Debt Management and goverment legislation

SI.H

I have recently gone onto a debt management schme, but have now had calls from another company saying that they can reduce the debt further with government legislation. Obviously my current company have said that this is not the best way (as it it is in their interest to keep me), but what would you suggest? stay with current company or is the legislation legitimate and is it worth trying the new company?

crazyguy

Its all rubbish to lol you use there service, I do hope you are not paying this firm for the pleasure of reducing your bills, if so leave and use the charity ones , CCCS not sure of the other one, all money paid is then used to pay creditors.

SI.H

I am at minute but will contact contact the charity one that you suggest, thanks

fermi

They are most likely referring to an IVA.

That is a form of formal insolvency, like bankruptcy, but one where the people setting it up get paid some extremely 'fat' fees.

Please see the links here for place to get advice that is free/impartial.

IMPORTANT - Where to seek professional impartial advice about your debts.

i.e. places where you will be given advice on what is best for you, instead of places where an advisor will being thinking about what will earn them the biggest fees or commission.

dancingfairy

What governement legislation is that then? a DRO/IVA/Bankruptcy? I suspect that the second company are trying to sell (and I mean sell) you an IVA.
IF an IVA is suitable one of the debt charities will recommend it to you.
I'd also not want to be discussing my personal finances with any company that cold called me out of the blue talking about 'governement legislation' - well any company cold calling me to be honest.
Stay well clear.
Best of Luck
df

crazyguy

SI.H wrote: »

I am at minute but will contact contact the charity one that you suggest, thanks

Be careful when you leave the one you are currently with and wait until you know they have paid all creditors in full.

You pay them them say the 5th of each month
They pay creditors the 15th of the month
Dont leave until you know that everyone is paid and the cheque is cleared, so cancel the DD in branch 1-2 days before the next dd is due, then if you do this it will save the Company attempting to charge you a fee for terminating the use of there services !

All of these fee paying clowns will try and get extra money out of you, stay firm and tell them to do one !

SI.H

I spoke to cccs today, they are sending out some info to get me started and away from the current DMC. So will see what happens when I send the letter that they reccomend. Thanks