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DFH Financial solutions
sourcrates
Posts: 31,687 Ambassador
This company has been mentioned to me a few times in recent weeks, just thought I'd share there fee structure with you, for "managing" your DMP, they charge monthly, and also add a "per creditor" fee to :
Fees
“Initial Setup Charge” This is a setup charge of up to £198 normally divided equally over the initial 6 payments. This will never exceed 50% of your monthly payment. This charge will cover:
Agreeing a personal monthly budget with you and creating an income and expenditure statement.
Calculating your reduced Monthly Payment; negotiating with each of your Creditors to agree to the reduced Monthly Repayments and requesting that they freeze interest and charges where possible.
Administration and preparation of your Debt Management Plan.
Setting up of Monthly Repayments schedule with each of the Creditors.
Distributing Monthly Repayments to each of your Creditors.
“Monthly Management Charge” This is a set amount of £23.50 per month plus £4.50 per creditor (£100 maximum).This charge is made on distribution to creditors starting from month one. This will never exceed 50% of your monthly payment.and covers:
Distributing Monthly Repayments to each of your Creditors.
Support and advice regarding any Creditor correspondence i.e. emails, phone calls, letters, and advice on what Creditors can or cannot do.
Fully trained paralegal team on hand, specialising in managing pre-court legal issues.
Conducting annual reviews to make sure you are happy with the plan and ensuring any Creditors agreements remain in place.
Conducting reviews if you have a change in circumstance and ensuring that the Monthly Payment is affordable to you.
Fees
“Initial Setup Charge” This is a setup charge of up to £198 normally divided equally over the initial 6 payments. This will never exceed 50% of your monthly payment. This charge will cover:
Agreeing a personal monthly budget with you and creating an income and expenditure statement.
Calculating your reduced Monthly Payment; negotiating with each of your Creditors to agree to the reduced Monthly Repayments and requesting that they freeze interest and charges where possible.
Administration and preparation of your Debt Management Plan.
Setting up of Monthly Repayments schedule with each of the Creditors.
Distributing Monthly Repayments to each of your Creditors.
“Monthly Management Charge” This is a set amount of £23.50 per month plus £4.50 per creditor (£100 maximum).This charge is made on distribution to creditors starting from month one. This will never exceed 50% of your monthly payment.and covers:
Distributing Monthly Repayments to each of your Creditors.
Support and advice regarding any Creditor correspondence i.e. emails, phone calls, letters, and advice on what Creditors can or cannot do.
Fully trained paralegal team on hand, specialising in managing pre-court legal issues.
Conducting annual reviews to make sure you are happy with the plan and ensuring any Creditors agreements remain in place.
Conducting reviews if you have a change in circumstance and ensuring that the Monthly Payment is affordable to you.
I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
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Comments
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Why on earth would anybody EVER use this company.
Scratch that - I guess people who are desperate and find this company on the web may use them. One can only hope they find better support and information, e.g. this forum before they sign up, or at least before too long.DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j0 -
Sourcrates - sorry to hi-jack this thread, but does your username mean anything? Everytime I read it I think it is an anagram of UR Socrates....maybe it is
DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j0 -
January2015 wrote: »Sourcrates - sorry to hi-jack this thread, but does your username mean anything? Everytime I read it I think it is an anagram of UR Socrates....maybe it is
An ananagram of Socrates, the font of all knowledge ��
Best I could come up with Jan ..........I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
sourcrates wrote: »An ananagram of Socrates, the font of all knowledge ��
Just as I thought then
You, unknowingly, knew you were the font of all knowledge DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j0 -
So for someone with say 5 debts, up to nearly £80 a month before any of it arrives at the actual creditors?
Astonishing.0
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