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Advance Money Management???
loobyloo1980
Posts: 587 Forumite
Had a call from a company called Advance Money Management about the possibility of a consolidation loan today. After a brief chat, the lovely lad on the phone said from what we had told him we would not get a loan from them, but were perfect candidates for a repayment plan. He suggested that he could reduce £10k of debt which is currently costing us about £450 pcm to repay in to a single payment to them of £240 pcm and be debt free and all paid off in 3 years.
This seems a little too good to be true, doesn't it??? He never mentioned anything about charges to them or anything, but he is sending out an info pack so I can have a proper read through. The thing is, I do quite like the idea of a scheme like this as we have not been as disciplined as I expected we would be with our debt free quest and the bills are piling up again :eek:
Has anyone ever even heard of this company, as I can't find anything about them on the internet.
Thanks
This seems a little too good to be true, doesn't it??? He never mentioned anything about charges to them or anything, but he is sending out an info pack so I can have a proper read through. The thing is, I do quite like the idea of a scheme like this as we have not been as disciplined as I expected we would be with our debt free quest and the bills are piling up again :eek:
Has anyone ever even heard of this company, as I can't find anything about them on the internet.
Thanks
Official DFW Nerd #148 
Debt level @ highest (May 2004): £15000 :eek: Debt level @ August 2006: £9591.53
Lightbulb moment May 2006 :idea:
Debt level @ highest (May 2004): £15000 :eek: Debt level @ August 2006: £9591.53
Lightbulb moment May 2006 :idea:
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Comments
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I would be very worried about a company that phones you up to offer to handle your money.
Have you looked up the company on Google?"This site is addictive!"
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elona wrote:I would be very worried about a company that phones you up to offer to handle your money.
Have you looked up the company on Google?
Yes and found nothing that I can see that directly relates to them. I think I was right to be worried wasn't I?Official DFW Nerd #148
Debt level @ highest (May 2004): £15000 :eek: Debt level @ August 2006: £9591.53
Lightbulb moment May 2006 :idea:0 -
maybe i haven't understood this but they are writing off £10,000 of debt for £240 x12x3 = £8,640 .....
no, thats not going to happen
suggest you post a SoA here and get really helpful advice from people here0 -
1. £240 pcm for 3 years equals £8640. ?????
2. If they phoned you, and you have never approached them or asked that your details could be passed to them, I think that is against the OFT? rules if not illegal. Anyone with a License know for certain?A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
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It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
Yes I thought the payments didn't add up. I won;t be signing up with them anyway, rest assured. I have posted SOA on other post "ok, confession time" and would welcome advice
Official DFW Nerd #148
Debt level @ highest (May 2004): £15000 :eek: Debt level @ August 2006: £9591.53
Lightbulb moment May 2006 :idea:0
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