First step Finance - **BANNED DIRECTORS STOLE +£6M**

[Poor-Credit Borrower]

Hi DD,

 

Thanks for your post. I'll work it out tonight or tomorrow, and I might PM you with the figures if that's ok. I think they have (previously) said that F&Fs tend to be for 50% of the actual (alleged) debt to each creditor. But then I would have to pay another 12.5% to FSF, which is 25% of the amount "written off".

 

PCB

[DollyMixture22]

I have had a call from these people to say that they can clear my debt or reduce it. I dont know if to trust them because it was only after the 4th phone call that I found out exactly who they were as they just referred to themselves as a debt litigation company! They have listed all my debts and I have had some good advise off them so far but the last thing I want to get tied into is another debt as I dont believe they will do it for free!!

[Desperate Daniella]

Hi DollyMixture, and Welcome to CAG.

 

You are right - they won't do it for free.

 

They get their money as a percentage of anything they "save for you" and you have to pay in for a number of months before they take any action on your behalf.

 

If you have mis-sold PPI they will claim it back, but keep their percentage. You can do that for yourself with advice from the forum and it won't cost you a penny.

 

I doubt if they can do anything for you that you can't do yourself with help from this forum. Some debts are enforceable and some aren't.

 

If you have unenforceable agreements then you can get exactly the same advice here on how to deal with them. If the card companies offer full and final settlements those will be available to you directly - you don't have to go through FSF or any other company to get them. For example, and I don't know the percentages FSF charge, so this is just an example:

 

You owe a card company £10,000. They negotiate a 50% settlement which reduces the debt to £5,000, but you still have to pay them 25% of the settlement which is £1,250, so you still owe £6,250, whereas if you had made that arrangement yourself you'd only pay the £5,000.

 

But you may decide to fight them all the way and challenge the agreement and hold out for six years until the debt is statute barred.

 

If they are enforceable, again you will get advice on how to negotiate with the companies involved.

 

If you want someone else to deal with all the debts, CCCS will negotiate with the card companies for you for nothing. If you want to challenge them this forum can help. You can start a new thread for each company and people who are also dealing with them will join your thread and advise you. You should also do a search and find other threads for your cards. Knowledge is power.

 

What cards have you got, by the way? There are a few which are absolutely unenforceable. If you have cards from the late 90s or early 2000s a number of them may be unenforceable anyway.

 

If I were you, I really wouldn't want to be involved with FSF - the experiences of so many people on this thread are horrendous.

 

DD

[DollyMixture22]

Thanku so much Desperate Daniella, unfortunately I am behind with a couple of credit card MBNA and Cap1 also an energy bill and a Natwest o/draft - not good I know but I was out of work following having my child and have got in a pickle. All these debts have been sold on and have gone up significantley from what was originally owed. Although I am back in p/t work now the money I earn I need for the upkeep of my kids and myself. Its so hard. A company called Power 2 contact have threatened to come round to my house tomorrow. I have been told not to let them in and ask them to leave. All these debts are from 2006/2007.

[prima 1]

Hello Dolly Mixture22,

 

Our experinace with FSF is totally different than some others on this thread.

 

They certainly do not do it for free, we have previously posted what we were chargd 8% of the debt, 25% of what they save or write off 15% of an payments theymake for you, ultimately in our experiance we owed circa 5000pounds and became debt free in around 19 months at a cost of around 1900 pounds (if i recall correctly).

 

Yes we got creditor mither and some threats which turned out to be just that, which was a little scary to deal with

 

Whilst some may have had difficulties if you read the posts it appears they have not listend to what FSF offer or have forgot or have decided to pay the creditors.

 

Could we have done it on our own, probably not, with respect to those that say it can be done it would have been very daunting and stressful.

 

You have to think hard and ensure this or any Debt plan will work for you whether cccs or FSF both are different ( i think).

 

Any way as stated earlier this year we reffered 3 friends to FSF, we are due to meet next week so will come back to advise on how they see the FSF experiance.

 

prima

 

 

PS had re register not sure why.

[Desperate Daniella]

But I thought you worked for FSF, Prima?

[Desperate Daniella]

Hi DollyMixture,

 

Send the following letter to Power2Contact today. Print off an extra copy and keep it by the front door. If they do turn up then don't let them in, hand them the copy through the letter box, or through the door with the chain on, and tell them to go away. If they refuse say you will call the police.

Please be advised that under OFT rules, you can only visit me at my home if you make an appointment and I have no wish to make an appointment with you.

 

There is only an implied licence under English Common Law for people to be able to visit me on my property without express permission; the postman and people asking for directions etc (Armstrong v. Sheppard and Short Ltd [1959] 2 Q.B. per Lord Evershed M.R.). Therefore take note that I revoke licence under Common Law for you or your representatives to visit me at my property and if you do so then you will be liable to damages for a tort of trespass and action will be taken including, but not limited to, police attendance.

 

As you have been given this notice, should your representative then come to my property and cause any embarrassment which results in financial loss to me you will also be liable for damages.

 

 

 

[Desperate Daniella]

Sorry, posted too early!

 

You will need to start different threads for each creditor.

 

With regard to the energy bill, are you still with the same supplier?

 

I can't help with NatWest or MBNA, but I know a lot of people are challenging their MBNA agreements.

 

When did you take out the Capital One card?

 

I do agree with Prima on one thing.

 

It is very stressful and daunting when you start out to deal with all these DCAs. I joined in late 2008 at the same time as a lot of other people who now post regularly on the forum. I had a box full of letters from DCAs which I didn't dare open. Now I've learned to actually read the letters - and read between the lines. "We may," "Could result in," etc. All sounds very frightening. I have had so many letters like this from a company called Moorcroft I could paper my cloakroom. Have they done anything? No. They can't because there is no CCA-compliant agreement.

 

Obviously if FSF could guarantee that you personally wouldn't get all the nasty phone calls and threatening letters taken away then it could be tempting but that doesn't seem to be the experience of a number of people here.

 

DD

[DollyMixture22]

Thanku DD its amazing how much messages and information like this boosts ur confidence. Im sure with help from this site I can sort these out on my own. Im sure debt management companies are good for some people but I cant afford to pay them although they may save me money Im paying them which I cant afford to do, this is why im in the position I am now. Im not sure when I opened my Cap1 card but i started having troube paying in 2008.

 

I appreciate the imput Prima but as Daniella said there are a lot of negative reports and u seem to be speaking up for First Steps an awful lot, ive noticed u doing the same on a Money Saving Expert forum too.

[sequenci]

Dolly Mixture: Did you know that there are a couple of organisations that can help with a FREE Debt Management Plan?

[GillyL25]

Hiya,

I'm new here but for the past 2 nights I've been reading all these posts about FSF. We are trying to get rid of FSF at the moment and re claim our money and so far all they have done is put barriers in our way. However, twice today I've had cheeky emails from a so-called Compliance Manager at FSF who has tried to imply that I have lied etc etc. I have asked for a breakdown of our account to see exactly what we are being ripped off for and she said I will be sent it but I am doubtful!

Anyone reading this and considering taking FSF up on their offer PLEASE THINK AGAIN!!!!!! They are not a DMP - they just want to take your money and ignore you. We've been with them over 6mths and have not had hardly any correspondance with anyone there - now on this forum I find out that they have been charging me for every time I rang to find out what's going on - deep joy! I'm fed up and disgusted that this sham comapny can get away with it.

I also have to say that i'm a bit confused with some of the posts on here - one particular person starts off by saying that her friend has had a good experience with FSF but as the posts go on it changes to her having a good experience - do you work for FSF as I can't understand why anyone would think that these extortionate charges and rubbish customer service for people who are already drowning in debt are acceptable!!!!!!!!!!!!!

If anyone has actually managed to get their money back please pm me and let me know how as this company are out to rip EVERYONE off.

Hope to hear some good news soon of people getting away from FSF and sorting their finances out!!

[Desperate Daniella]

I'm sure you'll be fine, DollyMixture. We'll help wherever we can.

[Desperate Daniella]

Hi Gilly, and welcome to CAG.

 

I'm beginning to think that the FSF working for Prima and her friends must exist in a parallel universe.

 

Sadly, from what I have read, it's going to be difficult to get your money back from FSF. I've never seen their contract so don't what guarantees or get out clauses they offer.

 

Like DollyMixture, do start your own threads for each individual creditor and make sure you put the company's name in the thread title. I'm sure PCB won't mind if you post the links here.

 

You've just done something really wonderful. You've joined CAG and things will be better now. I arrived here in pieces in 2008 and it just saved my life.

 

Help is here. You only have to ask.

 

DD

[Desperate Daniella]

Good evening, guests.

 

Can we help you too?

[GillyL25]

Thanks DD

 

We are in the process of getting a Trust Deed so things should start to get better for us very soon!! I'm just so gutted that FSF rang me up and told me a lot of BS and I believed it - more fool me really

 

I'm glad I found this site when I did - we'd already told FSF that we wanted out but these posts just confirmed why and that we weren't alone!!

So, I've just sent a cheeky reply to the Compliance Manager (cheeky as in the same tone she wrote to me in - how rude???!!!!!) I will let you know what response I get.

[diamondgirl]

Go for it. I can only say my friends have found its working for them. I suppose its only like the CCCS saying they will get interest and charges stopped for me, they haven't on some of my debts the only difference is they don't charge me for it also they don't actually do anything for me except take my money every month and pass it on to the creditors. I still get the phone calls and nasty letters and have to call the creditors and write to them myself. I even had the claim form from one of my creditors and they just told me fill it in, acknowledge you owe the debt and sign it. if I'd done that and not found this site at the time I would probably have a ccj against me.

 

DG

[DollyMixture22]

I think the "First Step" im going to take is to phone my creditors and record the conversations and tell them to only communicate in writing from now on, and to prove that I owe this debt - although Im not quite sure how to word it. Is there something I need like a creditor agreement which Ive signed to say the money is owed? If so I know there wont be anything.

 

I wont be getting involved with FSF, i dont need the added stress ive already got! Im going to learn from other peoples experience!

[cerberusalert]

I think the "First Step" im going to take is to phone my creditors and record the conversations and tell them to only communicate in writing from now on, and to prove that I owe this debt - although Im not quite sure how to word it. Is there something I need like a creditor agreement which Ive signed to say the money is owed? If so I know there wont be anything.

 

I wont be getting involved with FSF, i dont need the added stress ive already got! Im going to learn from other peoples experience!

 

You can send your creditors a CCA request http://www.consumerforums.com/resources/templates-library/86-debt-collectors/581-cca-request-letter send it unsigned with a £1 postal order recorded delivery.

 

The above is no good for the energy bill or the overdraft I'm afraid. There are some charitable trusts which may be able to help with utility bills, see; http://www.consumeractiongroup.co.uk/forum/utilities-gas-electricity-water/100405-utilities-trust-fund.html

 

When you start to get replys back from your CCA requests start a new thread for each one & then we'll be able to advise without getting this mixed up.

[Poor-Credit Borrower]

Hi DollyMixture22,

 

I would have replied/taken part in this discussion earlier, but have hardly been near a computer since Mon evening! Daniella has been very helpful to me too and, in the absence of any specific advice from a legal expert, I would take it. In particular, DD's suggested letter to Power2Contact I could use for one of my Halifax cards that are currently with a doorstep DCA called Credit Security Limited, who actually did call on me on Monday evening but, fortunately, I wasn't in! They left a calling card.

 

Back to FSF, I am considering going back with them because I have already paid into their "pot" for 14 months. Had orginially intended to leave them to go with the CCCS. But FSF now have a dedicated client support group who can deal with queries, or if a certain creditor/DCA keeps pestering them, straight away. This group has only been in existence about 3 months. It may have been originally set up because a number of people had cancelled being with FSF but the group can only be a good thing.

 

I am going back to FSF because I have already paid quite a lot of money in, and (I hope!) it is actually going to go towards legal action against the creditors myself. If I was starting from scratch, though, I may not knowing what I do now.

 

DD, although we can offer full & final myself to creditors, the difficulty is (i have been told by FSF) is that the creditor might "accept" that money but there is nothing to stop them 4 or 5 years down the line asking from claiming the rest of the money. With FSF I understand that they make the offer in a 'legal' way to make it more or less impossible for the creditor to persist with this.

 

Hope this helps

PCB

Edited June 23, 2010 by Poor-Credit Borrower
omitted a word

[Desperate Daniella]

Hi PCB,

 

I can completely understand your decision and I do hope it works for you.

 

However, it is utter garbage for FSF to say that only they can get a legal agreement to stop creditors chasing for the rest of the money further down the line.

 

Yes, there are situations where some companies do try to do this, but they won't get anywhere because you will have a legal agreement saying it's a full and final settlement - and you don't need FSF to do that.

 

Hi guests!

 

DD

[Inmydebtheaven]

I also have to say that i'm a bit confused with some of the posts on here - one particular person starts off by saying that her friend has had a good experience with FSF but as the posts go on it changes to her having a good experience -

If anyone has actually managed to get their money back please pm me and let me know how as this company are out to rip EVERYONE off.

Hope to hear some good news soon of people getting away from FSF and sorting their finances out!!

I recently had C L Finance taking action against me to enforce debt that I had originally disputed. The original lender, GE Money (now Santander) failed to comply with the original s.78 request and this was my defence. Rather than go to court, they agreed to a consent order which included writing off the debt and reversing all negative entries on my credit file.

 

I also previously forced Santander to write off a credit card completely. Because of their conduct, the fos is also investigating them for unfair business practices, and the Information Commissioner for breach of the Data Protection Act (by failing to send accurate information to credit reference agencies - i.e. that there was a dispute).

 

I have been practising this area of law for a while now, but the strategy of the banks generally appears to have been successfull. This is because a lot of claims management companies and law firms who had tens of thousands of viable claims, had no funding to take claims into litigation. This lack of funding has starved the market and let the banks off the hook. If any funding for claims does become available it will not be sufficient to cover everyone, so many will lose out.

 

However, if there is a PPI element, then these have been deemed in the indistry as stronger cases and some funding is available for those.

 

People need to stand their ground and wait for the lender to bring action within 6 years or write the debt off. If they bring action then defending an action does not require funding in the same way as bringing one, so is a stronger position to take them on from.

 

Everyone at CAG hang in there, and remind others that the truth is that most agreements can be challenged successfully, but patience is needed.

 

The quote was from The Lawyer on a different post- seems quite few people have had debts written off by the firm you have mentioned. Don't know them myself though. I suppose you have to work out what you've saved in the long run. I had about £30k debt and only some debts were unenforceable, they got them settled for me. When I worked out what I paid and the debts that were written off I was still much better off and didn't have to do the work. It took about 18months - so 6 months doesn't seem very long.

[Inmydebtheaven]

Quote

However, it is utter garbage for FSF to say that only they can get a legal agreement to stop creditors chasing for the rest of the money further down the line.

 

Yes, there are situations where some companies do try to do this, but they won't get anywhere because you will have a legal agreement saying it's a full and final settlement - and you don't need FSF to do that.

End of Quote

 

You do need a letter or agreement that legally binds the cred to not chasing your debt later down the line. A letter saying full and final is not enough. And they have six years to chase you. So are you going to keep that letter that may not be worded properly for six years??????

 

Get the letter checked out by Citizens Advice first before just accepting that your debt has been settled.

[Poor-Credit Borrower]

Inmydebtheaven, that seems good advice - thanks a lot.

 

Nice username, by the way, but do you feel as though you're "in heaven" at the moment?

[Inmydebtheaven]

Thank you, as to Full and Final's it makes sense you need something legal, your agreement to borrow and repay is a legal document, to break that and have the new payment or lower payment agreed has to be legal too, otherwise what stops a company coming back for the debt?

 

It's just common sense, I don't like following sheep or like a lemming drop off the cliff so I always check docs out now and if I'm not sure query it in writing. If I don't get a reply IN WRITING then what they say in a call isn't worth the airtime.

 

I'm not in debt now, but used to be and I was promised all sorts, but before I handed my hard earned cash over I checked everything out. I don't lay too much store on blogs like these because people get angry and say the first thing that comes into their head. You can tell by what they write. Also its anonymous so how do you know its true???

 

So yes I'm gloating in my debt heaven cos I sorted them out.

[sequenci]

Thank you, as to Full and Final's it makes sense you need something legal, your agreement to borrow and repay is a legal document, to break that and have the new payment or lower payment agreed has to be legal too, otherwise what stops a company coming back for the debt?

 

You're totally correct, you need to have proof that the creditor has accepted your settlement, if they try and recover the rest you are argue that they are 'estopped' from doing so.