Advise needed - Immediate Financial?

Jess2709

Hi So a few years ago I got myself into awful debt, and contacted Immediate Financial to get their help sorting me out. It was a combination of student overdrafts and graduate loans and credit cards combined with not earning a lot.

In their defence they have paid off a lot of my debts, however I am still left with two big ones -
Barclays student overdraft - 3000
Barclays graduate loan - 6500

Now Immediate Financial have taken all the money I had saved up with them, around 2500 as their fee for paying off all of my debts, but they haven't paid off the two big ones?

So i'm back working up the pot of money for them to contact Barclays to pay it off.

I'm not sure if it would be better to stop with Immediate Financial and request the fee be repaid to me, and to contact Barclays directly to set up a payment plan to get me debt free?

Or to continue with Immediate Financial and hope the money builds up and they can negotiate a settlement term for the debt with Barclays?

Any advise would be greatly appreciated.

immoral_angeluk

Yep. Sounds about right for that kind of company. They take the majority of the payments in 'fees' and then pay very little (or in some cases nothing) to your creditors.

Dump them and contact one of the free debt advice agencies, or negotiate with your creditors yourself.

If you stay with immediate financial you will simply be keeping them in tea and biscuits rather than actually paying off your debt.

sourcrates

Jess2709 wrote: »

In their defence they have paid off a lot of my debts, however I am still left with two big ones -
Barclays student overdraft - 3000
Barclays graduate loan - 6500

Now Immediate Financial have taken all the money I had saved up with them, around 2500 as their fee for paying off all of my debts, but they haven't paid off the two big ones?

Any advise would be greatly appreciated.

Stop using them, now, today, this minute, cancel, cancel, cancel !!

That £2500 could of been paid to your debts, what is it you think this company does for you, that you cannot do for yourself ?

I don't want to appear harsh, but you have been taken advantage of, you can do a DMP yourself, or seek help from Stepchange or National Debt line, both offer free advice, and can set you up with a free DMP.

You do not need to pay anyone for this service !!!!!!!

Cancel any DD`s to them, write and cancel your agreement, put in a complaint to get your fees refunded.

http://www.stepchange.org/ChangingLives.aspx?WT.srch=1&WT.mc_id=270050&WT.seg_1=stepchange&gclid=CMWSsdCt_cQCFYfHtAodWhkABQ

https://www.nationaldebtline.org/

Jess2709

Thank you. I have contacted step change today who are setting me up on a dmp.

They said it would be unlikely I'd get the money back from IF, but got to try. Would you recommend writing to them? should i be quite forceful?

sourcrates

Jess2709 wrote: »

Thank you. I have contacted step change today who are setting me up on a dmp.

They said it would be unlikely I'd get the money back from IF, but got to try. Would you recommend writing to them? should i be quite forceful?

Yes, put in a written complaint.

Were you fully aware of how much you would end up paying in fees ?
Were the fees fully explained to you ?
Did you feel pressured into signing up with them ?
What did they promise you ?
Did they make statements they could not deliver on ?

Any of these reasons would give you cause for complaint, its always worth a try, true, you may not get anywhere, but you wont know till you try.

Jess2709

Thank you! I will let you know the outcome! Hoping I can at least get a bit back as then I can pay a chunk off of what's outstanding. Fingers crossed!