cutyourdebt - scam or worth going with?

[helenram]

I saw an ad for these guys, they say that they can reduce your debt by 75% but it might hurt your credit rating. They offer IVAs, but I was looking at their debt management solutions and it looks different to IVAs. Has anyone been with these people and do you kno how it works? I've been trying to call them but they're always engaged - must be busy?

 

thanks!

[stroke a badger]

DONT use them, save your money as they will only use methods which you could employ yourself and for free!

 

Ok, now that I have that off my chest we need to understand what debts you have, If you are in default on any of them and if you have managed to reclaim any penalty fees. You don't need to go into war and peace, something like the below will do.

 

Company

Type of credit (Loan, Credit Card etc)

Amount

Default or arrears

 

Don't include any account numbers or exact amounts, ball part figures will be ok.

 

Hope this helps.

[helenram]

thank you for that, but I am just trying to find out how they work so I can make the decision. I'm not saying I will use them, but just wanted to know if people had experience and could tell me what they offer.

[sequenci]

I am just trying to find out how they work

 

They are a commercial company so they work by making money from you. If you are looking for a debt management plan I would seriously advocate going with one of the FREE debt management plan providers such as Payplan or The Consumer Credit Counselling Service.

 

You can read about IVAs here:

National Debtline England & Wales | Debt Advice | Factsheet 26 Individual Voluntary Arrangements

Debt Management Plans here:

National Debtline England & Wales | Debt Advice | Factsheet 29 Debt Management Plan