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

[efc2011]

how would i be able to cancel without them splitting up the money in my pot between my creditors..?

 

i would rather have that money available so i could make a few full and final settlements, this way there is a chance i could get rid of up to half my debts which would give me more money for the ones i'll still have.

 

that's the thing that scares me about cancelling it would put me right back to square one

[efc2011]

You have to remember that their argument is that they keep the money in a pot until they can make a full and final settlement deal. If you have a debt of say £10000 and they make an easily achievable F&F settlement deal of £5000 (could be less, £4000, £3000, etc.), then only £5000 (or less) goes to the creditor and the debt is paid, while you will have to pay the whole £10000 to CCCS and Payplan to settle the debt. If you add their cost and fees then you will have to calculate what you actually pays. For the £10000 debt the 8% is £880 and the 25% settlement fee is £1250, therefore you pay £7130 to get the debt settled instead of £10000 when paying to Payplan or CCCS. As far as I know Payplan or CCCS do not make any F&F settlement deals and cannot do because they do not have your funds stored up to do it.

 

Therefore there is some validity to the point of keeping the money until you can make the F&F settlement deal. The problem is not that they keep the money to make these deals. The problems are that they do not tell the customers what they intend to do, what the consequences is by keeping the money in this so-called "pot", that un-enforceable credit agreements actually means very little, that they draw interest on this money, that they ignore what you ask or require and a whole range of other things and that the service they provide are extremely poor. Add to that arrogance and you have this explosive mix.

 

 

 

yeah i understand what you are saying, the problem i have is i am 2 and a half years down the line with them and have already put in over £15,000 - £16,000 . now i was told a few weeks ago that there was up to £11,000 in the pot (yesterday they said they didn't know how much was in it and they would have to calculate it as if i was leaving)

 

my problem is what they will do with that money if i leave.

 

thanks

[victoria_siempre]

Hi efc

 

And, what will they do with it if you stay?

 

x

 

v

[efc2011]

Hi efc

 

And, what will they do with it if you stay?

 

x

 

v

 

hi

 

yeah i know what your saying but they tell me they will have me debt free in 5 years , ( i take it they mean by paying off debts by full and final ) so that's another 2 and a half years to go at a price of £18,000, put that with what ive already paid and its still under what i originally owed.

 

now the big question is WILL i be debt free in 5 years

 

to be honest i am SO confused right now

[efc2011]

iam trying to find out what is in my pot and then taking it from there

[Ogy]

If you guys want to see how FSF spend your money take at look at the Xmas party last year (Dec 11 in the FSF office!- the guy featurned in the vid is head of credit control, Bill Waring, look to the back left and see the MD sat on a chair enjoying the performace. _ i cant post links yet but PM me and i will send you the link to you tube

 

[Ogy]

Here is that link i promised you http://www.youtube.com/watch?v=7I4f4k5MgHI

[nancysmile]

Hahahaha OMG :O)

[Poor-Credit Borrower]

Ogy, thanks for the link. Before I actually watched the video, I was going to say that what they do in their own time at a Xmas party has nothing to do with us, and all companies and their employees are entitled to have a Xmas social (e.g. drinks or a meal etc). However, having seen the vid now, I must admit that the 'entertainment' was (in my opinion) tacky and pointless and leaves rather a bad taste in my mouth. I don't suppose you're going to reveal how you got this information, but I take it you're sure it was an FSF party and at their office? My debts are still being managed by them, but I don't know for how much longer!

 

BTW here below is a recent hot tip from FSF on their Facebook site. Talk about stating the obvious!

Getting your debt under control in 2012 - today’s tip from the First Step Finance team: Switch to cheaper credit cards or loans where you can which have a better rate than you're paying now. Tell us if this was helpful ‘Like’.

 

[Ogy]

I can confim it is a FSF Xmas party very recently, as Bill Waring (the star of the show) is Credit control there, The vid came From my friend Gary Maguire (Manger @FSF), after make a huge amount of redundacys @ FSF they said they wanted to have the party in the office, as not to rub the face's in those whom were made redundant. How kind and thoughful. If you look at the vid you can see the FSF trademark orange chairs, that you guys on here have kindley paid for.

 

Best Wishes

 

Ogy

[Poor-Credit Borrower]

Thanks Ogy. Has your friend Gary been made redundant or is he still at FSF.

When I next speak to my caseworker @ FSF I am tempted to say "enjoyed your Xmas party did you??", but don't think I actually will.

B W

pcb

[Ogy]

No he was one of the lucky one's he has kept his job and got to go to the Xmas drag show LOL

 

BW

 

Ogy

[diamondgirl]

Funny that Bill Waring doing his act he was supposed to have left fsf before redundancies were made - gone back - how strange. Make loads of people redundant and then take staff one - just so strange. Dont believe for one minute that they didnt want to rub the noses of those made redundant in it thats not how they work. Just another call centre now like the rest they are only running the company to line their own pockets.

DG

[lord_tiger_putin]

after make a huge amount of redundacys @ FSF they said they wanted to have the party in the office, as not to rub the face's in those whom were made redundant.

Ogy

 

You say they have morals?!?

 

Just show you, one is never to old to learn!!

[Poor-Credit Borrower]

Diamondgirl is right, and I don't know why I'm still with FSF! I spoke to a young lady in their payments team, and tried to make a slightly lower payment (£20 lower) as I said I had a lot in the pot now and they are only making minimal payments to my creditors. However, she said that is not a reason to make lower payments and I should make the payment which is deemed I can afford. She said if a customer attempts to reduce their monthly payment, they would have to make a 'case' that they can no longer afford the original payment which is convincing enough for the creditors to accept. So I paid just the usual amount.

The next day, which is yesterday, I spoke to my caseworker for the monthly update and asked her why one of my accounts (a Halifax CC), which is in dispute, is taking such a long time to resolve - and she said they are currently negotiating a refund of charges, they believe to be unfair, totalling £208. Then the caseworker said it is in their interest as well as my interest for me to become debt free as soon as possible! I have been with them since April 2009 now.

PCB

[lord_tiger_putin]

they would have to make a 'case' that they can no longer afford the original payment which is convincing enough for the creditors to accept.

PCB

 

huh?!?!

 

All the creditors understand is that they don't get paid!! Should they be aware that there is money available to pay them then one can be sure they will certainly up the pressure to get some money!!

 

The creditors do not know what you are paying these fools, or that you pay them at all, they certainly did not agree to the fact that you can pay into a so-called "pot" at the circus party in Stockport so that these dancing clowns can make a F&F settlement when they eventually wish to do so.

 

The reason why they do not want you to make a lower payment is that they will be losing money!! They are afraid you will be paying less and less and that the money in this circus pot will grow less fast. They draw interest on this money and the amount of money in there determines what they will make out of you in the end.

 

EVERYTHING, I mean EVERYTHING they do and say is based on one and only one principle, how much will they financially benefit because of you. You paying less means they will be benefiting less and this is something which will give them sleepless nights. Also the longer you stay in debt, the more they benefit and the more interest they draw!!

[nancysmile]

You are 100% correct LTP ...sadly x

[efc2011]

hi everyone anymore news on this company

[efc2011]

hi LTP

just wondering about what you were saying about helping me out only not heard from you for a while

thanks

[angel-of-mercy]

Im glad I found this thread, was contacted by them today, and all the "sales pitch" seems very good, and they are offering to prove there credentials to me.

 

Reading this thread does show, if it seems too good then it more than likely is. It became too good when they said they would be able to repair my credit file once it was all sorted out and I was clear of debt, to make certain myself and my family were able should we wish get a new loan/mortgage etc. Even when they said the worse case scenario where I had all my debts at full value and they couldnt write any off I would be in debt for 6 years, only 6 months short of where I am now.

 

So they are going to ring back Tuesday, armed with new information, I think I shall have a few fun and games with them and waste there time.

[nancysmile]

Im glad I found this thread, was contacted by them today, and all the "sales pitch" seems very good, and they are offering to prove there credentials to me.

 

Reading this thread does show, if it seems too good then it more than likely is. It became too good when they said they would be able to repair my credit file once it was all sorted out and I was clear of debt, to make certain myself and my family were able should we wish get a new loan/mortgage etc. Even when they said the worse case scenario where I had all my debts at full value and they couldnt write any off I would be in debt for 6 years, only 6 months short of where I am now.

 

So they are going to ring back Tuesday, armed with new information, I think I shall have a few fun and games with them and waste there time.

Hehe glad you found the posts .... You have probably saved yourself a lot of money :0) have fun.

[Poor-Credit Borrower]

Hello, I was wondering if someone could help me out too? I too have been with First Step Finance and am still with them. Have been with FSF for nearly 3 years now, and their fees seem quite high. To be fair a few debts have been written off, and some have been settled by their Full & Finals team. Got a call from another DM company today, called Debt Settlers, who said to me that if I've been with a 'debt elimination' co for 3 years, why is my account with Halifax credit card, for example, still "in dispute"? It should have been resolved one way or the other by now. Debt Settlers (DS) have emphasised that they *are* approved by the OFT and have even given me their serial number with the regulator.

 

DS apparently operate like traditional DM companies where all of the client's instalment goes towards the creditors, less a monthly management fee. they think that making a token payment of just £1 a month, which FSF typically make is like a "kick in the teeth" for them, and they said that the OFT wouldn't approve of the dubious practice in paying into a "pot" which probably goes into one of FSF's high interest accounts. DS advised me to cancel with FSF, whether or not I decide to go on board with themselves, stating that i should cancel with immediate effect (without attempting to make hurried settlements) and that i should mention I'm keeping a copy of my letter to show the OFT.

 

With DS their management fee for me would be £15 per month, which is a reduction from their usual one of 17.5% or £35 whichever is the greater, and they are waiving their usual one-off admin fee of £99 as I'm already with a DM company. I could, of course, manage all the debts myself, but I'm not sure whether my creditors would have the confidence to manage them appropriately, and they might find it an excue to start adding interest & charges again. I think it's quite clear I should cancel now with FSF though.

 

I haven't heard recently from desperate daniella, diamond girl, nancysmile, or lord tiger putin recently, so hope you are all well!

 

PCB

[Poor-Credit Borrower]

Sorry, PS, regarding this sentence:

 

" but I'm not sure whether my creditors would have the confidence to manage them appropriately, and they might find it an excue to start adding interest & charges again. "

 

I meant the creditors might think I'm not taking it seriously and might think that I do not have the confidence to manage my debts appropriately. For "excue", of course read "excuse". My total payments would be £150 so quite manageable, and their taking 10% is pretty reasonable if one does wish to take the commercial DM route (as opposed to the CCCS or Payplan).

FSF charge 15% of amounts being paid to a creditor plus 25% of any portion of the debt "reduced" or "written off".

[diamondgirl]

Hi PCB

 

My friends have cancelled with FSF. We've gone direct to the creditors they still have debts with and have agreed payments with them with a guarantee from the creditors in writing that they will not add any charges or interest as long as they keep up with the agreed payments so my friends are much happier now. FSF are dragging their heels in sorting the cancellation out but thats no suprise to anyone.

 

Not heard of Debt Settlers but its certainly worth checking around to see if anyone has anything to say about them but I say once bitten twice shy and I'd be careful of going into a contact with anyone if it was me.

 

Good Luck

 

DG

[sequenci]

I've never heard of debt settlers. If anyone is considering going down the commerical DMP route they should ensure they use a firm that is a member of a recognised association such as DEMSA.

 

http://www.demsa.co.uk/members/

 

Also ensure that whoever you go to for advice they provide 'holistic' advcie about all options. The majority of fee-chargers seem not to do this.