B & E

jetcat

hi am wondering if anyone could advise on behalf of a friend. he has been with a debt management company for 6 years, and is going to be with them for another 18 years at the current rate he is paying, as this includes a £30 per month management fee (current payment = £190 per month. he has just had a phone call advising him to go for an IVA, but that the minimum he will need to pay is £350! there is no way he can afford this, as his take home pay is £850, and he lives on his own, full rent, full council tax etc. i have (many, many times) told of other agencies such as payplan, but i think he has been told that as he is already with another compny he can't change! i think a IVA would be the best solution for him, he doesn't have any assets (no house, car) and can't envisage getting either. total debts = around the £28000 mark. any advice would be great so i can show him this wonderful site!!

lynzpower

CCCS or payplan DO NOT CHARGE!! Get him out of the grip of these companies!! links at top of page

I dont know much about them, but that £30 could be going to creditors instead, others will be along to advise further

fizzel81

we were with b&e and have just done our phone call to swap with payplan, they have cut a few years off our plan as we are not paying them a fee payplan also somehow managed to come up with more money left for our creditors than b&e (maybe they are a bit strictor with what you can have for this and that)

james32_uk

Payplan, payplan, payplan!

PS An IVA with Payplan could be looking more at £200 per month. (less fees)

Donedoingdebt

Definitely go to one of the free services such as Payplan, CCCS or CAB. Alternatively, as I have done, is contact your creditors directly, ask them for a standing order form & tell them you'll send them the money direct from your account rather than go through B&E who aren't very good anyway. You can then divide your £30 between however many debts you have & offer these companies a slightly higher payment, which, in my case not one of them refused. When you notify B&E that you do not require their services, you will lose your first £190 that you paid 6 years ago, but as they keep that for themselves anyway & do not pay your creditors with it then it's not really an issue. Make sure that you cancel your standing order to B&E before you contact them to cancel your arrangement as I'd imagine it would be difficult to get them to return your payment once they have it.