Quick - Eurodebt - any experiences ???

sparkle84

Angela you have made the right decision post back here and let us know how you get on

Xbigman

If you have cancelled the cheque they will be upset. It can also be against the law to do that. You must either write to them urgently or phone and tell them you changed your mind and won't use their service and the cheque has been cancelled. If they turned up at your home un invited then you may well have 7 days but I'm not sure on that one.

To add to what others have said. A £1000 fee, are you mad? Do not touch them with a barge pole. You need to work out how much you need to live. Do a budget for everything but not including any unsecured debt repayments. That will show you how much you have left to play with each month. If there is nothing left over, or only a few pounds, then you might need to go bankrupt. If you have £50 to £100 per month to pay off debts you might are just about in DMP territory. If you do a budget and post it here you will get much more detailed advice.
Regards



X

amosworks

These scum have just written to me !!

I'm a bit miffed, I wonder where they got my details from? Nobody else in my old block got one of these letters! I got taken off the electoral roll so I wonder how they got my info??

I'm kinda curious to make a DPA request but I don't know if I can be fussed right now. I'm just a bit stunned as they're the only people to have ever contacted me like this and years after I paid off the bulk of my £££'s of debt.

Meh

fatbelly

As seen on television...

11 April 2006
EuroDebt, based in Bedfordshire, is a debt management company. It acts on behalf of debtors by trying to negotiate lower payments with their creditors. It's a booming business and EuroDebt is one of the UK's largest debt management companies, with a turnover of more than £7 million pounds.

It operates by charging an upfront fee for its services. This varies depending on the level of debt but in the cases we featured this was between £1,200 and £2,500. The company then decides how much you can afford to pay back. This amount is then split with £35 going to EuroDebt and the remainder divided between the creditors.

In one case, Tara Cooper paid an upfront fee of £1,233 to EuroDebt. Of that, £35 went to the company, with just £18 left to be distributed between her creditors.

Watchdog recorded a EuroDebt agent suggesting that one way to pay the upfront fee was to add it to an existing credit card. We asked Keith Tondeur from the charity Credit Action to comment on our findings. He said it was an appalling practice that was certainly unethical.

The salesman who was secretly recorded at first denied the conversation ever took place but, faced with the evidence, he had no choice but to admit it. EuroDebt says he's since undergone retraining and his franchise arrangement - he's not actually an employee - is up for renewal in October 2006.

The company says it's not policy to use a credit card to pay fees. It's more usual for family or friends to pay. It says its terms and conditions make clear that it can't guarantee to freeze interest payments or get you debt free but that it has a good relationship with many creditors who'll often agree to freeze or reduce interest if regular payments are made.

There are a number of charities who can advise on debt matters for free. Please find links to their websites below:

https://www.cccs.co.uk
https://www.creditaction.org.uk
https://www.tradingstandards.gov.uk
https://www.payplan.com
https://www.nationaldebtline.co.uk

Chortle_2

Angela_D wrote:

Cutbacks aren't an option, income of £500 a month and current minium payments and general bills £1550.
So they will be a huge help if they aren't cowboys :rolleyes: I don't mind paying for a service because tbh I'm terrified of picking up the phone and calling the credit card companies.

It is the 'general bills' that the wonderful debt nerds on this site CAN help with - seriously. If you genuinely want rid of this debt, and I am sure that you do, lowering your outgoings is going to help immensely!

Post an SOA (statement of affairs) - list:

All of your income
All of your outgoings
Your debt (total owed, APR and minimum payments)

with subtotals, et voila, the DFW nerds will descend, and reduce your outgoings, freeing up more money each month to give to CCCS/Payplan (NOT a fee charging company - it'd take you forever to be debt-free if you're paying them £85 p/month and they're stealing £35 of it :eek:)

amosworks

wow thanks for all that info fatbelly.

Of course I have no intention or need to contact these people, I was just shocked that they choose now of all times to speak to me (when I least need it) and manage to contact me when it should be hardest for them to do so? lol

I'd like to know where they get their data??

jitsuguy

Don't know if any one has noticed, but the last time someone posted in here before people did yesterday was back in November!!! Wonder if Angela sorted her problems out?

Jitsuguy

Annie_Fanny

'they charge £1000 set up fee' - what a bunch of p*ss takers! Don't let them take you for a ride - they prey on vulnerable people - Am so mad - makes me want to swear big time!

Ring these guys asap - who are FREE FREE FREE!

Consumer Credit Counselling Service (aka CCCS)
Wade House
Merrion Centre
Leeds
LS2 8NG
Tel: 0800 138 1111
http://www.cccs.co.uk/

Payplan
Kempton House
Dysart Road
Grantham
Lincolnshire
NG31 7LE
Tel: 0800 917 7823
http://www.payplan.com/

amosworks

Yeah I did a forum search and added to an existing post instead of opening a new one. The benefit is it keeps all the information in one place. The downside is that some of the old stuff is no longer relevant. Ho hum.

jesster_2

Steer well clear of Eurodebt.

You can get all the help you need for free.

If what's on here hasn't convinced you, check out this link from BBC's Watchdog.

http://www.bbc.co.uk/consumer/tv_and_radio/watchdog/reports/insurance_and_finance/insurance_20060411.shtml