Has anyone used/considerd using this company for debt cosolidation, they seem to have good reviews on money super market but i'm still sceptical!
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Debt Advisory Line advice
- Thread starter Chicken Run
- Start date
Bluejuice
Lazy as a rug on Valium
Sounds like somebody's been spending beyond his means...
coventrygull
the right one
Go to your friendly bank manager. They are there to help. My Mrs spends a lot of time helping people sort out their finances
steward 433
Back and better
Ring the national debtline
They are the government approved and funded and won't take a penny for the service.
0808 808 4000
surrey jim
Not in Surrey
i work for a credit card company, in 90% of cases you would be better speaking to debtors about arranging a payment plan directly. many of the debt management companies take a fee for their services and aren't able to have interest reduced/frozen in all circumstances
Nibble
New member
- Jan 3, 2007
- 19,238
I'm not sure of the advisory's name but there is a body that uses your income to work out what you can reasonably pay back to yur creditors and will conatct them for you. You then sign an agreement with all concerned and you have to stick to that amount. So for example if you earned £1000 a month they would work out what you reasonably need to live on and still maintain a quality of life and then equally divide the remainder between your creditors.
It is a binding agreement but is not like banktrupcy. You have to stick to the agreement but it means you are not borrowing anymore, the interest or charges is frozen and you have a definate date for clearing your debt. You may have to tighten your belt for a while, but you at least have the peace of mind that your creditors are happy and the debt is being repaid with no accruing interest.
Taking consolodation loans can be a good way to avoid bad debt but youare still in debt for far longer.
It is a binding agreement but is not like banktrupcy. You have to stick to the agreement but it means you are not borrowing anymore, the interest or charges is frozen and you have a definate date for clearing your debt. You may have to tighten your belt for a while, but you at least have the peace of mind that your creditors are happy and the debt is being repaid with no accruing interest.
Taking consolodation loans can be a good way to avoid bad debt but youare still in debt for far longer.
Easy 10
Brain dead MUG SHEEP
Or go to the Citizens Advice Bureau. Completely free of charge.
Give them all of your income and expenditure details, they will then divide whatever you have left between your creditors on a pro-rata basis, and write to them on your behalf with the offer.
As long as you've not royally taken the piss, creditors will generally accept whatever the CAB have worked out, and will usually freeze interest as well. If you get onto an interest-free repayment plan then for christs sake make sure you STICK to it.
Give them all of your income and expenditure details, they will then divide whatever you have left between your creditors on a pro-rata basis, and write to them on your behalf with the offer.
As long as you've not royally taken the piss, creditors will generally accept whatever the CAB have worked out, and will usually freeze interest as well. If you get onto an interest-free repayment plan then for christs sake make sure you STICK to it.
- Thread starter
- #8
this is all great advice and thanks, the service Nibble describes is pretty much it and they claim i will be debt free in 5 years.
John Byrnes Mullet
Global Circumnavigator
CCCS
They are a charity that was set up to help people in debt, if you are heavily
in debt they will tell you what your best option is, if an IVA is your best option or debt management plan then they would only take out their expenses.
http://www.cccs.co.uk/
If you are are still wary then go to the forums on money saving expert you can get just about any advice you want of there.
http://forums.moneysavingexpert.com/search.html?searchid=30108257
They are a charity that was set up to help people in debt, if you are heavily
in debt they will tell you what your best option is, if an IVA is your best option or debt management plan then they would only take out their expenses.
http://www.cccs.co.uk/
If you are are still wary then go to the forums on money saving expert you can get just about any advice you want of there.
http://forums.moneysavingexpert.com/search.html?searchid=30108257
surrey jim
Not in Surrey
as easy said if you are making a plan stick to it, best to set up a direct debit or standing order. once you are in a plan repeated missed payments / repeated late payments will usally end up with you in court for a ccj
All good advice here -for myself I had a bit (still lying, i mean a LOT) of trouble paying back my credit cards last year, and contacted Mike at debtwizard.com
He sent me excel spread sheets showing income Vs expenditure and credit Vs debt.
It's all a lot easier to see when it's laid out in front of you.
He used to do an hour of one to one phone consultation for approx £40 and will go through all your options. He's very independant and been on numerous Radio and TV shows.
He sent me excel spread sheets showing income Vs expenditure and credit Vs debt.
It's all a lot easier to see when it's laid out in front of you.
He used to do an hour of one to one phone consultation for approx £40 and will go through all your options. He's very independant and been on numerous Radio and TV shows.
coventrygull
the right one
Your bank manager will do this for free.
BensGrandad
New member
Avoid any company that suggests an IVA the only people who earn out of those forms of arrangement are themselves. You save some of your debt, after you have paid them their fee, usually between £3k and £5k, you wont save a lot unless you owe £25k plus.
You are better off
!. Listing you monthly outgoings excluding your debts.
2. Subtract that from your monthly income to show your disposable surplus income.
3. Total your debts and calculate the % of the total owed to each creditor.
4. Write to each creditor offering them the same % of your disposable income and enclose a copy of your financial statement.
They have no option but to accept your offer because if they took it to County Court the registrar would use the same calculations to work out your monthly payment.
I did this for a relative, who then went to the CAB and told them what I had done and their answer was 'that person knows more about it than us and he has guided you in the right direction' Ask him to contact us about being an advisor if he is interested.
With due respect to anybody who works in a bank but they are worse than useless for obtaining advice about debt management, all they are interested in is earning the bank and their shareholders money.
You are better off
!. Listing you monthly outgoings excluding your debts.
2. Subtract that from your monthly income to show your disposable surplus income.
3. Total your debts and calculate the % of the total owed to each creditor.
4. Write to each creditor offering them the same % of your disposable income and enclose a copy of your financial statement.
They have no option but to accept your offer because if they took it to County Court the registrar would use the same calculations to work out your monthly payment.
I did this for a relative, who then went to the CAB and told them what I had done and their answer was 'that person knows more about it than us and he has guided you in the right direction' Ask him to contact us about being an advisor if he is interested.
With due respect to anybody who works in a bank but they are worse than useless for obtaining advice about debt management, all they are interested in is earning the bank and their shareholders money.
desprateseagull
New member
best way to cust costs (reducing payback time) would be to do your own proposal (be honest with yourself, and creditors), listing in/outgoings before loans and card debts.. offer pro rata amount to each debt from what remains.
any commercial agency will take a cut of whatever you pay so making the repayment time longer.
any commercial agency will take a cut of whatever you pay so making the repayment time longer.
SurreySeagulls
Well-known member
Are you saying that Bank personnel are like Recruitment Agents
If so I must just have to pop out and get some Pringles and settle down for the afternoon.
BensGrandad
New member
I work in the IVA industry (though not for an insovency practitioner) and my suggestion would be for you to go to CAB. They will review your situation and, if needed, will recommend an insolvency practitioner to you. I cannot understate enough how important it is to go to the right people. There are some extremely unscrupulous companies out there who will serve their own interests ahead of yours. Go to someone independent like CAB or as someone suggested earlier the CCCS and they will let you know where you stand.
coventrygull
the right one
My Mrs is a Bank Manager and genuinely tries to help people who have debt problems. The sad thing is she helps them and they pop back a couple of months latter f***ed again
pasty
A different kind of pasty
I'd try speaking to Ken Bates. Apparently he can owe thousands upon thousands of punds to numerous debtors, pay them only a slight fraction of what he owes them and still end up not losing his most valuable assets.