-Mongrel- Posted November 2, 2011 Report Share Posted November 2, 2011 Anyone used one? Good experiences...or those to avoid like the plague! Quote Link to comment Share on other sites More sharing options...
welsh1 Posted November 2, 2011 Report Share Posted November 2, 2011 If you use a debt management company that takes a fee off you,or money up front,then that is a pointless exercise. You can contact all your creditors,be polite state your circumstances and make a proposal to pay something,most companies will accept an arrangement if it means they get their money,and it means you are not giving away money to someone who really doesn't give a toss about you all they want is that payment you make. Cut out the middle man and do it yourself,or find a charity that negotiate on your behalf and charge nothing. Quote Link to comment Share on other sites More sharing options...
four-wheel-drive Posted November 2, 2011 Report Share Posted November 2, 2011 I had some financial problems many years ago I contacted the citizens advice people and they sorted it out for me all of my payments to banks/c-cards sorted so amounts that I could easily afford to pay. I recommended this route to my neighbour but he new better than me and he went to one of these companies after paying them loads of money he had to go bankrupt in the end to get free of debit. Quote Link to comment Share on other sites More sharing options...
CZ550Kevlar Posted November 2, 2011 Report Share Posted November 2, 2011 Put simply they don`t offer a debt management service out of the goodness of their hearts, contact charities or CAB they can negotiate exactly the same deals and you don`t pay them anything. Quote Link to comment Share on other sites More sharing options...
Vince Green Posted November 3, 2011 Report Share Posted November 3, 2011 They are not going to suggest anything other than rolling up all your debts and taking out a single loan to pay off all the others. They then get a big fee for arranging the single loan. It makes sense up to a point with high interest debts like credit cards but its not a magic wand and you have to remember they are a commercial business and need to make money themselves. Go to Citizens Advice before you do anything else. Free and impartial and if you have debts then the sooner you go the better. Quote Link to comment Share on other sites More sharing options...
hcarlos Posted November 3, 2011 Report Share Posted November 3, 2011 christians against poverty dont charge you a penny (you can gift them £2.50 a month) but thats totally your choice they do the same sort out all creditors etc.try there web site they are recomended by the money expert guy cant remember his name.good luck Quote Link to comment Share on other sites More sharing options...
kyska Posted November 3, 2011 Report Share Posted November 3, 2011 Stay well clear, if you have some money troubles do as others have said, and contact the CCCS or PayPal, the CCCS are by far the more potent, free of charge, debt help organisation. Quote Link to comment Share on other sites More sharing options...
bi9johnny Posted November 3, 2011 Report Share Posted November 3, 2011 depends which way you want to go , a few years back i was in a mess after a bad divorce and being out of work and no property in my name i took the cit ad bureau advisers recommendation and went personal bankrupt for 45k now i went to the cab took papers for who wanted what they took control and i went back 2 weeks later all had been contacted and i was told to meet cab guy outside county court at 9am 2 days later with £350(refundable if out of work), went to the cash office of court filled out some papers 5 minutes then upstairs to wait for a judge to come out of court for recess and in i went to his chambers i kid you not by the time i got to the chair he had stamped the papers and said "consider this as the beginning of your new life and not the end of a bad time"...out i came back to cash office paper work sorted and done 1 hour... had a 10min interview with official receivers office that same day explained what happened and all done........that was july and i was a disclosed bankrupt by january you have a couple of years of no credit but considere your now not paying bills/banks/cards you should have more money.....everything is now good and i manage money so good now every pounds a prisoner..i will say this is a last resort and not to be done as a easy way out i was just pointing out how stress free it can be.. Quote Link to comment Share on other sites More sharing options...
Paul T Posted November 3, 2011 Report Share Posted November 3, 2011 As Kyska says, DO NOT use a company that rolls everything up into a new debt - use a charity like CCCS. That said, when I split with the ex-wife I was lumbered with loads of debt and I sorted it out myself. I basically wrote to all the creditors, explained I was in dire financial straits and requested that they froze the account (didn't add any more interest). If they were willing to do that then I would negotiate to pay those creditors off first. In some cases I was extra cheeky and asked for a settlement figure if I could pay it off quickly. It was a difficult couple of years with little or no luxuries, but well worth the end debt-freed result. All that was over 10 years ago, but I'm glad it's all behind me. Good luck mate . Quote Link to comment Share on other sites More sharing options...
ME Posted November 3, 2011 Report Share Posted November 3, 2011 I know John Ali at this company http://whitewatermanagement.com/ if you want a personal introduction I would be happy to oblige. I haven't used his company personally but know him well enough to be confident that he would help if he could. Debt Management isn't just about consolidating debt, the company will fight on your behalf to get creditors to reduce their interest rates, waive some of the debt and will help you manage the situation and generally fight your corner. They don't do it for free - but who does run a business for nothing? If you want free advice go to the CAB or a debt charity, if you want someone to do it all for you go to a Debt Management company. Quote Link to comment Share on other sites More sharing options...
UKPoacher Posted November 3, 2011 Report Share Posted November 3, 2011 Stay well clear, if you have some money troubles do as others have said, and contact the CCCS or PayPal, the CCCS are by far the more potent, free of charge, debt help organisation. That's PayPlan, not PayPal Seriously, there are a lot of debt management companies out there who will rip you off. I had a mate who got into big financial difficulties when his fishing business went bust. He used PayPlan and was sorted in no time. The calls stopped from all the creditors except Halifax RBOS who are a right bunch of *********. That was the only company who caused him grief after the deal was settled. PayPlan don't take a fee or try and brow beat the creditors. They acted very fairly and he managed to pay off everything within the five years they planned the debt management. Quote Link to comment Share on other sites More sharing options...
leeds chimp Posted November 3, 2011 Report Share Posted November 3, 2011 I have been there and done it...was in debt when split with an ex...took my 6 years to clear 95% of it...still got a little bit now but slowly getting cleared.... If you can fight your battles i.e argue and get a reduction in interest then do it yourself and its easy enough to do...if you feel overwheled by it go to a debt company Quote Link to comment Share on other sites More sharing options...
kyska Posted November 3, 2011 Report Share Posted November 3, 2011 That's PayPlan, not PayPal Seriously, there are a lot of debt management companies out there who will rip you off. I had a mate who got into big financial difficulties when his fishing business went bust. He used PayPlan and was sorted in no time. The calls stopped from all the creditors except Halifax RBOS who are a right bunch of *********. That was the only company who caused him grief after the deal was settled. PayPlan don't take a fee or try and brow beat the creditors. They acted very fairly and he managed to pay off everything within the five years they planned the debt management. Ah yes... Do NOT use paypal to manage your debts! Payplan and CCCS will act fully on your behalf, with no fees, they often get debts, if not all, the interest written off, any nasty letters you just send straight to them and they will deal with it. Quote Link to comment Share on other sites More sharing options...
Radar_uk Posted November 3, 2011 Report Share Posted November 3, 2011 CCCS worked well for me and with no charges. Quote Link to comment Share on other sites More sharing options...
Birdy Posted November 3, 2011 Report Share Posted November 3, 2011 If you want free advice go to the CAB or a debt charity, if you want someone to do it all for you go to a Debt Management company. This is poor advice. I work for a finance company (and have done for over 20 years). I deal with all the agencies, those that charge fees and those that don't. I refuse to deal with companies that charge. They are preying on the vulnerable and naive. Go to CCCS (funded by the credit industry to ensure fair, free, impartial debt-management). Essentially all you need to do if you want to handle it yourself is assess what your available income is each month (after essential expenditure) and then that sum is what you have to service your debts. You should list out all the balances owed to each creditor to arrive at a total. Each individual debt represents a percentage of that total indebtedness. That percentage should be applied to your available income and hey presto, you have a fair, pro-rata sum you should offer each creditor. You should write to each one, at the same time, providing them your income and expenditure breakdown, requesting a freeze on any accruing interest and an acceptance of your pro-rata offer. Most will accept if you have been fair and decent about your expenditure. If you have £250 for fags or 'socialising' (as I have seen), for example, don't expect much sympathy. Cut your cards (if any) up. Each case is different and any more advice would need to be specific and not generic. PM me if you have any questions about YOUR case. Regards, Ade Quote Link to comment Share on other sites More sharing options...
UKPoacher Posted November 3, 2011 Report Share Posted November 3, 2011 Get in quick though. I understand that a Mr. Papandreou is hoping to sort out his Ocean Finance debts this weekend. Quote Link to comment Share on other sites More sharing options...
ME Posted November 3, 2011 Report Share Posted November 3, 2011 This is poor advice. I work for a finance company (and have done for over 20 years). I deal with all the agencies, those that charge fees and those that don't. I refuse to deal with companies that charge. They are preying on the vulnerable and naive. I will agree that if you want free advice and have the gumption to get hold of your finances then a free service would be better. No disrespect meant to the OP, but not everyone has the where-with-all to take on this kind of challenge. I take my car to the Bozos at the hand car wash, even though I used to own a car valeting company. This doesn't mean that the Bozos are preying on me because I am vulnerable and naive - it's because they are offering a service and I don't want the hassle of doing it myself! Quote Link to comment Share on other sites More sharing options...
TaxiDriver Posted November 3, 2011 Report Share Posted November 3, 2011 National Debtline is another charity that helps/advises you how to deal with creditors and debt matters Very Effectively. Quote Link to comment Share on other sites More sharing options...
AVB Posted November 3, 2011 Report Share Posted November 3, 2011 Get in quick though. I understand that a Mr. Papandreou is hoping to sort out his Ocean Finance debts this weekend. Can you imagine the call - Income = a few olives, Debts = 340bn euros Quote Link to comment Share on other sites More sharing options...
UKPoacher Posted November 3, 2011 Report Share Posted November 3, 2011 Can you imagine the call - Income = a few olives, Debts = 340bn euros Joking aside, there are some real human tragedies here if Greece goes under. How on earth are the Islington set going to get by without Feta? And, I've heard that pitted olives are fetching a quid each on the black market from a guy at the back of Waitrose. Quote Link to comment Share on other sites More sharing options...
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