anyone had experience dealing with Debt Free Direct?

[Marc]

I'm kinda up Shit Creek with my money problems, just about earn enough to pay it off monthly but that leaves me diddly squat to spend on beer each month. (stupid me I know...cant redo the past have to deal with the future etc etc)

Anyway Ive seen their adverts and been to their website but they seem abit odd, all this IVF stuff...whats that all about? I've got a couple of 0% balance transfers and all that but I could do with it all going out in one payment...but I dont want another bloody loan!

Any help greatly appreciated, PM if you can seriously help as I dont want all my outgoings branded about on NSC Thank You Please

 

[B.M.F]

I think you mean IVA mate IVA is like a bankruptcy without actually being made bankrupt. Personally I would only use his as a last option. Your best bet is to go with the 0% card things as you can keep moving it around without having to pay any interest. If you are really up shit streak then whatever you do, DO NOT go with any of these debt buster things. They all prey on people who are in a vulnerable position and they take there cut before helping pay off your debts. If you need to speak to someone use a Citizen Advice Bureau or a company called CCCS ( consumer credit counselling service ). They are all funded by the Government so cost you nothing and they do as good a job if not better than any of these consolidated loan companies.

 

[Marc]

I think you mean IVA mate IVA is like a bankruptcy without actually being made bankrupt. Personally I would only use his as a last option. Your best bet is to go with the 0% card things as you can keep moving it around without having to pay any interest. If you are really up shit streak then whatever you do, DO NOT go with any of these debt buster things. They all prey on people who are in a vulnerable position and they take there cut before helping pay off your debts. If you need to speak to someone use a Citizen Advice Bureau or a company called CCCS ( consumer credit counselling service ). They are all funded by the Government so cost you nothing and they do as good a job if not better than any of these consolidated loan companies.

cool cheers mate, yeah IVA thats the one! I'm always sceptical about these Debt Free Quick companies, think Ill just have to stay away from the pub alot more than normal and try to pay everything off gradually...either that or win the lottery!

 

[Easy 10]

Anyway Ive seen their adverts and been to their website but they seem abit odd, all this IVF stuff...whats that all about?

Are you trying to get pregnant ?

 

[Marc]

Re: Re: anyone had experience dealing with Debt Free Direct?

Are you trying to get pregnant ?

if the government'll help me then YEAH why not!?!

 

[Simster]

As BMF says, go to the CAB first of all, armed with paperwork for all your debts.

Some of those debts are uncollaterized - meaning they don't have a legal right to take your house or other valuable goods. These debts should take minimal priority. Yet these debt buster companies tend to roll up all your debts and collaterize them - which could spell disaster.

The CAB can give you advice on what to do. In the end, all debt companies will want to help you pay back their money without involving expensive third parties...

 

[Easy 10]

I think you mean IVA mate IVA is like a bankruptcy without actually being made bankrupt. Personally I would only use his as a last option. Your best bet is to go with the 0% card things as you can keep moving it around without having to pay any interest. If you are really up shit streak then whatever you do, DO NOT go with any of these debt buster things. They all prey on people who are in a vulnerable position and they take there cut before helping pay off your debts. If you need to speak to someone use a Citizen Advice Bureau or a company called CCCS ( consumer credit counselling service ). They are all funded by the Government so cost you nothing and they do as good a job if not better than any of these consolidated loan companies.

That is good sound advice.
Having dealt with things from 'the other end' (I used to work for a credit card company dealing with bad debt), a CAB is definately your best bet. They'll go through all your income and expenditure details (ie all the essential household bills), and divide up whatever is left over after that amongst your creditors on a pro-rata basis according to the size of each respective balance owed.

They'll put all this down and send it to all the creditors on your behalf, and as long as you're not taking the piss (eg £50 per month on PORN), the creditors will usually accept it and freeze interest. This will normally be reviewed in 6 months. But if they do agree to it, then make sure you STICK to it - cos they're not going to be too sympathetic if they've frozen interest, reduced payments and you've STILL jacked them off.

Good luck squire.

 

[Marc]

Cool thanks guys, I shall look into this CAB whatsit...found the website for my local one and they shut at 1pm....bugger....might have to bunk off work tomorrow aswell (j/k)

thanks again

 

[enigma]

Good luck mate

 

[zefarelly]

Marc . . .fiorst things first, make a list of all the debts, how much and to whom.

then look at the loan options.

these debt help people are f***ing sharks at the best of times, don't do it. once they've got you interested they'll just pester you and give it the hard sell, and they never give in, especially if they think they can get you to sign something with a guarantee . . .ie your flat or whatever.

a sympathetic bank manager may well organise a personal loan to sort you out, and send the boys round if you behave irrespondibly thereafter !

we've all been there at some stage, well those of us without rich parents have!!!

 

[Marc]

we've all been there at some stage, well those of us without rich parents have!!!

heh yeah thats me alright! just found out the local CAB shuts at 4 on mondays, gonna give 'em a call in abit when I've found out exactly how much POO i'm in!

 

[Easy 10]

Marc . . .fiorst things first, make a list of all the debts, how much and to whom.

then look at the loan options.

Trouble with that is that you're still going to get hammered by the interest. Refinancing unsecured debt with another loan is rarely the best way forward, and CERTAINLY not unless its with a respectable High St bank or building society.

Personally the first thing I'd do is to try to get the interest stopped. Creditors won't do that lightly, but if someone goes through the CAB, then as long as its all been done pro-rata, then the creditors will usually accept the proposals, freeze the interest, and keep it that way providing the customer is keeping their end of the bargain with the payments.

Its exactly how it is all worked out if it ever goes to court - except agreeing this without a court case is obviously far cheaper and less aggro for all concerned.

 

[Bluejuice]

Bankruptcy. It's the dog's bollocks mate. I love it.

My life improved TENFOLD since I declared myself bankrupt and it was great fun telling my letting agent to whistle for their money, and the same to all the banks, credit card companies, the council, parking ticket office etc.

They'd all act heavy and chase me but you just need to utter the magic word 'bankrupt' and they can't touch you. In fact, it's ILLEGAL for them to pester you for any money once they hear of your bankruptcy.

True I'm not allowed any credit cards, but they're what got me in trouble in the first place so I can quite happily live without them.

I was told it would affect my attempts at getting a house, but it hasn't. I have been honest and open about it from the start and for the most part people seem to respect that. I'm completely debt free and every penny I earn goes straight into my bank account and stays there until I spend it on beer or rent.

One of the best decisions I ever made.

However, it's not for everyone. Just be sure to avoid these debt management companies as they will do you no favours, and as already advised, seek help from your local CAB.

Good luck fella. And don't take no shit from any of your creditors. If you can't pay up, you can't pay up, no matter what they threaten you with and the chances are most won't have any great hold on you (I'm assuming you're not a homeowner). Just remember, if it comes down to bailiffs (worst case scenario), keep your back door locked and don't open the front door to them (they're legally allowed to come round the back for you). They soon give up, and they can't make you open up. Besides, unless you own a shitload of expensive stuff that they can prove is yours, there's little they can do, and it's worth telling them that. Particularly if you live with your parents.

 

[Faldo]

As above - you'll get the best advice from the CAB (as independants) and the bank you currently owe to (they'd be happier doing you a deal on an unsecured basis rather than ranking behind a collaterised loan for one of the shark companies (i.e. if you do go belly up money wise, the bank will get nothing and the sharks have your house - so its not in their interest to send you that route).

 

[Marc]

I'm not going anywhere near Bankruptcy, dont want that hanging over my head for the next 15years, you may of been lucky with the house thing but whose to say that'll be the same for me? I'd rather become a hermit and only see daylight during working hours than to pass down that road!

 

[Easy 10]

I was told it would affect my attempts at getting a house, but it hasn't. I have been honest and open about it from the start and for the most part people seem to respect that. I'm completely debt free and every penny I earn goes straight into my bank account and stays there until I spend it on beer or rent.

I think you'll have problems getting a mortgage though. And any kind of hire purchase arrangement on store credit.

 

[B.M.F]

This is a link to the site of the CCCS mate. they are charity funded and backed by the goverment.

C.C.C.S

 

[B.M.F]

I'm not going anywhere near Bankruptcy, dont want that hanging over my head for the next 15years, you may of been lucky with the house thing but whose to say that'll be the same for me? I'd rather become a hermit and only see daylight during working hours than to pass down that road!

Bankruptcy is not as bad as it seems though mate. If memory serves me correctly from my debt recovery days you can only be blacklisted for 5 to 6 years with any debt. after that the companies have no legal right to claim monies owed. They can ask you for it and if you are stupid enough to pay it then so be it. If I knew all this stuff when I was 18 i would have racked up loads of debt and either gone travelling or bankruptcy. 5 yuears ain't long when you are that young but when you get to my age it hampers you somewhat with mortgages and all.

 

[Bluejuice]

Haha, fairy nuff. I was only suggesting it in jest anyway.

The point is I learned a lot about what your rights are in this situation, and so long as you tackle it head on and don't keep hiding from all the red letters, you can make it work.

It's all about prioritising your debts. Stuff like credit cards, the bank and your landlord do need paying. But there's a lot of shit that people will make you feel is of the utmost importance but really isn't. I had Blockbuster threatening me with all sorts over a poxy £10 fine, and they appear to get really heavy whilst all the time doubling the amount you owe each week. Well forget them because they're just con merchants and nobody takes them seriously. The bank on the other hand can own you.

Chat to the CAB and then your bank. They'll stop your credit cards and make sure you can't get too much more overdrawn, but for the most part will want to help because at the end of the day they just want their money back and if they keep charging you silly interest they'll never see it.

Honesty and openness is the key, just make sure it's to the right people

 

[Marc]

This is a link to the site of the CCCS mate. they are charity funded and backed by the goverment.

C.C.C.S

sweet thanks mate, contacting now








P.S. there would be a beer in it for all of you but for OBVIOUS reasons