Platinum management anyone used them?

badger555

or even heard of them?I cant find much about them online.They contacted me randomly the other day asking me whether i was in debt,of which I am to the tune of approx 25k and am having trouble keeping up the payments even though i am in agreements with them all so no/very little interest is being added thankfully.

Platinum offered to consolidate the whole lot and have one payment of £140 per month,which would be a lot easier than having 5 separate payments spread out across the month to the creditcard companys/debt management agencys.

I dont know a great deal about how all this works but i presume Platinum will buy all the debts for 50% of their value and then I pay them £140 per month for the next however many years,25k at £140 per month is approx 14 years:shocked:

~Beanie~

Don't do it, have you seen how much they charge?

Contact Step Change or PayPlan who can set you up a DMP for free, you will still only pay one payment each month.

What is to say that Platinum will be able to buy your debts for 50% of the value anyway?

*Foolish*

I've not heard of them I'm afraid.
There are some great free debt charities out there who are very good.
The likelihood with this company is that the full £140 would not go toward your debt, and part would be a fee to them. I think if you can't find much about them, you'd be better off going with one of the charities, or at least have a look into it. Good luck.

badger555

~Beanie~ wrote: »

What is to say that Platinum will be able to buy your debts for 50% of the value anyway?

the reason I say that is due to me being offered a 'one time offer' off a few of my creditcard companys,normally if I owed say 5k they would say if you can make a payment today of 3.5k we would call it quits.I just presumed these management places have some kind of deal going within their field to buy off each other for even less.Sadly i've not really been in a position to have those numbers in my hand in the last 3 or 4 years

sourcrates

badger555 wrote: »

the reason I say that is due to me being offered a 'one time offer' off a few of my creditcard companys,normally if I owed say 5k they would say if you can make a payment today of 3.5k we would call it quits.I just presumed these management places have some kind of deal going within their field to buy off each other for even less.Sadly i've not really been in a position to have those numbers in my hand in the last 3 or 4 years

NO, that's not how it works at all, don't trust this company, they just want to make money from you, you can pay your creditors yourself for nothing, its very simple to do, just send your payments to them yourself for free every month !!!
also these CC debts that are offering you "onetime offers" they normally only do this when they know there is a potential problem with the account, ie, they may not have correct paperwork, or debt may be statute barred, have you requested CCA from them ???? if they are old debts they may not have correct paperwork which means they cant get a judgement in court, in any case never pay a company for a DMP you may be better off in the short term but you will find the length of time your paying it will have increased 3 or 4 times, be very wary !!!

sourcrates

[QUOTE=badger555;63516900.

I dont know a great deal about how all this works but i presume Platinum will buy all the debts for 50% of their value and then I pay them £140 per month for the next however many years,25k at £140 per month is approx 14 years:shocked:[/QUOTE]

Again that's not how it works either, the £140 they quoted you will undoubtedly include there fee of however many pounds per month, so actually only perhaps £100 will go to your debts increasing your repayment period by about another 5 years :eek::eek:

nomunnofun

badger555 wrote: »

I dont know a great deal about how all this works but i presume Platinum will buy all the debts for 50% of their value and then I pay them £140 per month for the next however many years,25k at £140 per month is approx 14 years:shocked:

They will charge you £35 per payment - £105 per month will go towards your debts - I make that just short of 20 years with £8330 going to them!

~Beanie~

nomunnofun wrote: »

They will charge you £35 per payment - £105 per month will go towards your debts - I make that just short of 20 years with £8330 going to them!

Plus the initial set-up fee of 2 months payments and a review fee of £35 after 9 months and every 6 months thereafter :eek:

nomunnofun

~Beanie~ wrote: »

Plus the initial set-up fee of 2 months payments and a review fee of £35 after 9 months and every 6 months thereafter :eek:

Sounds like a good deal then - for them!

dancingfairy

I've never heard of them, but I wouldn't waste my money paying a company to do what I could do for free (or with the help of a debt charity).
If you're struggling then I'd suggest you contact National Debtline, StepChange or your local CAB.
df

badger555

Ok thanks for the replys

I spoke to them again today and they say that i would pay £140 per month for 6 years which by my reckoning is £10000,sounds great but too good to be true