Debt elimination company

menotmoneyexpert

Hi i got a phon ecall today from first ste finance. They are debt elimination company.
They just told me that they can clear my debt in minimum of 2 years. and maximum 4 years and 1 month. I was sucked in by the while thing and told them all about my financial details. drat i hate that.
anyway. i didn't go for it and probably won't unless people have something positive to say about them.
They told me that i have to pay 8% per month of my monthly income then 25% of the total debt they clear. bit scary. Then they told me i would i have a default and most of my bank account will be closed. Whats a default? How would this realisticly affect me when i am going to try and get a morgage or other credit card? here is their website
They said they can't eliminate the debt by saying i have no credit agreement with them. I don't really lkie that to be honest sounds as bad as the banks.
What do think is it worth it?

fermi

Don't touch with a bargepole. :eek::eek::eek::eek:

If you are having problems with your debts then read.

Link: Problem Debts

EDIT: I would even suggest you remove that link from your post. Don't want to advertise these vultures accidentally.

RAS

Please do not even think about it.

It is possible sometimes that debt is unenfoceable but that does not eliminate the debt.

This is not an IVA, as the term would be 5 years and a lot more than 25%, it is no a DMp as it would be a lot longer. Sounds like money for old rope for them and sheer hell for you.

rog2

menotmoneyexpert wrote: »

Hi i got a phon ecall today from first ste finance. They are debt elimination company.

There is no such thing as a 'Debt Elimination Company'.