lying cold callers

aymara_2

Hi
I just had a cold call asking for me by name and telling me I had unsecured debts and offering me an an amazing IVA.

Apparently due to the recession the government are allowing people to freeze interest on their debts and pay a reduced amount back. During this amazing deal you make one monthly payment and they charge no fees for this service.

The best bit is not only does this not effect your credit rating it actually improves it and it won't effect your ability to get a mortgage even during the IVA.

I asked the company name then told them I was going to report them for giving out false information. The name they gave me was false.

It made me so angry they were calling people and giving out bad advice to them. If that was someone vulnerable they could have believed them:mad::mad:

Are therea lot of these rip off companies about?

Also is it coincidence I get this phone call days after posting about my partners debts on here?

[Deleted User]

must be a coincidence, unless you posted your phone number.

poppasmurf_bewdley

There is no way anyone can get your personal details from this forum unless you have either published them in a thread, or sent them to someone via a private message.

UpToMyNeckInIt

... Don't knock an iva, it can be a good solution. Granted, you should never go with a cold caller.

If your debt is large, and especially if you have assets to protect, an iva which is done and dusted in 5-6 years is a heck of a lot more appealing than say a 15-20 year DMP.

Where no major assets are involved, going bankrupt can be a good option as well.

Have a look at the 'debt camel' website which gives a good no nonsense comparison of all your options.

aymara_2

It wasn't about the IVA but them saying one would improve your credit rating and be no barrier to you applying for a mortgage that annoyed me

UpToMyNeckInIt

It never fails to amaze me, the BS and half-truths that some of these IVA sales aparently people come up with. Little wonder so many people get duped into an IVA when it may not be the best solution for them.

With an IVA (and any form of insolvency), your credit rating is all but destroyed for a period of 6 years from the START of the plan. With a DMP, your credit rating is affected for its duration and 6 Years AFTER the last payment. Something to factor into your decision-making.

So after 6-Years, insolvency wins out over the DMP in terms of credit rating - this should have been made clear.

Getting a mortgage after the IVA is not usually a problem either - I have read many succeessful accounts on these forums, but you are best off using a whole of market broker (good advice anyway, regardless of previous debt issues).

of course, if you can manage your own debt, by 'snowballing' etc. without resorting to any of the above, that is the best way to preserve your rating.

All the best whatever you decide, just thoroughly research all your options.