Has anyone any experience of "the Mortage Today" debt management company?

gesic

Hi,
I am new to the forum so I am sorry if their is another thread.
I was originally with Bains and Ernst when I was approached by the then company Debt Connect now known as The Mortgage today. They promised me that they would have my debts all sorted in approximately 2 years (if I stayed with B and E it was more than 6). All seemed to have been going well although the contact was very minimal which suited me (wrong attitude I know )I spoke to them a few months ago and mentioned I had been with them about two years now was I anywhere near becoming free from my debts, I was assured a good amount had been saved and that offers would be made to my creditors. Recently I have been trying to contact them as 2 years plus has passed and I am still paying. To date I have been unsuccessful although I only tried yesterday, I am now so worried that they have taken all my payments and I am still in the same amount of debt?
does anyone have any experience of them? Am I able to get any money back off them and change to a different company?
If anyone can advise I would appreciate it as been awake half the night worrying

DawnW

Didn't want to read and run. I don't have any knowledge of this company, but can you not contact your creditors directly to check how much debt remains?

Fee paying DM companies are not recommended on this site, as they take for themselves some of the money that could go towards paying your debts. Why not contact Stepchange, who are a charity who manage many DMPs (free of charge) for advice?

Hope your fears are unfounded x

sourcrates

You seem to of been mis-lead into signing up with another fee taking debt management company.
Only Bankruptcy, IVA, or a DRO can actually write off debt.


This is costing you a fee every month, were you not aware of this ?
They do absolutely nothing that you cannot do yourself, for free !!


I would suggest you ditch them straight away, and get some advice from step change, who are a free debt charity, and will not charge you a penny.

dancingfairy

Hmm, it sounds like rather than any money going to your creditors that this company were taking money from you each month (no doubt charging a hefty fee for the privelidge) with the eventual aim to make full and final settlement offers? Is this the case? If so then it sounds like none of the money has gone to your creditors.
You obviously need to check with your creditors what the situation is and try and get your money back from this other company.
Then for goodness sake don't fall into this trap again and get some proper free advice from someone like National Debtline ,Stepchange or your local CAB or you could consider writing a few letters yourself to try and arrange full and final settlements - there is loads of help on here or on the National debtline, cab's or stepchanges websites.

df

sourcrates

dancingfairy wrote: »

Hmm, it sounds like rather than any money going to your creditors that this company were taking money from you each month (no doubt charging a hefty fee for the privelidge) with the eventual aim to make full and final settlement offers? Is this the case? If so then it sounds like none of the money has gone to your creditors.
You obviously need to check with your creditors what the situation is and try and get your money back from this other company.
Then for goodness sake don't fall into this trap again and get some proper free advice from someone like National Debtline ,Stepchange or your local CAB or you could consider writing a few letters yourself to try and arrange full and final settlements - there is loads of help on here or on the National debtline, cab's or stepchanges websites.

df

DF I think you may be right, some kind of saving scheme, whereby they keep the money, probably investing it in dodgy stocks, they then on maturity use any profit to pay the creditors off, this cant be legal can it ?
Sounds very dodgy to me, above advice is good OP.