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Debt Management Companies!!


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HI, ANYONE HAD ANY EXPERIENCE WITH DEBT MGT COMPANIES WHO OFFERED TO CLEAR YOUR DEBTS WITHIN 60MONTHS AND AT THE END DID NOT MAINTAIN THEIR PROMISE DUE CREDITORS BECOMING MORE AGGRESSIVE "DUE TO INDIVIDUALS CLAIMING BACK THEIR BANK CHARGES" ??

WE'RE SORT OF DEEP IN DESPAIR AT THE MO THINKING THAT WE WERE COMING OUT OF THE TUNNEL ON TO FIND THAT WE COULD CARRY ON THE PROGRAMME, GET OUR MANAGEMENT FEE BACK (OF COURSE!!) AND DEAL WITH OUR CREDITORS OURSELVES OR DECLARE OURSELVES BANKRUPT. ANY ADVICE WELCOME APART FROM THE ONE WE GOT FROM THIS COMPANY "YOU GOT YOURSELVES INTO DEBT IN THE FIRST PLACE" ( I SORT OF KNOW THAT)

THANKS IN ADVANCE:shock:

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These firms that offer to clear you debts in 60 months are using the legal IVA route.

This is one step away from full Bankruptcy.

 

In some cases this maybe a very good route to take, but it's not for everyone.

 

 

There are a number of charity services out there that can also assist you with your debts.

 

National Debtline, for FREE CONFIDENTIAL and INDEPENDENT ADVICE call 0808 808 4000 is worth a look.

 

There is Good news, you are now a member of an amazing site that can assist you with your issues.

 

Best thing to do is start a thread on the board for each bank, etc.

 

From there its a case of getting alot of information and spend some time reading the posts here.

You'll find them VERY helpful.

There's a lot of excellent people out there, so please take their advice and listen closely.

 

If you have any question feel free to post them.

Be VERY careful whose advice you listen too

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Hi

Few years back to try and alleviate the stress and pressure I was suffering from dca and bailiffs hounding me every day, I employed a firm called Baines and Ernst to take care of my monthly payments and deal with all the dca's etc. I dutifully payed them £60.00 a month I couldnt afford for the privilege but thought it was worth it. Until 8 months later I had a Bailiff representing my local council call and my worst nightmare came true when he took possessions, and we were threatened with worse all because of non payment of council tax for 6 months previous. Baines and ernst had cocked up and when I told them they didnt want to know, terminated our agreement (mind I was going to anyway) andlefty me worse off than before. I dont believe any of those too good to be true adverts that give hope to those who are at their lowest and should be helped not ripped off. I should have taken it further but I didn't have the mental energy at the time. If things seem too good to be true they usually are I've found...

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Several years ago, I phoned a company called Eurodebt, who sent one of their reps round to discuss my situation. My initial problem was finding the £750 fee required for them to manage my debts. "No problem", said their rep, "sell your motorbike" (which I owned outright) "and get another one on finance." He also advised me that it was in my best interests to use all my credit cards to the limit before they took over. Two pieces of extremely bad advice, which I in my ignorance, followed, signed the papers and paid a monthly fee to Eurodebt. Over the next few months I discovered that Eurodebt were doing nothing that I could not have done, either by myself, or with the assistance of the CAB, i.e. making phone calls, writing letters and filling in forms. As soon as I realised this, I cancelled the arrangement with Eurodebt and took over on my own behalf. However, the damage had already been done.

 

Myadvice would be to avoid all such companies, not that they're all as bad as Eurodebt (who I believe were featured on Watchdog) but why pay for services that are available for free from the CAB, or thst you can do yourself, this I have found the best way to go about things. Seek advice by all means, but no way do you have to pay for this advice.

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I recently (a week ago?) started a thread on the Debt Collectors forum entitled Consumer Credit help - or something similar.

 

Trouble is there ius so much on this site you can lose your way (unless you are a computer expert which I a'int)

 

The CCCS (Consumer Credit Counselling Service have been a Godsend to me now for a year, and I've posted my comments on my thread.

 

Have also consulted National Debtline who have extremely informative factsheets.

 

Both these are charities seemingly funded by the very institutions that are ripping us off, but they are just like the NHS - free at the time of use and, in my view a bloody site better managed.

 

Look for my thread.

 

Van

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I recently (a week ago?) Trouble is there ius so much on this site you can lose your way (unless you are a computer expert which I a'int)

Van

 

If there's something specific you're looking for, feel free to ask - someone'll be more than happy to point you in the right direction :)

-----

Click the scales if I've been useful! :)

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Thanks demon_x_slash.

 

Thanks for your response.

 

I'm going to sound very stupid, I know, but - er - how do I ask?

 

The moderators are obviously hard working and I don't feel I should PM them with a minor question.

 

I'm an elderly, disabled man with no previous computer experience.

 

But I've got my mental faculties and the balls for a fight!

 

Van

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Just post a thread either in the 'New' section - a lot of more experienced Caggers hang 'round that forum for the express purpose of guiding newbies - or in this forum, 'General Consumer Issues' if it's a generalised question. If you're looking for bank templates, bank advice, etc., then go to the relevant forum for your bank and ask in there :)

-----

Click the scales if I've been useful! :)

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