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Dropped by debt mamagemnt company after 7 Year

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Dropped by debt mamagemnt company after 7 Year

edited 30 November -1 at 1:00AM in Debt-free Wannabe Challenges
2 replies 849 views
Redstone2017Redstone2017 Forumite
4 posts
edited 30 November -1 at 1:00AM in Debt-free Wannabe Challenges
Hello everyone
I wonder if anyone could help . We have been in a debt management since 2009 and never missed a payment . We received a letter dated on 18.3.2016 yesterday 1.4.2016 after they had taken a payment on 24th March.
They basically say that its no longer viable for them to carry on with debt management. We have never been completely satisfied with the service , and basically feel let down and stressed with the situation we are now facing. We have to contact each creditor and deal them. We were told we would be debt free in 11 years . Is there anywhere we can go and say we have been mis-sold this debt management , nearly £5000 was added in interest when we were told that our debt £23,300 would be froze . The statements never made sense and if you call them they blind you with figures and confuse you. We paid £176 A month and the first year when they were dealing with creditors we were told that it would be banked and they would use this to negotiate with them near the end of the plan, now they are saying it was a fee, i would really appreciate any help , thank you

Replies

  • HappyMJHappyMJ Forumite
    21.1K posts
    ✭✭✭✭✭
    Hello everyone
    I wonder if anyone could help . We have been in a debt management since 2009 and never missed a payment . We received a letter dated on 18.3.2016 yesterday 1.4.2016 after they had taken a payment on 24th March.
    They basically say that its no longer viable for them to carry on with debt management. We have never been completely satisfied with the service , and basically feel let down and stressed with the situation we are now facing. We have to contact each creditor and deal them. We were told we would be debt free in 11 years . Is there anywhere we can go and say we have been mis-sold this debt management , nearly £5000 was added in interest when we were told that our debt £23,300 would be froze . The statements never made sense and if you call them they blind you with figures and confuse you. We paid £176 A month and the first year when they were dealing with creditors we were told that it would be banked and they would use this to negotiate with them near the end of the plan, now they are saying it was a fee, i would really appreciate any help , thank you

    All the defaults would have dropped off your credit report by now so you should have some room to make some very good settlement offers to settle the debts.

    How much is still outstanding? 11 years is a very long DMP.

    It's highly likely that all the money was taken in fees and the interest on your credit agreements just covered what they sent to your creditors so you might still owe £23,000.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • Thanks for your reply
    t's highly likely that all the money was taken in fees and the interest on your credit agreements just covered what they sent to your creditors so you might still owe £23,000.
    I hope your wrong ,We had a rough estimate of the company and they said we owed £13,000,waiting for the final statement .
    We have logged a complaint with them
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