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coming out of an agreement with a debt management company


alfied
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Hi,

 

A neighbour of mine has been using DMC for a number of years, but she is now thinking of ditching them and negotiating directly with her creditors. She has signed an agreement with the DMC and is concerned that they might pursue her for charges owed to them becuase she had pulled out of the agreement. I have told her that I am sure they cannot touch her but at the same time I was unable to tell her why :-)

 

So I would appreciate if someone could explain why they cannot pursue her for any charges. It will put her mind at rest.

 

Thanks

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I personally have never seen anyone penalised for withdrawing from a DMP, I would however check the terms of agreement to be on the safe side. You may be able to get this information from the companies website if the original copy is not available.

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  • 3 weeks later...

The terms should be on the reverse of the 'welcome letter' you first received. If not, simply phone and ask them. A recent client of mine had a DMP with Clark Richards who stated on their terms that they required 4 weeks notice.

 

The 'management fees' these people charge is simply ridiculous for the 'work' they do - so well done for recognising you can do it on your own.

 

JP

A debt collector for my sins; I hope any advice I can offer of the industry can help. It might help me sleep at night.

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  • 3 weeks later...

das is not that simple

 

you may have to sell any assets and they can also ask that you notify your employer to make salary deductions and it will noo stop your landlord from taking any actions

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