A big lesson learned and no IVA for me now!

Dodo_Donna

Hi,
Well its been very strange and interesting day!

I was advised by Churchwood finance advisors that I was no way elible for consolidation loan and the best way was an IVA. I have found out since that they charge a £350 'advisory fee' but then use Kingsgate IVA - who I could have gone to diectly without paying £350! They also told me to 'max' out my cards before the IVA! I thought this was suspicious and this was confirmed to be right by the helpful people on this forum!
Anyway they told me it was too late to get a refund of the £350 so I decided to stay with them although I was really nervous about them by this point. The courier was booked this afternoon to pick up my statements, identity proof etc today to gather evidence for the proposal. So this am I went up to my bank to get my 3 months back statements. When I was there the cashier coincidentally mentioned that I was able to get a 15K loan with them as a 'good' customer. Thinking they were insane and must have made a big mistake I decided to put forward an application there and then ,just to see what happened, and to my amazement it got accepted and approved formally! That will cover my creditors just about and although it is over 7 years I can afford it and will have a clean credit file at the end. What were Churchwood on about! Thankfully I managed to cancel the courier in time too. I may or may not take the loan but I am happy to have that option available now.
The lesson is to really shop around and take time to check out options thoroughly first. I have been foolish to have listened to them and it will probably cost me £350 now as apparently they won't refund.
X
D

Charco_2

The lesson really, is not to pay anybody anything until they've actually provided a service or solution for you! Many companies out there will be only too happy to take your money from you.

Thanks for the feedback on Churchwood, i knew they took a fee upfront and that they'd then forward you on to their sister company Kingsgate (similar set-up to "Baines & Ernst" and "Blair Endersby" - if you'd gone direct there'd be no fee!) but you were definitely mis-informed about the consolidation loan (as proved this morning!)

C-wood would be in no position to tell you anything like that. Makes my blood boil because it's companies (and incidents) like that that give ammo to the IVA and IP knockers! They give a bad name even to the good IPs!

Dodo_Donna

Hi Charco!
Thanks for all your help and advice over the last week - you have been a great help!!!
I am going to cut my credit cards into guitar picks tonight and enjoy playing Money (thats want I want)!!
X

Charco_2

Ha ha, vey good!

That, by the way, is the ONLY way to make a consolidation loan work - takes discipline! The number of people i've spoken to whose background stories include "i consolidated my debts" but then go on to explain how they didn't pay off all the debts, kept a grand or two back, spent more...

You get the picture!

I'm sure there's a guide on how to consolidate properly around here somewhere. I'm sure it also includes cutting up all your cards (maybe keep one WITH NO DEBT ON IT under the fridge for booking ryanair flights, or an item or two off the internet - or if you knew someone who'd let you use their credit card if you gave them the cash that might be better).

I think it's also best if the consolidation loan covers ALL your outstanding debt so it really does become "one easy monthly payment!"

Good luck!

Nickpearson_3

Charco wrote: »

The lesson really, is not to pay anybody anything until they've actually provided a service or solution for you! Many companies out there will be only too happy to take your money from you.

Thanks for the feedback on Churchwood, i knew they took a fee upfront and that they'd then forward you on to their sister company Kingsgate (similar set-up to "Baines & Ernst" and "Blair Endersby" - if you'd gone direct there'd be no fee!) but you were definitely mis-informed about the consolidation loan (as proved this morning!)

C-wood would be in no position to tell you anything like that. Makes my blood boil because it's companies (and incidents) like that that give ammo to the IVA and IP knockers! They give a bad name even to the good IPs!

Hi Charco

I can't speak for other firms you mentioned but there is always the same fee payable whether you go to Blair Endersby "Direct" for the IVA or if you go through Baines and Ernst.

Charco_2

Thanks for that, I hadn't realised there was always a fee...

Well folks, there are still enough companies out there that dont charge a fee so go to one of them!

BUMP

Charco_2

Baines_&_Ernst_company_representative wrote: »

I can't speak for other firms you mentioned but there is always the same fee payable whether you go to Blair Endersby "Direct" for the IVA or if you go through Baines and Ernst.

This was the other thread about fees and pre-fees!