Spectrum

[Save A Tree]

Hi There

 

My OH has made an appt for a guy from this Co to pop round to see us tonight to see if they can help get us out of the financial hole we are in.

 

Does anyone have any experience of them as i was looking at CCCS and then he came across these guys.

 

they are based in Keighley and their website says its not loans (which we would like to avoid)

 

Any help appreciated.

 

Thank you

 

KTE

[oneofakind]

Before you make any decisions...

 

Debt Free Direct calls for inquiry into misleading advertisements | Credit and debt | Guardian Unlimited Money

 

These companies don't work for nothing. Ask yourself what's in it for them.

 

I'd be more inclined to go with CCCS, CAB, or.... what's that Consumer website where everyone helps everyone else... just because they want to...?

 

Oh, I remember! It's THIS ONE!!!

[sequenci]

I think Spectrum Financial were once on watchdog, be warned. [i'm 95% sure it was these guys]

 

If you're looking for impartial debt advice please consider speaking to one of the free debt-help charities, either National Debtline or CCCS.

[Save A Tree]

Thanks Guys - i must say i am sceptical but Hubby has a tendency to get sucked in to sales spiel (sp?) so i just need to make sure i get him to look at the article(s) before this guy turns up tonight.

 

Does anyone have any 1st hand experience of this Co though?

 

IMHO all Co's are gen. ok 'til you miss a payment!! Although i am old enough and wise enough to realise no-one does anything for nothing in this life and its usually a case of picking the best of a bad bunch!!?

[djdave]

Spectrum are an IVA practicioner. Committing to an IVA is, contrary to what the glossy advertising would have you believe, not an easy way out.

 

There are several steps you could take towards getting in control of your finances which don't involve an IVA, and are free.

 

Personally I'd cancel the appointment - or if they won't take no for an answer don't let them in. I'll wager they use all manner of tactics to get your signature on a document during the meeting. If you really must meet with them, DO NOT SIGN ANYTHING.

 

If they're a remotely respectable company, they'll give you time to make an informed decision. But my advice would still be to cancel the appointment.

 

If you can post some details of your finances here, I'm sure we can give some practical (and free!) advice which may very well negate the need for an IVA.

 

Hope that helps

[Save A Tree]

Hi DJDave!

 

i am aware they do IVA's and am also aware of IVA's and how they work (to a degree) and this is NOT an option we want to take either.

 

it does say on their site they offer debt management AND IVA's so i must admit to being curious to know what they can offer without it being either a loan or an IVA - Don't worry i absolutely NO intention of signing ANYTHING today without Hub & i having time to discuss it in private and also taking a look at our other options (CCCS?)

 

Am sneaking on here at work so no time to post all our info at the mo but will try to at a later date.

 

THank you all for advising us to go carefully - we will!!

 

PS DJDave - i see you tackled and beat Ashbourne ref Gym Membership - i may have to catch you on this one, another case of Hub being sucked in by Sales speil along with basically being cajoled into signing

[patrickq1]

The Office of Fair Trading: Pendragon Financial Services Ltd - t/a Spectrum Financial Protection

[patrickq1]

Spectrum Financial Review

 

According to the Association for Payment Clearing Services (APACS), there are more credit cards in the UK than people. There were 74.6 million charge and credit cards at the end of 2005 and 60 million people in the country, which is quite a comparison. Additionally, the total credit card debt as of July, 2006 was £54.7 billion. These eye-opening facts reveal that managing debt is currently a pressing priority for many people.

Spectrum Financial co uk provides valuable debt consolidation information and services through Abacus Financial Consultants Ltd. Abacus Financial Consultants Ltd is a registered company with a consumer credit license and years of experience. Spectrum Financial offers free advice to assist clients who want to reduce loan payments and consolidate debt. Spectrum Financial is able to offer several alternatives to their clients for debt consolidation and management.

One of the ways that Spectrum Financial co uk can help you to consolidate debt and avoid bankruptcy is by pursuing an alternative called an Individual Voluntary Arrangement (IVA). An IVA is a legal process for people with serious debt issues. With an IVA, it is possible for a debtor to write off up to 75% of their outstanding debt and then make one affordable monthly payment for a period of 60 months. At the end of that time, all remaining debt is written off and the debtor is cleared. When you pursue an IVA, all interest and charges stop and legal action and collection harassment is halted. An IVA becomes even more appealing when you consider that bankruptcy can have severe personal consequences, such as loss of future assets and the inability to run a business. Additionally, if you are a homeowner, avoiding bankruptcy and securing an IVA can help you to protect the equity in your home. An IVA is an excellent alternative for many, but not everyone is qualified for one. In those cases, Spectrum Financial com has other viable options available for debtors to consider.

Debt management is an alternative that can reduce your monthly repayments by up to 70%. Spectrum Financial can negotiate with creditors and consolidate loan, credit cards and problem debts into one monthly payment that is easier on your budget. The debt management services that are promoted by Abacus Financial Consultants are administered by Harrington Brooks (Accountants) Limited and a monthly statement is issued to debtors, showing creditors paid. The fee for Spectrum Financial's debt management services is 17.62% of the total amount repayable.

Spectrum Financial also helps customers to find a secured or unsecured debt consolidation loan. Spectrum is able to assist customers who have bad credit, who may have been declined for a loan already and even people who have a County Court Judgment, to find a loan that is suitable for their individual situation.

Another service offered by Spectrum is professional management to stop home repossession. Abacus Financial Consultants, also known as Spectrum Financial, have vast experience saving homes and bringing people back from the brink of personal financial disaster. Spectrum can help you whether you are a homeowner, council tenant or with a Housing Association. You can avoid eviction by obtaining free advice about your situation and allowing expert counselors to intervene on your behalf.

Spectrum Financial is located in Manchester and can be contacted at their physical address, through their website or at their convenient national rate number. The Spectrum website also offers a vast selection of debt advice articles and guides. These articles are specifically geared to help UK residents who are experiencing financial difficulties and seeking out information and possible solutions. The advice found in these articles includes dealing with bailiffs, bad credit, UK law on bankruptcy, general debt assistance and information on debt counseling and debt consolidation. Whether you are looking for budget tips or legal information, Spectrum Financial's website provides a great selection of informative guides.

It is never too late to take control of your financial solution and seek help. Getting free advice and information from Spectrum Financial is an excellent place to start.

[patrickq1]

hope all that helps

they gor a stiff warning in 2004 and have since been visited and now have a clean bill of health...but dont forget you need to see the contracts first and also do some more research

patrickq1

[Save A Tree]

Thanks Patrickq1 - good info - hmm, 17.62% of repayable blah blah...

 

isn't this what CCCS do for free - wish i'd cancelled the appt now but hubby still wants to take a look....

 

I must admit i did 'google' them quickly but only really found their website

 

May have to slam my 'signing' hand in the kitchen draw and render it useless

[patrickq1]

YOU can still have your appointment but DO NOT SIGN ANYTHING just see what they have to say they may even agree you do not need iva but it is worth a chat ,at the moment we just borrowed some few weeks ago 10000 and its costing me 22.9% but at least its cleared some pressing debts and now reduced our outgoing by over 100 per month ,i cant get a bank account because i have ongoing prosecutions against three major banks...two of them are not for money and one is for money,so i was in a real catch 22 and no choice,the 22 .9% will be reduced within 6 months and that is in writing it sahll come down to 15% .so it might be worth a chat but i reiterate DO NOT SIGN ANYTHING good luck

patrickq1

[sequenci]

Many creditors will NOT agree payments with a fee-charging DMP firm AT ALL. YOu should remember that a DMP is not legally binding and that a creditor is accepting those payments at their discretion.

 

Get your hubby to call National Debtline on 0808 808 4000 for some free confidential and IMPARTIAL advice.

[Save A Tree]

Hi Guys,

 

Thanks for all you help so far, i just wanted to update you all on how it went last night.

 

Well, Both i and the chappy from Spectrum both knew within about 10 mins that neither party was going to gain from this meeting but to be fair he plodded on and went through the motions. Hubby took until the presentation of the breakdown of charges for their services

 

We didn't get the hard sell at all and he was actually quite pleasant and fairly helpful despite the fact he knew we weren't takers.

 

I did chuckle when he mentioned the 'legal route' and i announced that i wouldn't enter into an IVA anyway, to which his reaction was as if i had just annouced i had 'done the deed' with his dog [ROFL]

 

If anything, what we did gain from the experience was confirmation that using the templates on this site (& your help ) to approach creditors that we can tackle it ourselves for now and that it's not actually as bad as we thought.

 

Thanks again for those who posted

 

K x

[oneofakind]

glad to hear you made the right decision.

 

There's plenty of FREE help here whenever you need it. (Donations always welcome...)

 

Out of interest, how much were they intending to charge?

 

 

 

[Save A Tree]

They wanted 3 x £233 (over 3 months with the 1st due 'ideally' in 30 days). If we had that we could actually clear about 3 of our old debts!?!?

 

When Hubby saw it like that he more or less switched off instantly

 

We fell in to the 1st band for charges - i cannot remember what he calculated the total figure at but i was going to take a look and see if i can work out what percent they do it at...

 

To be fair the guy said he would still E-mail all the figures to us for our info (income & expenditure etc) i can;t check these til i get home later but i'll let you know...

 

K

[oneofakind]

£233 a month ?!?!

 

I'll do it for £199 !

 

Not worth it, is it? Not when it's all here...

 

Post any more questions you have.

 

[Save A Tree]

£233 a month ?!?!

 

I'll do it for £199 !

 

Done!!! Wanna shake on it

 

I'm now feeling confident and about to tackle UKDR with a CCA as i'm adamant i paid this debt, but the little upstart on the phone says it only takes one call to your bank to find out what payments were made ref the debt and he knows cos he 'used to work in a bank'!?!?! which probably explains his attitude!! What said little upstart doesn't realise is I work full-time and have two new businesses between us which sadly doesn't leave many hours in the day, add this to 3 house moves since the 'debt' and the acquisition of aforementioned hub and a flat full of his clobber and the fact i could've made payments on at least one of 4 different credit cards doesn't make this a one-call-project!!!

 

Plus we're working out Hubbys prelim letter and charges for the Halifax too

 

Oh and then there's the PPI claim against Welcome - grrr bring it all on [puts on mean face and rolls up sleeves]!!

 

I'll keep you posted

 

K x

[oneofakind]

I'm now feeling confident and about to tackle UKDR with a CCA as i'm adamant i paid this debt,Good! Go for it! but the little upstart on the phone On the WHAT?!? says it only takes one call to your bank to find out what payments were made ref the debt Not for you to do! This has nothing to do with the bank; if the upstart wants your money, make him prove that he's entitled to it! and he knows cos he 'used to work in a bank'!?!?! which probably explains his attitude!! What said little upstart doesn't realise is I work full-time and have two new businesses between us which sadly doesn't leave many hours in the day, add this to 3 house moves since the 'debt' and the acquisition of aforementioned hub and a flat full of his clobber and the fact i could've made payments on at least one of 4 different credit cards doesn't make this a one-call-project!!! It's a one (or two) letter project. CCA first. Watch the upstart vanish!

 

Plus we're working out Hubbys prelim letter and charges for the Halifax too :grin:

 

Oh and then there's the PPI claim against Welcome - grrr bring it all on [puts on mean face and rolls up sleeves]!!

You've got the bug!

 

I'll keep you posted

 

:D

[conar686]

SaT - You've made the correct decision re SPECTRUM. I'm about to ditch them as my DMgrs and take control by my self.

 

Their failings

 

1. Their Telephone system is overloaded and you can seldom get through in under 10mins

2. They never call you back

3. They never respond to your letters

4. Their legal advisers know less than we do here re consumer rights

5. They failed to advise me on my rights & I received 2 CCJs (this was pre CAG)

6. Their initial assessment for the 3 mths is always higher than your eventual monthly payment - yet the 3mths is supposed to be based on your estimated payments going fwd. I claimed the difference back.

 

All in all DIY or for free organisations will save you money, grief & frustration

[Save A Tree]

I'm now feeling confident and about to tackle UKDR with a CCA as i'm adamant i paid this debt, but the little upstart on the phone says it only takes one call to your bank to find out what payments were made ref the debt and he knows cos he 'used to work in a bank'!?!?! which probably explains his attitude!! What said little upstart doesn't realise is I work full-time and have two new businesses between us which sadly doesn't leave many hours in the day, add this to 3 house moves since the 'debt' and the acquisition of aforementioned hub and a flat full of his clobber and the fact i could've made payments on at least one of 4 different credit cards doesn't make this a one-call-project!!!

 

 

Ok folks, update for you and plea for help too please!

 

I got a copy of my orginal agreement back today and a letter basically saying ok you've got it now ring us and pay up!!

 

I only sent the letter requesting the CCA and no the version which says they must provide proof that it isn't paid. Shall i send them a letter to this effect or.....

 

What are my options?

 

TIA

 

KTE

[oneofakind]

any chance you can post your 'agreement' here to see if it's valid?

 

Did they send you a statement of account with it?

(If they didn't, then they haven't complied with their duties under Section 77/78 of the CCA)

 

[Save A Tree]

Hi OoaK - how are you?

 

Unfortunately i cannot get the agreement on here but i think it is legit - funnily enough i found the original this week and i wasn't even looking fo rit so i'll compare the 2 tonight to make sure nothing has been fiddled.

 

The signature is legit cos it's my old one (before i got married), what else should i be checking for...?

 

No there was no SoA

 

K

[oneofakind]

http://www.consumeractiongroup.co.uk/forum/debt-collectors-debt-collection/105315-my-agreement-enforceable-useful.html

 

The 'agreement' you have - is that an application form? An application is not generally considered to be an enforceable agreement.

 

Also, what type of loan is this for: fixed or rolling credit?

 

[Save A Tree]

hmmm...

 

Looks like it is all above board

 

T'was for a bed. 0% APR. Form states when they start, how much and how many.

 

I do suspect that there was maybe a tiny amount still outstanding and that the rest is charges....

 

What now!!

 

Thanks OoaK

[Save A Tree]

Thanks for the link OoaK.

 

I had a look and it seems it is all above board but no, i didn't get a Statement of A/c so should i ask for this now and a breakdown of what i have paid...?

 

I only sent the letter requesting the CCA and not the version which says they must provide proof that it isn't paid. Shall i send them a letter to this effect or.....

 

TIA