Have you used this company?

Dawas

Hello
At the moment we are under a debt management programe with a place called triangle finance who so far have not done a bad job. I have had a call from a company called innovative finance claiming they will do more for us and can have us debt free within 3 years.Has anyone used these guys and what was the outcome ??

Thanks

Mikeone

I believe both Triangle and Innovative will be charging you a percentage or a fee for their services.

You can get the same service for free from one of the debt management charities listed on this site. That way, more of your money will be going on repaying your debts, and none to an intermediary.

hadleigh47

I have a DMP with CCCS. Last year I used some redundancy money to pay up front fees with Claim Management UK ( to clear mis-sold debts and deal with mis-sold PP!) who are difficult to get hold off to say the least. They sub contract work to Innovative Finance who want me transfer the DMP to them . This way they can deal with the creditors direct regrading mis-sold credit and PPI.
I know CCCS are funded by credit industry and thery have not always been consistent and now they should have told me that I should consider bankruptcy and not a DMP which I took out with them back in 2005.
No-one is given me good advice . You do pay fees with Innovative Finance. just how good are they?
Any thoughts

Tixy

hadleigh47 wrote: »

I have a DMP with CCCS. Last year I used some redundancy money to pay up front fees with Claim Management UK ( to clear mis-sold debts and deal with mis-sold PP!) who are difficult to get hold off to say the least. They sub contract work to Innovative Finance who want me transfer the DMP to them . This way they can deal with the creditors direct regrading mis-sold credit and PPI.
I know CCCS are funded by credit industry and thery have not always been consistent and now they should have told me that I should consider bankruptcy and not a DMP which I took out with them back in 2005.
No-one is given me good advice . You do pay fees with Innovative Finance. just how good are they?
Any thoughts

I really wouldn't move your DMP to one that will charge you fees and therefore keep you in debt longer.

If CCCS have now suggested bankruptcy rather than a DMP then chances are your finances have changed for the worse, or possibly not improved in the way that was expected. I expect the fact that you were made redundant alone may have changed your financial circumstances.

I would go back to CCCS and talk to them about why they have no suggested a different solution. They won't make you go bankrupt and providing you can still afford your DMP will still be happy to administer it for you.

If you really do feel you need other opinions on what to do then seek advice from other debt charities such as national debtline and CAB. IMPORTANT - Where to seek professional impartial advice about your debts.

Regarding the PPI claims (and any other claims) you can do all these yourself for a few quid using the advice on this forum. That way if your missold debts turn out not to be you won't have lost any money to a commercial company.

hadleigh47

Many thanks for the comments so far. Just wonder if anyone has had experiences with innovative Finance good and bad as well as Claim Management UK

I think some of these claims management companies are making wildly excessive claims

podperson

You know your own finances. If you are in a dmp at the moment that is going to take a good few years and someone is offering to clear your debts in 3 years then either you will have to drastically increase the payments or they are thinking of starting you on an iva or dro, which is a much more formal solution. Unfortunately there is no magic solution like some of these companies seem to claim.

I would echo the advice above that there are plenty of organisation who will run a dmp for you for free, if you are not paying a fee or percentage to a debt company it means all your money will go towards the debts and you will clear them quicker. I was with cccs for a good few years and found them very good - and just to clarify they are actually a registered charity, Payplan is the one funded by the credit industry but they still have an obligation to remain impartial.

And Hadleigh, you can claim missold ppi yourself following the guides on this forum, don't pay out a large fee to a company to do it for you when all you need to do is send a few letters out. I have been doing my credit card charges and is a lot simpler then these companies would make out.

hadleigh47

Beginning to wish that I came to this site earlier and took notice of it especially about doing it yourself -probably comes down to lack of confidence as much as anything else. Many thanks to podperson too and will take note
My debt begun with bullying and harrassment at work that should have gone to a tribunal but unfortunately received poor/lack of advice from Unison who much later apologised for failing to what they are supposed to do. I did get 18 months worth of counselling from employer who also failed to address the problem , whilst looking after an elderly mother who was ill.