DFH financial solutions

Grumpelstiltskin

Starpower you make no mention of the charities that will help people in debt.

CCCS

Christians Against Poverty

Citizens Advice Bureau

and although not a charity Payplan.

Reading between your lines you are saying these charities cannot do as much as a paid debt management company.

OK Give me proof of that.

Whilst we are on the subject of paid debt management companies what's your take on companies like DCM who took people's money, never paid it over to their creditors and then went into liquidation leaving clients who had paid over many thousands of pounds ending up owing more than they did in the first place.

Whilst ever the debt management industry is not properly regulated this could happen again, can't you see why this website will NEVER reccomend a paid company.

topcat9

Starpower,

I cannot comment on your claims about fee-charging debt management companies but I can say that you are incorrect in claiming that those which don't charge can only advise on how to negotiate for yourself. I have a DMP with Payplan - not a charity but they do not charge fees (and have never pushed me to take out any insurance/loans etc with them). They went through a budget with me, contacted all my creditors, negotiated an interest freeze with most of them (not all, but then no-one can promise that), are currently distributing my monthly payment to my creditors on time and deal with my creditors at my annual reviews. No sure how much value a fee-paying company could add?

Hotchocolate

I also made the error in judgement of using DFH without researching more.
They set me up with a payment plan, contacted all my creditors and succesfully got the interest frozen on my debts. Sounds great well untill I realised I could do the same for free or through one of the reccomended charities on this page.

So i cancelled my DFH plan and contacted all my creditors to remove the DFH letter's of authority on my account and then approached them on a one to one basis and agreed that i would be making the payments myself.

I have since contacted CCCS and they have gone over a budget plan with me and provided some template letters I can provide my creditors so i can manage my debts myself.

Anyone reading this who has signed up with DFH I would advise to get out fast, contact CCCS or any other charitable organisations reccomended by this website for help.

mhairi32

I have just entered an agreement with DFH today and it seemed like the best solution as it meant i could be debt free in under 2 years. but now im very concerned as i was not informed that it could take 3 months before it all set up which means the are taking over 300 pounds from me for what??

since i only set it up today can i cancel it without them getting the admin fee?

LordAlan

Oh no

I agreed £150 per month with them £35 of which was admin costs. I have paid £220 to them believing that the 1st £105 was the £35 plus £70 set up fee. Then found out that they will actually keep the £220 then take £150 next month which they keep as well meaning they get £370 before they even pay anyone!

Aqua card are ringing me 3 to 4 times a day now and I am stressing thinking I have made a big mistake. I am betting though that I have lost £220 already as even if I cancel it now its too late!

What should I do?

RAS

Read your twerms and conditions and ring them tomorrow to say that you want out. TRy.

LordAlan

RAS wrote: »

Read your twerms and conditions and ring them tomorrow to say that you want out. TRy.

I might just do that then I owe capital one, quick quid and aqua. All my own fault but DFH really sold there services to me but now I feel mislead.

RAS

Ring one of thedebt charities.

Even if you cannot get out of DFH tomorrow, you can give notice (often one month) and join a debt charity who charge nothing for the same service.

LordAlan

RAS wrote: »

Ring one of thedebt charities.

Even if you cannot get out of DFH tomorrow, you can give notice (often one month) and join a debt charity who charge nothing for the same service.

Ok thanks for the advice. Bet I wont see my £220 again though

RAS

Put in a formal complaint and you might get some of it.