Stepchange pilot scheme

Hi All
We have just been offered to enter into a pilot scheme with StepChange by our mortgage provider PTSB. We are one of 750 people to be picked for this scheme. We have a mortgage of 1800 per month and are 13k in arrears. We owe a mortgage of 245k. We have credit card loans of 13k. Can anyone advise would this be a good move to enter into negotiations with this company. We were hoping to have some of our mortgage warehoused but with this pilot scheme we believe this cant happen. Also we have heard that Mabs have pulled out in being involved with this scheme, does anybody know why? Thanks in advance.

HI,they are a UK based debt company(Leeds I think??). They will, I believe,only look for short term sustainable solutions,such as interest only/reduced payments etc., to allow you to pay off smaller debts, and then have your larger debts, such as mortgages appear easier to service. I am open to correction for def, but I think they are been championed by credit unions(some) because in a PIA situation, they and other smaller creditors will be burned in the 6/7 year deal, while the P.I.P gets paid. Again,open to correction.

You could deal directly with your lender and reach the same deals, or enter into a PIA, where there will be prob debt write down, and a return to solvency.

Others here might have more insight for you, but from my understanding, they will only reach short term solutions.

FYI

http://www.stepchange.org/Republicofireland.aspx