Debt advice link

Silverstar32

Hi, my husband is currently on a dmp with cccs, and debt advice link have telephoned to say that he can get an iva for 100 pounds a month, they're one of three companies in the uk doing it. They have to ring people on dmps to tell people about the new government legislation, it sounds a bit too good to be true. There is a courier coming tomorrow to collect my husbands identification, he hasn't signed anything yet, as when the info comes I'll be reading it word for word. I asked why doesn't cccs offer Ivas at 100 pounds a month, he said because they are sponsored by the creditors, I asked what fees they get for doing this and he says all they get is a referral fee, does anybody know if this company Is legitimate? Anybody have any experience of them? many thanks

UpToMyNeckInIt

Sounds like they are a private Debt Management Company (many of which have official sounding names).

'Tis true that CCCS/Stepchange and the other charity organisations are funded by creditors (they make no secret of the fact if you look hard enough on their websites). The DMP they proposed for me would have taken 10-15 Years to pay back vs the 6 in the IVA that I finally went for (with a private firm).

For this reason, I cynically suspect that CCCS etc. steer many customers down the DMP route as that often provides a much larger return to the creditors.

However, if your husband thinks an IVA is the way to go (and it may be), he needs to thoroughly research that option first (this forum is a good start). NOT to be railroaded into one by a cold-calling company. He should check out some insolvency practitioner reviews at iva.com as well.

For these reasons, I would cancel the courier, and if the company push you, I would threaten to report them to the OFT, DEMSA etc. for approaching you under guise of Authority.

Your husband is already paying back his debt at an affordable level, so he can spend a little time researching IVAs I would suggest.

Good luck.

System

Silverstar32 wrote: »

Hi, my husband is currently on a dmp with cccs, and debt advice link have telephoned to say that he can get an iva for 100 pounds a month, they're one of three companies in the uk doing it. They have to ring people on dmps to tell people about the new government legislation, it sounds a bit too good to be true. There is a courier coming tomorrow to collect my husbands identification, he hasn't signed anything yet, as when the info comes I'll be reading it word for word. I asked why doesn't cccs offer Ivas at 100 pounds a month, he said because they are sponsored by the creditors, I asked what fees they get for doing this and he says all they get is a referral fee, does anybody know if this company Is legitimate? Anybody have any experience of them? many thanks

Hi and thanks for your comment.

We just came across your thread and wanted to step in.

As your husband is already a client of ours I’d recommend that he give us a call to discuss his options. We do have an IVA company but we only recommend IVAs as a solution when they’re the best advice for the clients own individual situation.

We don’t charge any upfront fees for IVAs when an IVA is the best solution.

I hope this helps.

Kind regards,

Mat