We are very worried and stressed, need help

[sjn]

My husband and i have total debt of 15000 we currently have a company called euro debt looking after out finances and we are paying them 103 a month. however re looking over monthly statements they have sent us less than half of his is going to our crediters. We are very worried and stressed that this is going to take years to pay off!! and we are even consitering bankcurpcy however we dont fully understand how that works. we are looking into seeeing if we would be able to take this on ourselfs pay exactly the 103 to the creditors but not sure we have the knowledge to do so wee need help cause were both very tired and its running us down!

[Andrew Graveson]

Hello sjn,

Sorry to hear that you feel so tired and run-down.

Are you able/willing to present the breakdown of the charges made by your current DMP provider? They seem very high compared to industry norms.

Do you feel that £103 per month is the best offer that you are able to make to your creditors (while maintaining a reasonable lifestyle)?

It's possible to make arrangements with creditors yourselves. Some people are successful in this while others find it tough. I'm sure you'll find a lot of support on this site.

[Jo Rolland]

Hi

As Andrew says, that does seem high.

You can approach your creditors directly without the need of a Debt Management company. If you would like help in calculating the payments to offer to your creditors, just ask.

[Adam Davies]

Hi
Most other DMP companies will charge 15% of your £103,leaving £86 to go to creditors,not half.I suggest contacting another debt management company
Regards