Anyone heard of debts reduced based in Wales??

continualdiamond

They phoned yesterday and my hubby got sucked in so to speak by them telling him they could reduce our current £318 a mth payment to payplan to only £150.

They phoned back today as my husband wasn't confident speaking to them so asked them to phone me instead.

We've been with payplan for awhile, but this company went on to say how they get the fees from the companies so have the best interest to let you pay back allll the money.

This companies claims to slash what money we owe so we pay just £150 a mth and its a 17.5% fee per mth to them for doing so.

I asked for information in the post but interestingly they said ever one better a representative will call round with all the paper work for you to sign.

A quick look online reveals the address, but no company website and all info about them.

I'm very very unsure, anyone have any dealing with them??

Payplan seem the most sensible choice so don't see why we should move, except for the lurring idea of only paying £150 instead of £318.

dumpy

If it sounds too good to be true it probably is!

charlyze2

The general advice on here is to never go with a company that charges you a fee for a dmp.

the monthly payment will be lower but it will take you a lot longer to pay off your debt.

If you are paying them £150.00 the actual amount that will be spent paying your debt will only be £123.75 as opposed to £318.00.

thats less than half so will take you more than twice as long as payplan.

That company cant do anything more than payplan, but will charge you for the privilege

fatbelly

It'll take over twice as long to get debt-free if you are paying less than half to the dmc and then they are taking around £25 per month for themselves.

No doubt they'll give you some nonsense about reduced settlements.

When you have money problems, the last thing you need is someone else to pay money to.

dancingfairy

Surely paying less per month means that you'll be paying your debt off much longer (especially if they are charging you as well:eek:).
If you are struggling with the amount you are paying Payplan then maybe you need to give them a call and go through your budget again with them.
df

Growurown

I live in Wales and I have never heard of this company. Sorry I think it sounds very dodgy. Wouldn't touch them with a very long barge pole.

psychopathbabble

Sounds like lies... I read the first two lines and alarm bells rang. Stay away.

Payplan and CCCS will help you work in your best interest.... and best of all they are free! Avoid any others.

camuk81

http://www.cdrex.com/debts-reduced-limited-1819674.html

Swansea