Author Topic: Debt Management Setup Fees  (Read 2195 times)

Emma

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Debt Management Setup Fees
« on: Dec 09, 2008, 04:01:16 PM »
I have decided to use a debt management company rather than one of the 'conflict of interests' so called free services.  I do need a bit of help though.  A few companies have sent documents to me based on very long winded conversations I have had with them.  Most are asking for a set up fee equal to the first two payments (e. g Chase Saunders) and one even wants the first three payments.  Triangle Finance are only asking for one payment but am I missing something.  If I only get charged one payment now, can I expect to be charged again in the future? I'm guessing not as it described as an informal arrangement.

I have made a mess of my debts and am trying to be carefull so I don't make a hash up of this too.

Any help would be appreciated.  I am hoping to get onto a plan before Christmas so I can have a less stressful Christmas.

Thanks

gordonblair81

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Re: Debt Management Setup Fees
« Reply #1 on: Jan 16, 2009, 01:41:53 PM »
Hi Emma

be aware that the majority of Debt Management companies will take a fee up front but will also look at charging you a monthly fee of approx 15% of your monthly payment or a miimum fee of £25 per month so in essence you are paying back your debt yes but you are also paying money too the company the free services are good that they do not charge you fees but the work done on your case is not done as well as it would be if you went through a company charging fees.

jasonb77

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Re: Debt Management Setup Fees
« Reply #2 on: Feb 01, 2009, 05:32:11 PM »
hi, it is often fairly easy to negotiate these debts yourself and save all the debt management fees.
Reduce Your Debts Without a loan/IVA/Debt manageme

needdebtadvice

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Re: Debt Management Setup Fees
« Reply #3 on: Feb 05, 2009, 11:11:16 AM »
Try negotiating with your debt management firm for better rates, the competition is fierce and therefore in your favour. Shop around again, and ask for better rates, if as the previous poster says you can't reduce yoru debts on your own. All the best with it.
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