Anyone heard of ideal debt solutions? Need advice please.

stacybyrne · 31 August 2010 at 6:40PM

Hi,

My auntie has a bank £6500 loan and a £2200 on her credit card through the same bank. She lost her husband last year and she is now starting to struggling paying for everything.

I was hoping to try get her a loan to get a better deal but struggled to get her anything because she's only on £15,000 per year.

When she phoned the bank tonight they refused to help her with the loan + credit card so tshe ended up going through to that debt solutions place and they've agreed to freeze the interest and let her pay back £250 per month until its paid off.

She's been advised to go and open a new bank account and change over all her direct debits from the new account.

Does this sound ok? I suggested its maybe the same as an voluntary agreement through the citezens advice?

Has anyone had any similar dealings with this company?

Thanks

Malky · 31 August 2010 at 8:31PM

Ideal Debt Solutions have agreed to freeze the interest? On what basis? What about the creditors? Do they know this? I very much doubt it. The interest won't be frozen, the debts won't be getting paid, interest will mount up, there will be defaults left right and centre and her credit file will be trashed. Need I go on? She's going to throw £250 down the swanny every month on something she could have done herself for free. Going by what I've read on these forums, her creditors will not receive one penny of that £250.

stacybyrne · 31 August 2010 at 8:51PM

She is getting paperwork sent out to her. I said to let me know when it arrives and I'll have a look at it. When she phoned up bank of scotland/halifax they were the ones that passed her through to another loan company they said within the bank then she had no luck with that so they passed her yet again onto this ideal debt solutions.

Should she be dubious about this?