Can anyone please suggest?

Having been involved one way or another in debt/credit management for 30 years, I would advise steering well clear of these companies. If you find yourself drowning in debt, speak to an independent adviser. ( Local Citizen's Advice, National Debt Line etc in UK) There are a host of methods to settle debt at an affordable level which will not effect your credit rating and cost very much less than DMC's

Each case needs to be assessed on its merits, how much is owed, to whom, income coming in, necessary outgoings ( Housing, food, utilities etc) and an experienced professional will advise you on the best course of action to take. Remember, this way you remain in control of the situation rather than handing it over to a third party. Most professional advisers monitor your agreement and should anything happen to alter your circumstances, either for better or for worse, they will be able to negotiate on your behalf.

When you enroll for a debt management program, you stop paying your creditors and start paying your debt counselor. So you may believe that your debt counselor will intimate your creditors that you are on the program, so that your credit score is not affected. But in some cases, your debt counselor may not report this to your creditor. As a result, your creditor may start reporting negatively and your credit score may take a beating. That is why it is important to enroll with reliable debt counselors like

debtburst. Their services are very prompt and trust-worthy. To know more about how this works, do take a look at this article: http://www.ehow.com/facts_4814993_impact-debt-reli...

Hi,

It depends on the kind of debt management program you use. You can choose credit counseling, debt consolidation or debt settlements. Each one will affect your credit rating differently.

Debt settlement services and many debt consolidation companies will help you negotiate with creditors for reductions in the amount owed in exchange for lump-sum settlements. These kinds of services (as long as you find a legitimate company to work with) can help you get rid of your debt and reduce the amount you'll end up paying, but it will wreak havok on your credit profile.

Credit counseling, on the other hand, will leave your credit score basically intact because in this case you will be fully repaying outstanding debts (minus any reductions in interest payments).