Debt Management Companies

Let_Robinson_Sing

Ok, My first post is going to be a little rant about Debt Management Companies. Sorry if I offend anyone in the text.

Are agencies such as Spectrum, Greg Penn regulated much. Working in Debt recoverey i notice on a lot of occasions that the debtor has contacted their Debt Management Companies whom are 'acting' on their behalf yet the DMC'S have failed somewhat to contact us. Hence this leaves the debtor being 'hassled' by ourselves leaving nothing getting sorted out. I understand that a lot of people have had no problems with DMC'S that charge (in my opinion extorniate fees) but surely these agencies are not doing the job they are being paid for. Another example, Eurodebt. I had a debtor on the phone to me saying that they have Authorisation, So hence i contact Eurodebt for a payment plan an lone behold no recollection of their customers information. hmm strange how 2 weeks previously they had sent in I/E details and said that there were going to pay £3.25.

It angers me that people will accept DMC charges but wont accept Bank charges, Yes bank charges are ridiculous but surely paying a company to write out a few letters, make a phone call every so often and transfer some money into a bank account is also ridiculous.

I think there needs to be some kind of legislation brought in to prevent people from increasing their debt by using these agencies and there should be more promotion and advertisements for free agencies like CAB, CCCS and Payplan. Who have a far better ethical guidelines that other DMC'S that charge (I know that sounds oxymoronic for working for at a DCA.)

Anyway to wrap things up anyone considering a DMP steer clear of the cack that you see advertising on the telly. they'll stiff you over just like the banks.

Donedoingdebt

Let_Robinson_Sing wrote:

Anyway to wrap things up anyone considering a DMP steer clear of the cack that you see advertising on the telly. they'll stiff you over just like the banks.

Agree totally with this one. Had my fingers burned with Baines & Ernst several years ago who were worse than useless. Definitely stick to CCCS, Payplan or CAB.

southernscouser

I don't understand why creditors don't tell people to go to Payplan and The CCCS when they are contacted by scumbag Debt Management Companys!

Surely it would be benificial to themselves aswell as their debtor!

Maybe this is something Martin might be interested in? :think:

Let_Robinson_Sing

southernscouser wrote:

I don't understand why creditors don't tell people to go to Payplan and The CCCS when they are contacted by scumbag Debt Management Companys!

Surely it would be benificial to themselves aswell as their debtor!

Maybe this is something Martin might be interested in? :think:

I agree it would be a whole lot easier and it is much better ethical practice especially. I was speaking to a lady who was "ditching" Eurodebt I said get an apppointment ASAP with your local CAB and they'd do more in 1 hour than DMC'S do in 1 month.

She even told me that Eurodebt said "Dont deal with the DCA'S deal with us and we'll contact them"
I think the only reason why Eurodebt said that is they can bleed more money out of her so they can put in their bulging bank accounts.

poppy52

Bank of Scotland suggested I contact Payplan when I first started to have difficulties.

Broken_hearted

southernscouser wrote:

I don't understand why creditors don't tell people to go to Payplan and The CCCS when they are contacted by scumbag Debt Management Companys!

Surely it would be benificial to themselves aswell as their debtor!

Maybe this is something Martin might be interested in? :think:

I don't know could they maybe linked to the banks in some way. Barclaycard debt advice on the back of statements, then again they introduced bloody credit cards in the first place.

Let_Robinson_Sing

Broken_hearted wrote:

I don't know could they maybe linked to the banks in some way. Barclaycard debt advice on the back of statements, then again they introduced bloody credit cards in the first place.

It would save a hell of a lot of hassle if they had a contact numbers for CAB, CCCS & Payplan on their correspondance. For example if someone has defaulted 2 or 3 times on a credit card repayment send out a letter

Dear Mr/Mrs Smith

We have noticed you have defauled 3 times on your Cap1 credit card, if you are having difficulties please contact us and we can advise you on what do to next or alternatively contact CCCS

Action on this is imperative to stop any further litigation proceedings

Yours Faithfully

cap1

Something like that would be a lot easier

spud30

Could the Debt Management Companies be linked to the creditors?

Maybe they scratch each other's backs if you know what I mean :huh:

Let_Robinson_Sing

spud30 wrote:

Could the Debt Management Companies be linked to the creditors?

Maybe they scratch each other's backs if you know what I mean :huh:

I really hope not but it wouldnt suprise me, However if they were linked the DMC'S wouldnt offer help with IVA'S, Trust Deeds, Bankruptcy and the like as the creditors wouldnt get their money back.

but its a wonder were the 'admin' fees go.

poppy52

Payplan is financed by some of the banks and credit cards - they have a list of these on their website, but they stress they are independent in terms of the advice they offer.

Let_Robinson_Sing

Organisations such as ASDA, Boots & the John Lewis Partnership
Police Welfare Departments and Federations
The Money Advice Association
UNISON Welfare
National Debt Line
Marks & Spencer Financial Services
HFC Bank
Nationwide
HSBC
Alliance & Leicester
Barclaycard

Please note:
Payplan are dedicated to helping anyone in debt.


not a great list, It's a shame HBOS, RBS and Cap1 are not on there