Debt Free Direct advert

scootw1

Joek wrote: »

Wow! Fantastic result scootw1.

Now if we can get the ASA to investigate Carol Vorderman (possibly for crimes against fashion and common sense...), then it'll be a great day for justice!

You've got a point there about carol Vorderman and First Direct. I'll look into it (think I'll have to start calling myself the Money Crusader :rotfl: )

scootw1

charlotte664 wrote: »

Great result! You know, I never even thought of complaining, just got wound up!


Also, have you read the small print on the adverts??

This MAY result in your credit rating being affected.

Sorry, but it was my understanding that of course it will affect your credit rating!

Didn't notice that in the small print. i shall go on to the website and try to get a bitt more on them.. they want me to supply more detail if I have it so if anyone has anything to add to this, let me know and I will forward it to the ASA

shameless-about-money

scootw1 wrote: »

I have seen the advert for Debt Free Direct a few times in the last few weeks and started thinking about it. Am I the only one to think that the Advertising Standards Agency should step in and look into it?

Why I say this is:

1. They say you can wipe out up to 75% of your debts. yes, this does happen in some cases but is a little misleading as some people end up paying a lot more than k this back (I got rid of 33 %)

2. They say you can be debt free in sixty months. Some IVAs state that they can be extended another 6 months

3. "It won't cost you a penny" which is blatantly wrong as you end up paying for their services from the money in the IVA.

Any comments?

Scoot you had an IVA. I have an IVA. On the contract it says that you have 72 months in which to repay. This is to allow for a couple of months here and there where you might have problems with income, etc. Officially the repayment is 60 months and it will be just 60 months, but allows for 12 months on top of that but still 60 payments in total.

So it is not misleading on Number 2

On issue Number 1 the ad says "up to 75%" so it is the magic phrase "up to" that lets them off the hook here.

Issue 2 I would think they will say that this means no money to be paid in advance.

scootw1

shameless-about-money wrote: »

Scoot you had an IVA. I have an IVA. On the contract it says that you have 72 months in which to repay. This is to allow for a couple of months here and there where you might have problems with income, etc. Officially the repayment is 60 months and it will be just 60 months, but allows for 12 months on top of that but still 60 payments in total.

So it is not misleading on Number 2

On issue Number 1 the ad says "up to 75%" so it is the magic phrase "up to" that lets them off the hook here.

Issue 2 I would think they will say that this means no money to be paid in advance.

You are right to a certain extent. However, as the IVA payments usually start before the IVA is finalised (mine was two months before) to show willing to creditors, you are actually paying more than sixty months. Don't know if it applies to all IVAs but it did to mine.

i get your point about "up to" being the magic phrase and yes it does let them off the hook but it is still, I think, misleading as it draws people in. it's like saying "you can win 10 million on the lottery" but realistically you don't stand a cat's chance in hell of that.

I'm just glad they upheld point 3 as it is blatantly wrong

shameless-about-money

How did they start your payments prior to it being agreed??????

I think you had a very dodgy company!

scootw1

shameless-about-money wrote: »

How did they start your payments prior to it being agreed??????

I think you had a very dodgy company!

I'm glad someone has finally agreed with me. I was told that if the IVA did not go through that i would be refunded the money already paid. Dooubt they would have actually considering their fees

shameless-about-money

Definitely dodgy! How some of these companies stay in business is beyond me

scootw1

funny enough, I discussed their dealings on another forum and an IP there (funnily enough his name was shameless as well) said he knew the IP in question and they would never do what I said they did (that they did not advise about bankuptcy just wanted their fees) and that they were a very respectable firm.

shameless-about-money

shameless from debt questions hasn't got a clue! He is on the other side of the fence so to speak - he is in the industry and not there as a consumer looking for the IVA.

There are dodgy companies out there - including some of the more "highly respectable" ones.

scootw1

shameless-about-money wrote: »

shameless from debt questions hasn't got a clue! He is on the other side of the fence so to speak - he is in the industry and not there as a consumer looking for the IVA.

There are dodgy companies out there - including some of the more "highly respectable" ones.

i see you've had experience of him then