Debt management company not made some payments

Milan82

Hope someone here can help.

October 2013 I took out a loan of 10k to consolidate my debts. Few months later a company called Restart Financial called and said they could help reduce my payments and stop my interest on the loan by putting me on a DMP.

I signed up thinking great, and ever since ive had nothing but problems. Every payment has been late resul4ing in letters from bank saying im in arrears. Also my interest hasnt been frozen.

Fastforward 1 year and I came into some money which I used to pay off the majority of my loan. Whilst doing so I noticed on my account that a few payments were not payed at all let alone on time. I spoke to my bank to confirm this and they said no payments were made in Feb 2014 and Aug2014.

So I then spoke to Restart Financial and they said that they had payed them on time and that they had proof In the form of a BACS tranfer reciept, great I said could you forward them to Halifax so I can clear my debt. They assured me that they would. This was in october and after calls everyother week since they still havent done so. I even told them to send me the receipts via email and recorded delivery several times so i could forward them myself but still no luck.

Anyone have any ideas what I should do next?

Cheers

Milan

Apples2

You thought there was an easy way to avoid your debts?
You responded to a cold caller offering you a fantastic deal??

You got hoodwinked by some bottom feeding vultures.
They care not one jot for your finances or your predicament, they have simply destroyed your credit file and are getting rich from you in the process.

monthly fee equal to 20.00% of your monthly agreed disposable income will be charged, subject to a minimume of £40.00 and a maximum fee of £100.00

It gets worse

Quarterly account reviews will be applicable to your account, when a review is required a fee of 50% of your monthly disposable income will be charged for said review.

I can't be bothered reading the rest but you can be assured they are doing you no good whatever. they are bottom feeders, nothing more.

Your creditors are under no obligation to freeze interest on your accounts, which are probably getting higher each month with fees being added.

The way forward is to cancel your agreement with them.
If you are struggling to pay contact a Debt Charity (Stepchange) and start over with them.
It doesn't even sound as if you had problems repaying, the first posts suggests you simply tried to avoid repaying the interest on your loan.

You have made a big mistake, one which is going to affect you badly for the next 6 years. I hope you don't have any plans to buy a house/car or any other significant purchase you may need credit for.
It is unlikely you could even get a mobile phone contract now.

SnowTiger

Milan82 wrote: »

Hope someone here can help.

October 2013 I took out a loan of 10k to consolidate my debts. Few months later a company called Restart Financial called and said they could help reduce my payments and stop my interest on the loan by putting me on a DMP.

I signed up thinking great, and ever since ive had nothing but problems. Every payment has been late resul4ing in letters from bank saying im in arrears. Also my interest hasnt been frozen.

Fastforward 1 year and I came into some money which I used to pay off the majority of my loan. Whilst doing so I noticed on my account that a few payments were not payed at all let alone on time. I spoke to my bank to confirm this and they said no payments were made in Feb 2014 and Aug2014.

So I then spoke to Restart Financial and they said that they had payed them on time and that they had proof In the form of a BACS tranfer reciept, great I said could you forward them to Halifax so I can clear my debt. They assured me that they would. This was in october and after calls everyother week since they still havent done so. I even told them to send me the receipts via email and recorded delivery several times so i could forward them myself but still no luck.

Anyone have any ideas what I should do next?

Cheers

Milan

Complain to Restart Finance, aka Countrywide Debt Collections Limited?

http://restart-financial.co.uk/Complaints%20Code%20of%20Practice.pdf

Pixie5740

Contact one of the debt charities (they help you for free).

CAP
Step Change
National Debtline
PayPlan

Do it now.

National_Debtline

Hi Milan

I agree that you should contact one of the free debt advice agencies for full advice.

A debt management plan (DMP) is an informal arrangement so no DMP provider can guarantee that interest will be frozen on your debts, although in many cases it is.

They should certainly make the agreed payments and make them on time though.

You’ve done the right thing by requesting proof of the payments they claim to have made. I’d recommend keeping all of your correspondence in writing from now on. I think you should consider starting to make complaints now.

Make a formal complaint in writing initially, using their complaints code of practice which SnowTiger linked to above.

As DMP providers are regulated by the Financial Conduct Authority you can also reference points from the Consumer Credit Sourcebook (CONC) which they haven’t complied with.

Section 8.8 of CONC covers DMPs here –

http://fshandbook.info/FS/html/handbook/CONC/8/8

You can escalate a complaint to the Financial Ombudsman Service if you are still experiencing issues.


James
@natdebtline