Anyone used Tully for debt advice?

ferry

Just curious, but has anyone on here enlisted the services of Tully

https://www.tully.co.uk/


Any benefits over and above the more common charites like SC and PayPlan?


Thanks

fatbelly

The positive points about SC and PayPlan is that they are clear about who they are, what they do and they have been around a long time - none of which apply here.

Should you wish to talk to them, they have phone numbers too.

I'd love to hear from some customers. If Tully are genuine they need to put more work in to explain themselves. They look like IVA lead generators.

sourcrates

They are very cagey, from what I can gather, they offer a budgeting service operated by a 3rd party platform, which would require you to allow them access to your online banking.

I see no mention of any debt solution (maybe that comes later with the hard sell ?) I would say avoid all companies such as this, they are deliberately vague about their true intentions, stick with the free debt charities, there is no magic alternative.

WhenIam64

Before you use a free debt charity, check they are a charity and not a financial products company.

Payplan is owned by these people for example. Click on Confirmation statement

https://beta.companieshouse.gov.uk/company/07444438/filing-history

"Charity" is often a tax wrapper for a commercial operation whose interests do not necessarily dovetail with those of a debtor. It is not a criticism of their set up but rather a warning to check before you sign up.

fatbelly

I posted a link to this yesterday

https://www.gov.uk/government/publications/getting-a-debt-relief-order/getting-a-debt-relief-order#find-a-debt-adviser

It doesn't signify a complete stamp of approval but these are the organisations who have been approved to do DROs. The key here is that that shows their willingness to get involved with a product that provides a lot of help for the client but zero revenue for them.

(I think technically £10 per application goes into a training pot that they can access)

WhenIam64

The key here is that that shows their willingness to get involved with a product that provides a lot of help for the client but zero revenue for them.

But we know that Stepchange are 80% funded by the creditors they arrange payments for. No different from Supermarket loss leaders.

But again it is not a criticism as creditors need paying and debtors need to get out of debt. It's just lifting the lid on how things are. If I have a criticism, it is the abuse of the term "charity"

fatbelly

How are Tully funded?

JCS1

Fair Way Forward Limited (as per bottom of their website), only incorporated at Companies House April 2018 so there is very little information about them.


Share Capital owned by FWF Holdings Ltd, also only incorporated in 2018 so very little filed, but there is a confirmation statement which states 5 individuals as shareholders.

sourcrates

WhenIam64 wrote: »

But we know that Stepchange are 80% funded by the creditors they arrange payments for. No different from Supermarket loss leaders.

But again it is not a criticism as creditors need paying and debtors need to get out of debt. It's just lifting the lid on how things are. If I have a criticism, it is the abuse of the term "charity"

I think the term "charity" is used to promote the fact any advice they give is completly free, and to diferentiate themselves from fee charging debt mangement companies, as there are a lot of sharks out there.


People see the word "charity" and possibley feel they are more trustworthy, someone who will not rip them off, so although its not essentially a charity, the word is there for the right reasons.

Nicosy

Been looking into Tully, seems they provide more info now than when this thread started.

They're funded via a "fair share and is the same way that leading debt charities like StepChange and Christians Against Poverty fund their services. "

https://www.tully.co.uk/faqs#free

And they offer a flexi-payment debt plan: https://www.tully.co.uk/debt-solutions

WhenIam64

https://register.fca.org.uk/ShPo_FirmDetailsPage?id=0010X00004AW3XwQAL

Having a quick look at the FCA and then Companies House suggests a network of related financial companies. The FWF ones are relatively new.

The offer of flexi-payment needs a bit more understanding in that e.g. are they offering credit to allow the flexi payment. Or have they negotiated with the creditors a means to flex payments to them?

Interesting concept though.