Money Worries - Should I Avoid?

Egoigwe

Money worries are nothing but fraudsters..pls do not do anything with them. once they are in receipt of your money..that would be the last time u can contact them .. untill the 14 days cancelation period expires. they would put you on hold for hours. and may not allow you to have access to the adviser who was once pestering your life with every munite call. Again their address is not definit with the postal agencies as if they are hiding under other bigger finacial companies in the same building all in an attempt to deny having received your cancellation letter.

Nileejenngra

I can only echo what other users have posted regarding this company. I too have considerable debt and due to a drop in salary am unable to pay the creditors. I stupidly contatced Money Worries Ltd, via Yes Loans (also to be avoided) who made a poor financial assessment of my current situation and were going to charge me £250 per month to pay off the debt over 5 years. Despite the fact that I could only afford £143 per month.

They managed to take £420 from my bank account as an initial first payment. I had not authorised this and was still within the 14 days cooling off period. They have now agreed to refund the payment but to date have not done so.

They are extremely difficult to contact. The 0845 or 0870 numbers provided, will mean hours on hold at great cost to you. I found the following number the best as it gets you straight through to the advisors on most occasions..01633 712 854.

I have taken debt advice from the CCCS, Consumer Credit Counselling Service. Its free and the advice helpful. Most loan companies, banks, credit cards will usually advise that the CCCS be used.

Any debt management company that wants to take money from you as a fee, has no interest in helping you. all they want is your money.

Money Worries Ltd should be avoided at all costs. They just want your money.

Saz86

ALWAYS AVOID MONEY WORRIES!!!!

Hi.....I thought I should share this information with you as NO ONE should ever go through this company!
I was also passed to this company through yes loans and cannot believe it has taken me so long to realise they are just scamming you for your money, making your debts even worse than they were before you signed up with them.
I went through Money Worries in May/April 2008 and was paying them to pay my creditors until September 2010. Only reason I joined was because I was looking for a loan to consolidate all my debts into one. Yes loans passed me through to Money Worries. I was then given an account manager who would take care of all my problems. Very decent person making it out to be the easiest of solutions to get all my debt into one lump sum and would pay off my debt in no time. They (MW) told me the amount I was paying and the amount I owed would take me roughly 5 years. (I just thought of it as a long term loan) Well this wasn’t the case. For every £100 I sent them they would take £25 for their ‘fees’. At first I thought this was reasonable as they would take over all dealings with my creditors.

Then a couple of months down the line when I was receiving letters from my creditors became the issue. Late payments to the creditors, not the correct amount sent to the creditors etc….so I called Money Worries - my account manager. While it took me a good few days and X amount of calls to get through I was told that I do not have an account manager - that was the lady who just set up my account and that she is no longer able to assist me. So I then had to explain my situation over and over again about what was happening. They were really sorry about this etc etc.

So I thought nothing of it and continued to pay Money Worries. Every month, I would receive a statement of how much I had paid to my creditors with the ‘original’ balance back in 2008. So I would receive this statement and think brilliant my debts are going down, creditors are being paid!

Back in May\June this year I tried to get some credit (circumstances have changed since 2008 - really good job excellent pay) However I was getting refused left right and centre. So I thought I would check my credit score on Experian to realise that all my accounts had been defaulted on, and all the accounts were those being paid through money worries.

I tried again for a numerous days and calls to finally get through. I asked them if I could have outstanding balances of all my creditors, they declined over the phone and said as DPA we can’t give this out we’ll send this through the post. So I waited….Finally they sent me a letter with half the creditors amount outstanding and ‘we can’t get balances for the others please contact them yourself.’ So what am I paying them for if I have to do the work??

Once I finally got all my outstanding balances in 2010 some of my debt was more YES MORE than what the original balance was in 2008!!! Now my debts were meant to be going down considering I had been paying them for over 2 years? I called them and ask them this, and to there surprise they could not understand! So I worked out roughly how long it would take me to pay my creditors if I stayed with Money Worries- 10 years!!!! Not the 5 they originally told me but double! So from me they would earn a minimum of £3000 for doing nothing, when this money could have been going to my creditors.

At that point then, I decided that I needed to get away from Money Worries. So I called all my creditors and we came up a solution and now my debt will be paid off in 2-3 years.

So I called money worries and told them September would be my last payment, they told me to send this in writing. So I emailed them! Called to check they had received and they confirmed. 2 weeks later I receive a call from money worries you have missed a payment (notice how they are concerned when their not getting their money anymore!!) to which I replied saying ‘I have cancelled my account with you!’ same again 2 weeks later and again 2 weeks later. I then stopped answering the phone to them. Till this day I still receive txt message saying I need to call them urgently. Which I now ignore.


So please learn from my experiences do not go with this company!!!! They are just money grabbers! There are plenty of other companies that are genuinely out there to help and not just make your situation worse!!!