Money worries

ljcraigboy

Has anybody any good dealings with this company. I was talked into a DMP on 7th July with them for debts of £35000. They offered me 235pm for 15 years, told me the fee was £3600 up front. I think i have been cooned? One of my creditors is the Ulster Bank credit card and I bank with Ulster Bank. I was worried after the call that they would cancell my overdraft of £4000 and try to get the money back owed on the card. Can I get the money back i have paid?

newbeginning_2

What is it you've paid? £3600 to the DMP company?

DarkConvict

It is unlikely you will get money back from a company you paid to setup a DMP. You will need to read over your terms and conditions, i have heard of some partial refunds before.

Pay DMP providers are not all cons, as they do provide a service. Although the quality is often disputed and they do tend to lie alot in the sales pitch so you could call it a con if you like, but it is all legal sadly.
By paying a DMP provider it keeps you in debt longer as not all money goes on the debts, also there is a big conflict of interest. The quicker you are out of debt the less money they earn. It is in their interest to keep you in debt, like card companies want you on min payments.

You should move to a free DMP provider asap, CCCS is highly recommended but there are others - https://forums.moneysavingexpert.com/discussion/2077631

Pay Vs. Free providers - http://forums.moneysavingexpert.com/showpost.html?p=31705157&postcount=10

ljcraigboy

Am still in 14 day cooling off period.Does this count?

SusieT

ljcraigboy wrote: »

Am still in 14 day cooling off period.Does this count?

In that case cancel asap and get your money back. Use one of the free agencies like CCCS and payplan. That way all your payment will go to the creditor and the £3600 that you would have paid as a fee would be reducing the debt.

MrsTinks

Cancel both by phone or in person AND by recorded letter! And send it as soon as the local post office opens - spend the extra pennies on making sure it's recorded!
Then go with one of the free providers...

NorthernLas

Hmmm, Money Worries are a sister company of Yes Loans ... (I think that says it all)

http://news.bbc.co.uk/1/hi/uk/8359279.stm

From the terms and conditions on their website

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"Us" and "We" means Money Worries Limited (‘Moneyworries’), whose registered address is Cradoc House, Heol y Llyfrau, Aberkenfig, Bridgend CF32 9PL. Company Registration No 04440698 or anyone to whom we transfer our obligations and rights under this Agreement.
"You" means you, the person entering into this Agreement named in the Payment Plan.
1 Appointment and Term

1.1 You appoint Us and We agree to act on your behalf, as debt advisors and debt adjusters and to provide the Services.
1.2 The Agreement will start when You receive these Terms and Conditions or, if earlier, the day when We receive verbal agreement and authorisation for payment from You.
1.3 The Agreement will continue for the Term, unless ended earlier by You as set out in sections 1.4 and 7 or by Us as set out in section 8.
1.4 You have a right to cancel the Agreement at any time during the first 14 days of the Term, "Days" includes Saturdays, Sundays and public holidays. You can do this by writing to us at the above address. We will then refund to you any Fees already paid to us that are Cleared Funds.

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Suggest you send a cancellation letter by recorded delivery first thing on Monday. According to the bbc report, your agreement probably started with your telephone conversation (not when you receive any documentation from them)

Fang_3

CANCEL CANCEL CANCEL!!!! And then phone one of the free charities.

Edit: Am I wrong of does all that add up to £45,900 to clear £35,000 of debt? ALARM BELLS!

DarkConvict

Just to add, CANCEL ASAP!.

Since you have the chance to do so, damn well do it and save yourself that £3600. That money via a debt charity will likely knock off over 12 months of payments. it may even be enough to do a full and final settlement offer, if debts are with debt collectors consider a 30-50% offer to them to settle the account , use the national debtline template.

dorisday

CANCEL asap send it special delivery not just recorded costs a bit more but they know you mean business then. I do hope you havent left it too late. best of luck