End the debt

I have signed up with a debt management company that takes a fixed sum from my monthly income and uses it to repay my creditors. The problem is that I don't get updates or reviews from them, which means I have no idea how much longer I need to keep up the payments. Each time I ask I get an evasive answer. So how can I resolve this?

It may be possible for you to leave this company, if you feel it's in your best interest. Firstly, however, you'll need to read the contract and see what notice and penalties may be involved.

There are other free debt management options that you may want to explore. These free options would mean that you have rather more money available to pay your creditor, but may have to do more work yourself.

The first option you might like to consider is to contact your local Citizens Advice Bureau (CAB). An advisor there will be able to talk through the possibilities with you and advise on your ability to leave the company you are with. Some offices are able to offer a full money advice and support package to eligible clients, while others offer a limited amount of advice. Another organisation that is able to help through their website and telephone helpline is National Debtline, tel 0808 8084 000.

The Money Advice Trust also has an interactive budget sheet that will enable you to draw up a financial statement that you could use to negotiate with creditors.

Question answered by CAB

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