First Step Finance - freind or foe?

[maverick1103]

Hello all,

 

I have just come across this thread, I am a customer of FSF along with my partner. We have been with them for about 2 years now, we roughly have £5,000 in 'the pot' between us, though they are separate accounts.

Now I am a bit worried about our money that is in 'the pot' if something was to go wrong with FSF, so far we have had no issue's with FSF I know we pay 8% for their services but it's something we are happy to pay if we get debt free.

 

We we're told at the start that we would be debt free in a 'good' and 'worst' case scenario, unfortunately the good has past due to most debts being enforceable.

 

I myself have been told that one of my debts is unenforceable due to the creditor not proving certain information to FSF, I contacted them today to be told different information.

So I started thinking and then came across this forum, should I get out, if so what happens to our money that is in 'the pot' ? Also I see there are free DMP out there, will I get messed around again or should I stay with FSF?

 

Any advice will be appreciated!

 

Maverick

[dx100uk]

get out NOW!!

 

no fee paying DMP is EVER in it for YOUR benefit

 

only THEIR OWN.

 

dx

[dx100uk]

own thread created

 

dx

[maverick1103]

get out NOW!!

 

no fee paying DMP is EVER in it for YOUR benefit

 

only THEIR OWN.

 

dx

 

Right ok, any ideas on how I go about getting my money back, or even if I can?

 

Thanks for the reply!

[maverick1103]

own thread created

 

dx

 

Sorry didn't realise...

[dx100uk]

what do you mean in the pot?

 

what is the status of the pot

 

dx

[maverick1103]

what do you mean in the pot?

 

what is the status of the pot

 

dx

 

Sorry, the pot I refer too is monies I have paid over the period I have been with them, which is set aside for settling the debts early; normally when they have 50% they offer them an early settlement amount.

 

I was worried if I left them I would loose this money, though I have just spoken to them and have been told that my money would be paid to my creditors on a pro-rota basis apparently. I would prefer the money back so I can pay it to the main creditor.

 

Maverick

[dx100uk]

ok its what they are going to sting you to get out of it too.

 

have you ever had a statement from them upon if your debts ARE going down?

 

you could always state you want the money back and close the deal now

 

as a relative is going to help you clear your debts.

 

you could do with all the paperwork too like the CCA's etc etc

 

dx

[maverick1103]

ok its what they are going to sting you to get out of it too.

 

have you ever had a statement from them upon if your debts ARE going down?

 

you could always state you want the money back and close the deal now

 

as a relative is going to help you clear your debts.

 

you could do with all the paperwork too like the CCA's etc etc

 

dx

 

I have asked for a statement of what I have paid so far, they didn't say how much it would cost to leave, but I imagine there will be a fee.

 

Thanks for your help.

[dx100uk]

i do hope you are not in for a wake up shock here

 

dx

[maverick1103]

i do hope you are not in for a wake up shock here

 

dx

 

Me neither, will post back once I hear from them.

[IdaInFife]

not good news i'm afraid

 

http://www.oft.gov.uk/news-and-updates/press/2012/107-12#.UNZMM2d_eSo

 

I don't know what you have been told but FSF make arrangements with your creditors to make payments - have you been told if interest has been frozen and has this been confirmed with the creditors?

 

http://blogs.mirror.co.uk/investigations/2012/11/first-step-finance-is-dead-man.html

[IdaInFife]

from what you have said you think you are paying into a pot that they can make offers from but its not like that at all