DFH financial solutions

Bubbaboy

Hi all
very new to this website, but what i've read so far - very helpful.
Anyway my problem is credit card debt of £6200 and an overdraft with Abbey National of £1000. I rang DFH Financial Solutions and they have agreed to sort this out with the credit card companies at a cost of £200 per month. I've had the paperwork this morning but a bit confusing really. In the letter it says they will TRY and freeze the interest on the cards - what if they can't what then? They say I will be debt free in 3yrs & 9 months. They stressed on the phone that it was not a DMP but a Consolidation Programme? They also told me to close my bank account with Abbey and open a bank account with Lloyds TSB. I havent missed payments on my cards but only paying the minimum amount as money is very tight, so their going up with interest! I'm concerned that DFH will be slow in paying the companies then my creditscore has gone down the pan!!
Help please

System

Bubbaboy wrote: »

Hi all
very new to this website, but what i've read so far - very helpful.
Anyway my problem is credit card debt of £6200 and an overdraft with Abbey National of £1000. I rang DFH Financial Solutions and they have agreed to sort this out with the credit card companies at a cost of £200 per month. I've had the paperwork this morning but a bit confusing really. In the letter it says they will TRY and freeze the interest on the cards - what if they can't what then? They say I will be debt free in 3yrs & 9 months. They stressed on the phone that it was not a DMP but a Consolidation Programme? They also told me to close my bank account with Abbey and open a bank account with Lloyds TSB. I havent missed payments on my cards but only paying the minimum amount as money is very tight, so their going up with interest! I'm concerned that DFH will be slow in paying the companies then my creditscore has gone down the pan!!
Help please

Hi mate and welcome to DFW, STOP and dont go with them. There are other alternatives. My first bit of advice is that there is a sticky at the top of this forum called notice to newcomers. Have a read of that first then post some info on here that way we will be able to give you more structured advice on your next steps. Len

Deep_In_Debt

Do not go with them. There are FREE companies out there who can offer the same advice in your interests and not line their pockets.

CAB, CCCS, Payplan and National Debtline are free.

kimdegsidash

Hi Bubbaboy
The previous posters are spot on - don't go with anyone that will charge you for setting up a payment plan. There are a number of free charitable organisations that will give you free advice - and don't forget, the advice on this forum is free as well.
Can you draw up a SOA (see the sticky for new posters on page one of the DFW thread) and then all the lovely MSE people will give you advice on how to cut down on your expenditure and point you in the right direction with regard to paying off your debt.
You have done the right thing coming on here, :beer: well done. And with the help of people on here and the *free* advice on Martin's website, you can set up your own payment plans.

It won't take long to get with the terminology, and before you know it you'll be giving advice to others too. It's one big family and we're all in the same boat.
Good luck and welcome. :T

10past6

For confirmation re the above posts, take a look at my signature.

tikka360

help im with dfh, is there anyway i can get out without being charged for bills all at once?

MrsTinks

tikka - check your agreement with them. But I think in most cases you give them a months notice - not familiar with this exact company though
once you have given them notice then notify your creditors you are taking control of your finances yourself and explain to them that this is for their benefit as your monthly repayments will be able to increase as you're no longer paying the management fee.
Do an SOA and post it here to let us have a look at what you might need to juggle a bit before presenting them with your SOA and then send them a cheque with the payment for the months after your last payment from your current DMP company If they wriggle a bit to start with or object you can always get help from one of the organisations in my signature.

monkiburger

I started a DFH account last month and then recieved advice from one of my creditors about the free government schemes, i had no idea about them before. Anyway, I had already made first payment with DFH and cancelled my direct debits this month. I have now tried cancelling and am going with free scheme but DFH will not give me my 370 quid back! Only 70 pound of this was for their admin and they are being very difficult, they say that because its after 7 day cool off i cant have it back, despite me requesting the cancellation only 4 days after they recieved my signed authorisation. Anyone know if there is anything i can do? HELP

crossbunny

monkiburger wrote: »

I started a DFH account last month and then recieved advice from one of my creditors about the free government schemes, i had no idea about them before. Anyway, I had already made first payment with DFH and cancelled my direct debits this month. I have now tried cancelling and am going with free scheme but DFH will not give me my 370 quid back! Only 70 pound of this was for their admin and they are being very difficult, they say that because its after 7 day cool off i cant have it back, despite me requesting the cancellation only 4 days after they recieved my signed authorisation. Anyone know if there is anything i can do? HELP

Hi,
Im new on here so only just read your post - Im in similar situation with Dfh - they have £900 of my money and did not make an offer to my creditors for2 months, so I was served a default notice...Im writing to financial ombudsman. I find DFH rude and v unhelpful, you may need to go to ombudsman but fight for your rights :-)

Bat21

Hi, I am new to thsi site and am sad to say a little to late. I have just sent my details to DFH and am now a little worried that what at first seemed a good idea may now not be. I have given payment details by card and have now cancelled my DDs with my creditors.

Have I been really stupid.

Zu8i

Crossbunny

I am in a similar situation where I have paid DFH 800.00 of my money however they have advised me that they keep the first two payments are a plan to set up everything. I have so far cleared my own overdraft to prevent myself from getting a default served. I mean 800.00 to set up a plan - they are having a laugh. They also advised me they do not do any refunds. I can pay of my own credit card with that much money? I am really shocked how these debt management companies say they are helping but in my eyes they are making the case a lot worse.

I think DFH have conned me big time and I am in the process of writing to the Financial Ombudsman. I also went through the paper work I never recieved any terms or conditions.