DFH financial solutions

LordAlan

RAS wrote: »

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

Worth a shot since they never told me they'd keep £370 before they even pay the companies

Meanwhile quick quid and co are happily fining me

simplysweet67

Hi to all I am here on behalf of myself and my partner.Last night someone from DFH rang my partner on his mobile offering him help to his debt problems he was on the phone for over 2 hours with a woman who he says seemed very nice and helpful and was trying her best to help him with his debt. I was furious my partner as been scammed before for money we just dont HAVE and I can see after reading this it is about to happen again. On the phone she said she can reduce his monthly payments to 168 per month from 579 (sorry my money key does not work) 35 of that each month will go to them and the rest to his creditors I am not sure for how long for at this point I got so frustrated with him I walked away and went to bed. She told him to open a new bank account and she would phone back on wednesday night to go through the paper work which should have arrived by then. I just cant get him to listen:( to me or even read this forum he thinks this is his only way out and I know it is not.We have already had a reduced payment on the mortgage for nearly 6 months which is due to stop soon and he is just about mamnaging to pay his min payments on his loans and credit cards. I know after reading the other related posts that this is going to cost us more money that we dont have what can I do to make him see this please help x x

5amuel

simplysweet67 wrote: »

Hi to all I am here on behalf of myself and my partner.Last night someone from DFH rang my partner on his mobile offering him help to his debt problems he was on the phone for over 2 hours with a woman who he says seemed very nice and helpful and was trying her best to help him with his debt. I was furious my partner as been scammed before for money we just dont HAVE and I can see after reading this it is about to happen again. On the phone she said she can reduce his monthly payments to 168 per month from 579 (sorry my money key does not work) 35 of that each month will go to them and the rest to his creditors I am not sure for how long for at this point I got so frustrated with him I walked away and went to bed. She told him to open a new bank account and she would phone back on wednesday night to go through the paper work which should have arrived by then. I just cant get him to listen:( to me or even read this forum he thinks this is his only way out and I know it is not.We have already had a reduced payment on the mortgage for nearly 6 months which is due to stop soon and he is just about mamnaging to pay his min payments on his loans and credit cards. I know after reading the other related posts that this is going to cost us more money that we dont have what can I do to make him see this please help x x

Ok - let me tell you exactly how this will pan out. Everything you are told over the phone will lead you to believe that the only DFH fees are an initial £70 set up fee and about 17% of whatever you pay each month. Then you'll get a letter and contract telling you that as soon as they recieve your "initial fee" they will start working on your file. Over the phone they'll make it sound urgent that you pay the £70 so they can start working on your file. But trust me - buried deep in terms and conditions under 'definitions' you will see a new meaning of "initial fee". It will state that this initial fee means your first two montly instalments which go to DFH not your creditors. Silly you for thinking "initial fee" referred to the amount they quote on the phone as their "fee"!

What this effectively means is that by the time they start working on your file you will have already defaulted on your accounts - because this happens automatically in the third month of not sticking to your credit agreement. A default is a not a good thing - it will stay on you credit file for six years and wipe away any chance you ever had of getting a debt consolidation loan - so from there on all your options are gone and you become dependent on DFH's debt management plan.

Most companies who issue default notices will agree a debt management plan that freezes all your interest and charges so long as you stick to an agreed lower monthly payment. You do not DFH and there "team of lawyers" or "special relationship with creditors" to do this. They'd do with you anyway if you chose to default. If your debts are really horribly unmanageable this might be the best solution for you.

But for most people who contact DFH, they value their good credit score and were, albeit with difficulty, staying on top of their debts and paying them down. They were never shopping for a semi-bankruptsy situation, just lower interest. This is what they believe they are paying DFH for. It is not.

So if you want to default - do it yourself not through DFH - it is alot cheaper and will leave you with an extra £1000 to pay your debts off.

Stuartzzr

Looking for help - contacted DFH when c/card interest was proposed by RBS to go up to 24.9% - spent a couple of hours on the phone and the guy was very helpful asking about all my unsecured debt etc - I thought I was getting a consolidation loan so asked him to send out the paperwork which they e-mailled across on 23rd Feb. After reading the pack that was sent out I decided this was not for me and e-mailled them back the same night to say I would not be proceeding with their plan - now the fun part! I had given my debit card details to "confirm my identity by taking £1 which will be credited back" imagine my shock when I got my next statement to see they had taken £938 - yes £938 which will now drive me overdrawn when my DD's come off - how can they take this money with no authorisation? isn't this illiegal? Have now tried to contact them and I keep getting the runaround "we will phone you back this evening" "we will phone you back tomorrow" "we will phone you back later today" and now "we will phone you back on Monday" - what are my options here? Bank put me on to Visa (my Visa debit card) who say contact the company - I've tried!! can anyone give some advice as to where I go from here - really can't afford to give a company I didn't even sign up with £938 of my money!!

Stuartzzr

Okay - further to my last post have now been called back by senior management within DFH - they have apologised for the situation, fully refunded my money, offered to cover any costs incurred and have disciplined the salesman involved. I am now a much happier bunny than I was last week and have to say I have been very pleased with their managements reaction to this situation which seems to have been caused by a very over eager salesperson. I may even decide to tell the wife about this at some point now......

Former_MSE_Andrea

Hi

DFH has asked to post a response. MSE doesn't endorse anything a company says on the Forum

We inform all customers we charge a fee of £70 and keep the first two months payments to aid in negotiations with creditors – this is made very clear to every customer and is a very specific part of our advisers script and training and we also check all deals to ensure this is clear

We give all clients a seven day cooling off period as this is clearly stated in the pack we send out

All T&C are send in the initial pack which arrives by first class postage

DrW

Hey there

Brand new to this site but seeking advice if possible regarding DFH and paying off my debts. I have the DFH forms sitting on my desk, filled in, and waiting to be sent but thought i would find out a little more about them first. Im glad i did! My problem is i have 3 pay days loans that i am repaying each month, it seemed such so little amount when i first borrowed the money but with such high interest it wasnt long before i was living beyond my means. DFH offered to consolidate my payday loans, personal unsecured loan and overdraft into one monthly payment of £200, total repayable £7400 over 36 months including a £70 start up fee and £35 monthly fee. Can anyone advise me on the possible alternatives to DFH and how i can devise a monthly repayment plan for my debts. At present im struggling to survive and falling behind with payments so the offer from DFH seems attractive. My overdraft is interest free and non-repayable until late 2013. Im one month behind with my peronal loan repayments. I have already opened the Lloyds TSB account as advised by DFH. Any help would be greatly appreciated

DrW

RAS

Hi

Speak to an of the debt charities listed here http://www.moneysavingexpert.com/loans/debt-help-plan?utm_source=forum&utm_medium=clicks&utm_campaign=resourcebar#help

CCCS and NDL are open until 8-9pm

You might also consider posting a Statement of Affairs and reading saltnvinegar's excellent thread on payday loans.

diane64

5amuel wrote: »

Hey - I am trying to take legal action against DFH. It would really help me if other people were prepared to write statements on their experience. If you are interested, especially if you have not yet had money back please let me know.

HI
I myself are having some problems with DFH, I have been with them since 2009 paying everymonth on time and i recently find out i have a default notice as it seems nothing was sorted out with one of my creditors for months. I was trying to get a mortgage recently and only found this out when i pulled my credit file. I have phoned them but they are very unhelpful and say they cant do anything about it. Im in process of writing to financial ambudsman.

diane64

DrW wrote: »

Hey there

Brand new to this site but seeking advice if possible regarding DFH and paying off my debts. I have the DFH forms sitting on my desk, filled in, and waiting to be sent but thought i would find out a little more about them first. Im glad i did! My problem is i have 3 pay days loans that i am repaying each month, it seemed such so little amount when i first borrowed the money but with such high interest it wasnt long before i was living beyond my means. DFH offered to consolidate my payday loans, personal unsecured loan and overdraft into one monthly payment of £200, total repayable £7400 over 36 months including a £70 start up fee and £35 monthly fee. Can anyone advise me on the possible alternatives to DFH and how i can devise a monthly repayment plan for my debts. At present im struggling to survive and falling behind with payments so the offer from DFH seems attractive. My overdraft is interest free and non-repayable until late 2013. Im one month behind with my peronal loan repayments. I have already opened the Lloyds TSB account as advised by DFH. Any help would be greatly appreciated

DrW

dont go with dfh i find myself now with a default notice even though i was paying dfh for nearly six months, as they didnt arrange an agreement with one of my creditors so it went into default. They have also paid one of my credit cards that is in the management plan late on a few occasions. You can get free debt management plans that seem to do a better job.