debtmatters

needmoney

This is my first posting in this forum and it really is on behalf of a friend.

He maintains that he has found the cheapest way of paying off his debts but I don't think he has explored enough. I saw debtmatters on tele and wondered if they really were any good. I would appreciate advice from any of you who know. I am also going to talk to him this evening and ask him to get on here and ask you all for advice and get him to post the details of his debt.

I would be glad of any replies, thanks.

Browntoa

these are a commercial company, will end up in a worse state than when they started !

look at Payplan for free debt advice

http://www.payplan.com/

also look at this service that is free

http://www.cccs.co.uk/about/howworks.htm

needmoney

Thank you Browntoa, the bit that caught my attention in the ad was something about the 'government'.

CLAPTON

As already said use Payplan or CCCS which do not make a profit.

As they will ask your friend to produce a Statement Of Affairs (SoA) why don't you get your friend to post one here where there are many people who will offer advice and suggestions.

If you browse the bulletin board you will see examples but the general format is

: statement of income:

: statement of expenditure
this should be quite detailed but excluding debt repayment
: a subtotal to save us all having to add it up

: statement of all debts including
outstanding amount, monthly repayment , APR
a subtotal to save us having to add it up

also add a brief details of you situation, partner, any children, rent or own property, value of house and mortgage, any special circumstances that are relevant

needmoney

Thank you too Clapton, goona try to get him on here tonight with his details. I have just read 'littlemissbroke's' great thread amd think all the people on here are wonderfull to help in the way you all do . Thanks.

in*the*red_6

needmoney wrote:

Thank you Browntoa, the bit that caught my attention in the ad was something about the 'government'.

Hi

They are talking about an IVA (individual voluntary arrangement) which is a type of insolvency. They claim it to be a little known piece of government legislation, this is just 'creative' advertising (at best). If the IVA route really is right for your friend then either CCCS or Payplan would be able to advise this without charging for their services. IVA's also cost several thousand to administer! A debt management plan might be more suitable, he need to discuss all the options with them.

Just think how much it costs debtmatters to fund their constant barrage of advertising on daytime TV. They are funding that and making a lot more through the people they claim to be helping!

ITR

needmoney

Thanks to you too in*the*red, I don't think he needs insolvency, comparable with some amounts of debt he's not soooo bad. He has curtailed his impulse to spend but still fails sometimes and I am trying to convince him he dosen't need some stuff and that big and small amounts add up.

If he's told me the truth 36% of his weekly wage goes to pay his debt.

System

i was in the same boat and about to go with the debt point who charged. before i sent the paperwork back i started to come up with questions anf thankfully, no imean mercifully i came across this website, posted the same as you. i contacted and am well on the way to my first dmp payment. i would imagine the first hurdle for your friend is to write down what debts he has and show him the website and allow them to make their own decision. hope this helps.

needmoney

Have just been discussing this and his loan is with Northern Rock and HSBC flexi loan any opinions please?

needmoney

Just to update you all and so as you don't think that I asked for advice and then ignored your kind suggestions. We did go through his debt and weekly spend and as I said he was shocked.

We then as was suggested here got in touch with Paypal by email. We received an email back saying tha they would be in touch by phone. A couple of days have gone by and they've not been in touch yet but hopefully they will.

I will let you know what happens and thanks again.