Immediate financial question

Daytona600

Hi all,

I have been in a 'debt settlement plan' for almost four years and have managed to settle a few of my debts, however there are still two outstanding.

The way I understand it is that the money I pay monthly to immediate financial is being split to the two debts and the majority of it being kept in an account to build up an amount that they can use to approach the debtors with to agree a settlement.

It has occurred to me that, firstly I have never been told how much I have sat in the settlement account. And secondly, how do I know that the money I'm paying isn't just going into immediate financials pocket?

For all I know my debts could have been settled months ago and yet I'm still paying money in! Perhaps I'm just getting paranoid because its taking so long.

Has anyone had or still dealing with immediate financial and can shed any light on it for me.

Any info would be greatly appreciated!

Thanks

Tixy

These settlement type plans are not generally recommended on these forums, and creditors don't tend to like them (not surprisingly) and so often won't freeze interest and also are more likely to consider taking court action - because they are not being paid the maximum you can afford each month.

However if you want to know the current position then I would write to IF and ask for a full statement of all transactions. You might also want to contact your creditors direct to ask for an up to date statement. If IF won't provide you with the info easily then I would send a subject access request under the data protection act (costs £10 and template letters can be found on this site).
Presumably you have paperwork from IF detailing how much their charges would be each month/each payment etc.

stealth_elf

we also use Immediate Financial and had the same worries, I asked them and they were fine about it! I realise that it is not the ideal, but I really needed the help and support they offered us at the time Hope that helps

matttye

Please ditch the paid for DMP's and sign up with a free debt charity. Debts could be paid off months or even years earlier (if you have enough debt).

pauletruth

such a bad idea. one went bust recently. whats wrong with you doing this. what charges are they dropping on you. what interest are you getting on your saved money. how is your money safe guarded.

if i was a creditor i would be refusing this scheme as its a designed to under pay them. which is different from you offering a settlement.

emmalu999

I have been with Immediate Financial for 3yrs. I had eight debts totalling £32,000. They have successfully paid off five of them at a reduced price, most have been paid off at 60% of the debt (I have had letters from the companies I owe to confirm the settlement agreements have been paid) and now owe £18,000. They charge 20% of what they save you, so their fees are hefty. The down side has been that they initially stated it would take 3yrs 2mths to clear my debts but it is going to take 18mths more than that.

I took out the plan as a friend of mine became successfully debt free with them but If I could go back I would haven't have gone with a DMC. Better off doing it yourself (Consumer Action Group give great advice and have letter templates, shame I didn't know about them before I started the plan).

I contiplated leaving the plan but looking through the original paperwork, if I have read it right, they could keep 20% in fees of what debt is still outstanding (in my case nearly £4,000) so I have decided to plod on.