Debt Management Company

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Tessi

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Hi I have spoken to a debt management company by the name of Dunne and Maxwell today. My debts are in 5 different areas and they amount to approx 24,000. I have got solicitors letters now for the ccards. Myself and my partner are on benefits with little hope of getting work in near future. I had decided to just let the banks/cc companys take us to court and face the music then. Some people say to do this but to be honest I am so stressed at the idea of courts/judge etc.

This debt manage company say they can get interest frozen, arrange small repayments, do all the work each month. We pay €200 off all loans etc and they charge €50/mth. I know the amount being paid off isn't a whole lot but to just be stress free would be something. I also know 50/mth fee when we cant afford to pay our debts may seem a waste but in the long run we will hopefully stop paying interest and will keep the creditors away for now.

We are hoping in the next year or so we may be able to sell house and pay off all debts but for now we'd have to give it away as nobody is buying.

Has anyone used their services/are using at the moment or know anyone who is using Dunne and Maxwells services or indeed if anyone has had a bad experience of a debt management company.

At the moment also I am knee deep in a full time fas course which i am hoping will give me a better chance of employment in the future. I don't want to jebordise the course having to take off time for court dates. I don't want to have to tell people i need to take time off to go to court, it would be so humiliating.

I'd apprecite your advice/experiences. Thanks
 
The main issue that some/all of your creditors may refuse to deal with these guys. Also claims they can get interest frozen may be exaggerated. In practice non secured lenders will be slow to freeze interest. I would not be embarrassed to go to court.
 
Hi Joe Q Public

Thanks for your reply. It looks like you're right. I found a thread on this debt management company and it looks like its wise to stay away. To be honest I'm just over panicing. I'm going to write to them again, asking to freeze the interst and offer a realistic repayment. I'm not really expecting a good result but that's all I can do. I will hopefully have finished a good portion of the course before i do have to face the court. Maybe win the lotto in the mean time!
 
If you are getting nowhere with your loan companies, try MABS, they can then try and will carry more clout than debt management companies.
 
Hi webbs

I did speak to mabs and they said they could only deal in personal debt. Most of our debt (banks) were the result of a failed business. Also unfortunately most people are finding the waiting list for an appointment with mabs far too long. Its not the fault of the over worked people in mabs, they just don't have the man power to deal with the massive debt crisis we're experiencing. I've made up my mind, I'm just going to deal with it myself.

After speaking with the debt management company, I realise that if they can somehow get creditors to eventually freeze interest and except reduced repayments (and they are ultimately only companies not God himself) I can do my damnest to do so also. If they don't except etc, well I can't see how a judge can condem me at the end of the day.
 
No judge is going to condemn you. Once you are upfront with the judge he will make an order for a minimal payment once you are on Social Welfare. Depending on youe circumstances he might even decide tht you are unable to pay anything.
 
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