Promise Solutions? Anyone heard of them?

missjones_2

Hi everyone,

I am trying to clear some debt. I have 3 credit cards and a store card which I am maxxed out on. I am only paying back the interest each month and I cant realy afford to pay that! I spoke to Promise Finance for another loan (daft I know) but my credit rating is adversely affected by our mortgage repayments always being late (my partner is self employed so pays variably) but I have just had a call from Promise Solutions who run debt consolidations schemes. A very professional lovely lady took note of all my outgoings and incomings, worked out how much I can afford to pay each month and told me that they can take on all my debt, speak to the creditors and pay a fraction of what I am paying now. I told her that I was not interested in going down a IVA or bancruptcy route and she assured me it was neither of these. She told me that decided to go on the plan (and that I can pay more or less or cancel at any given time) that the credit card & HP debt would be paid off in 5 years time, that I could still obtain credit if I wanted as my credit rating would not be affected (not that I will be going down that route now) and TBH I feel like a great weight has been lifted.

She says they are government funded and then passed me onto her colleage at Identicare who say that if I have taken PPI out over the last 6years I can claim back that insurance as it may have been missold.

My question is, does anyone know of these two companies, is this for real??

Many thanks,

Deep_In_Debt

Hi
Don't touch them with 100ft bargepole. They are just out to make money. CCCS are free and provide exactly the same service that these sharks provide and don't prey on the vulnerable. Also, the CAB and Payplan offer free advice along with National Debtline. IVA's are only suitable for a very small percentage of people and they probably know that as they will make a lot of money from them.

Good luck.

Deep_In_Debt

Also, any debt management plan will affect your credit rating, so not sure what they lady was suggesting.

MYLITTLESISTERLOLA

Sounds like a DMP to me which the CAB could do for free but it would reck your credit rating, Did she mention any fees ??? I wouldn't be so sure they are government funded never hear of them before, sounds dodgy, BEWARE

missjones_2

oh shoot. i have given them my card details for my monthly payment, but she did say i can cancel it any time. She didnt mention any charges as such, she said they were government funded and that all i would have to pay if £40 on my third month in but due to my circumstances she would waive it. Once my creditors are advised that I have gone with this kind of arrangement they'll be bricking it wont they?

oh dear. i've been so relieved all evening, i'm back to square one now. I really have been duped, she said it wasnt an IVA....


have to go, the kids are

Deep_In_Debt

It probably isn't an IVA but it may be a fee charging DMP. She's clearly come out with a lot of sales patter!! All sounds a bit iffy to me. DMP's are not goverment funded, they are arrangements between you and your creditors. Cancel it, and contact CCCS, Payplan or CAB who will help you sort something with your creditors for free and they will be honest and upfront with you, so you know exactly what you are taking on. Your credit rating will no doubt be trashed so not sure what she was talking about there.

Zebedee69

They are a dodgy outfit allright. They are lying about being government funded too!

I had a call the other day from "cityguide in google" they tried to sell me a business listing. Of course they are nothing to do with Google although because they are listed in Google technically they are "in Google"

The morale of the story is companies will play on words to try and give you the impression the government/a reputable brand is backing up a product. Which of course they aren't!

Avoid! If you want help get in touch with CCCS or Payplan.

Deep_In_Debt

If she's taken your card number, it might also be worth cancelling your card and getting a new one issued so that they can't take any money out without your consent.

champy_2

I got a cold call offer from these guys offering to get back ppi that i may have been mis-sold, in their small print terms and conditions in the info pack they sent me that quoted a fee of 25%+vat + additional expenses.
Stay well clear

rugbymum

DON'T DO IT. Get onto the CCCS website NOW and go through their thingy. Its all free. The nice lady you spoke to is trained to tell you what you want to hear and not tell you that only a portion of what you pay over each month will go to your creditors while the rest is paid to them. Call the bank tell them your card is lost so it can be cancelled and a new one issued.

dancingfairy

Hey - at least you realised - not discovered years down the line. Would def. get on to CCCS or Payplan or CAB or National Debtline though as they seem to be highly recommended on here. Oh and it doesn't hurt to post your SOA on here as you may not need a dmp after all and may be able to save your credit rating with a bit of work.
Best of Luck
df x