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Davren22

Spectrum Financial Protection / credit file

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Hi guys,

 

Right, where do i start, I was stupid when i was younger and got myself into alot of debt, I had an absolutely brilliant credit file up until 2006 when my partner unexpectantly died suddenly (he actually killed himself at home) , Most of the debt "We" had was all in my name as i found it easy to get credit with having such a good credit score (Very stupid I know)

 

When my partner died my life went into turmoil, I had built up about £40,000 of debt and i had a mortgage on top. I was only earning 14000 p.a. We were affording to pay everything when my partner was alive becuase we had 2 wages coming in. I ended up selling my house as i could no longer live there after the circumstances and made a very tiny profit on it which i used to take a holiday and decided to rent privately after this which i am still doing today.

 

I knew there was no way in the world i could meet repayments and letter after letter came through the post and the phone would not stop ringing with debt collectors. I decided to face upto the fact that i needed help and so turned to a company called Spectrum Financial Protection. I was hoping to get an IVA, I couldnt go backrupt because of my job. A member of staff from Spectrum came out and did a financial review and told me that i couldnt have an IVA as I did not have enough disposable Income thererore he told me my best option was to go down the informal debt management route and i accepted as i did not know what else to do. I had to pay Spectrum £1000 before they would contact my creditors which i did over 3 months. Spectrum got all of my creditors to accept a small amount with the exception of Black Horse which i ended up with a CCJ from .

 

I have been with Spectrum since October 2006 but since then my knowledge of dealing with creditors has greatly improved, mainly down to reading various posts on this website. I am now thinking of leaving Spectrum as out of the money i pay them monthly they take a cut for themselves, which i think would be better distributed amongst my creditors. My question is will it be easy to get out of dealing with Spectrum and if so what do i need to do, will they contact my creditors to tell them that i am taking over dealing with them or do i need to write to them all?, also will the creditors continue to accept my current repayments ?

 

My last query is that one of my creditors is a company called Open & Direct retail, I ended up signing up with these through Carcraft when i needed to buy a new car which i got completely ripped off by, but thats another story. Open & Direct have not shown a default on my credit file, they continue to update it monthly showing me as being 6 payments late, this worried me (i was hoping it would drop off my file along with all the others in 2013) and therefore a few months back wrote to them asking for a copy of my credit agreement, they are based in Belfast i think but i never heard anything from them and was wondering what advice anybody could give me with this.

 

I would be so grateful if somebody could point me in the right direction of what i should be doing in regards to all of the above. My life is starting to pick up again after a few bad years. I am in no way looking for sympathy but thought i should explain the whole situation.

 

Thank You

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Don't worry... not many people will judge you here for what sounds like a genuinely harrowing time for you.

 

Ok... what you first need to do is post everything you owe and to who. You might be well off getting a "statement of account" from Spectrum to work out who they are paying, monthly payment distribution etc.

 

Then do yourself your own income and expenditure plan.

 

From what it sounds like to me you may be in an informal debt management plan; we would need to see the terms of the contract you have signed with them but I suspect it is simply an agreement for them to contact creditors on your behalf and therefore not subject to financial penalty.

 

Get that together... then we can crack on :-)

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Thanks for that,

 

yes i am in an informal debt management plan, I have a copy of the statement of account and will list everything on here over the weekend, I will dig out the agreement form Spectrum too, hopefully i am not tied into anything with them. I also have a copy of my last income and expenditure report which Spectrum ask for every 6-12 months so i will be able to use that as not much has changed over the past few months.

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Cool... I will keep an eye on the thread in that case

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I realize that this maybe too late - I was with Spectrum until 2009 and then I sacked them! Now they have changed to Curly Wig and to Clockwork Finance Limited at Crown Works Luton Street Keighley - phone 08006889134 - which is the same building and address as for Spectrum! These totally incompetent people did nothing for me and I had to refer them to the authorities. They are now constantly calling me and will not stop as they are saying I need their services and I should get them to act for me on a PPI claim!!! I do not have a claim!!! I have now made a formal complaint about them to the Office of the Information Commissioner as they really are a total nuisance.I urge anyone not to deal with this company. They are all Spectrum - which was the subject of a scathing report by BBC Watchdog and also by the OFT ( you can see about them on the OFT site ) Do not have anything to do with them or the parent arm which is Buckley Stephens and Company or The Needle Partnership as they are all one and the same!

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Just adding my name to those who are willing to help you out on this, anything you need advice on just ask. :love:


Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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