have no power, all they do is try to get a debtor to accept a payment plan based on your income and expenditure, the debtor does not have to agree with any Mabs proposal and most dont unless your debts are very small. I asked for some very basic info on what happens when debt is sold of to debt collectors, info on secured debt v unsecured debt, what steps can be taken against me legally to repay debts etc.These are the real issues people with debt need answered. Mabs had no idea, none, another waste of tax payers money.
 
debtors

Your view on MABS is not widely shared. Anyone else who has dealt with them has strongly recommended them.

They can't, however, wave a magic wand and make your debts disappear. They can't make your income increase to match your expenditure.

Brendan
 
debtors161 said:
Mabs is not very usefull, they have no power, all they do is try to get a debtor to accept a payment plan based on your income and expenditure, the debtor does not have to agree with any Mabs proposal and most dont unless your debts are very small. I asked for some very basic info on what happens when debt is sold of to debt collectors, info on secured debt v unsecured debt, what steps can be taken against me legally to repay debts etc.These are the real issues people with debt need answered. Mabs had no idea, none, another waste of tax payers money.
Click to expand...

It is pedantic debtors161 but debtors owe a debt, they are not the ones being paid. What you meant to refer to was creditors (and that is very basic info).

Also generalising from specifics is not terribly helpful.
 
You must log in or register to reply here.
Back
Top