First Step Finance, Debt Help & Advice clients

lapsedoptimist

I am trying to find out more about what the prospects are for those of us that were with debt management plans with First Step Finance or Debt Help & Advice.

(I would like to post a link here to a website of the company that has bought these companies, but as a first poster I cannot. Suffice to say that this company is called "Platinum Management", and that on their website is a page for "FSF Clients". It is all there.)

With regard to our money, I think it means, "Seen it, pinched it, spent it" to quote Blackadder. They did not keep your money in a separate account, they spent it instead. I guess that means no recompense for the clients?

The page on the Administrator's website is essentially blank.

Tixy

This is a link to the site in post #1 - http://www.platinummanagement.co.uk/FSF.html

Have you seent this latest info posted yesterday on Begbies Traynor's website?

http://www.begbies-traynorgroup.com/default/news/14-06-03/first_step_finance_limited_debt_help_advice_limited_primary_business_solutions_limited_-_all_in_administration_“the_companies”.aspx

I would guess that the firm will be investigated but the chance of recovering any funds is probably very small. So I would doubt there will be any recompense for clients.

lapsedoptimist

Surely the lesson is not to give your money to any plan with a Limited company, as they can just dissolve, be sold to another company, and for there to be no obligation to your loss. Hurrah for limited liability.

Tixy

I would hope that the ex-clients of FSH don't switch to Platinum who are just another fee charging DMP company, and seek some free impartial advice or set up their own self-managed DMPs direct with creditors.

Platinum's fees - 50% of the first 4 monthly payments and then 22% of all subsequent fees with a minimum of £38.

So someone on a DMP repaying £10,000 at £150 a month, will pay £3600 in fees on top of the £10k debt repayments.

National_Debtline

It's possible to have a free DMP, you can find info about how you would get on to one here.

It's also more than possible to self-negotiate as Tixy says. In fact, the vast majority of our callers use the self-negotiation route to great effect. I appreciate that there is a health fee-charging DMP industry but there are certainly choices out there. There is nothing more important than seeking impartial, objective, independent advice.

David.

FireWyrm

Oooh these shysters make me mad. DMP isnt anything other than a semi-formal arrangement with your creditors to pay back monies owed at a certain rate. It does not require the services of a 'fee paying' company to arrange and it makes me mad that this is the impression given to people embarking on this course of action.

You do not require a 'Debt Management Company' to manage a DMP any more than you require the services of an estate agent in order to sell your house. You can and should seek impartial and free advice if you are unsure how to make the arrangements with your creditors but failing that, the application of some simple common sense and a basic grasp of the English language will suffice.

Limited liability companies do fold with alarming regularity taking your money with them. It is beyond comprehension why the FCA allows such companies to exist in the first place, let alone allow them to claim some form of legitimacy via 'accreditation' or 'licensing' etc. These bottom feeders should be stamped out. It is that simple.

sourcrates

FireWyrm wrote: »

You do not require a 'Debt Management Company' to manage a DMP any more than you require the services of an estate agent in order to sell your house.

I agree wholeheartedly, unfortunately when your feet wont touch the bottom, its all too easy to grab the first lifebelt that's thrown to you.


And a lot of the time its a fee paying DMC that throws that lifebelt.


Been in debt may be a new experience for a lot of people, and they agree to things, that normally would make them stand back and think a while, (when I was younger, and naïve, I did the same thing, until I realised how much it was costing me).


The amount of people who post on here saying there with a fee paying DMC is also testament to the power of there advertising.

JonSpittle

I was luckily enough to cancel and get a refund of my 'pot' monies only a month before DHA ceased trading, however my partner wasn't as lucky and it looks she has lost £3500, she did cancel as she was following my advice but it was too late. We are both so angry and upset that 4 years worth of payments have just vanished and she will have to start again now, one thing for sure we won't be going with a third party company again !!