Debt elimination scam
sourcrates
Forumite, Ambassador Posts: 27,657
Ambassador
I've seen a few adverts from debt management companies of late, advertising what they call a "Debt elimination scam scheme".
They claim that as long as you make 36 monthly payments towards your debts, of whatever your disposable income allows, they can settle all your accounts by the end of that time period, oh, and there is usually a hefty fee to pay for this "service" normally around the £300 mark.
Now if something sounds too good to be true, then it usually is, this is not a regulated solution, and appears to be based on dodgy credit agreements and settlement offers.
Apparently, it involves solicitors trying to render your accounts unenforceable, obviously by requesting copies of your credit agreements, and attempting to find discrepancies within them so the creditor cannot enforce their rights in court, and by doing this they hope to obtain reasonable final settlement offers, does any of this sound familiar to the regulars on here ?
Basically, this is something most DMP`ers will do for themselves anyway, minus the £300 bung, so if you see this advertised, or are cold called about an "amazing new scheme", please don`t give them the time of day and avoid like the plague.
Thanks all.
They claim that as long as you make 36 monthly payments towards your debts, of whatever your disposable income allows, they can settle all your accounts by the end of that time period, oh, and there is usually a hefty fee to pay for this "service" normally around the £300 mark.
Now if something sounds too good to be true, then it usually is, this is not a regulated solution, and appears to be based on dodgy credit agreements and settlement offers.
Apparently, it involves solicitors trying to render your accounts unenforceable, obviously by requesting copies of your credit agreements, and attempting to find discrepancies within them so the creditor cannot enforce their rights in court, and by doing this they hope to obtain reasonable final settlement offers, does any of this sound familiar to the regulars on here ?
Basically, this is something most DMP`ers will do for themselves anyway, minus the £300 bung, so if you see this advertised, or are cold called about an "amazing new scheme", please don`t give them the time of day and avoid like the plague.
Thanks all.
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 [email protected]. 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
6
Comments
-
Good gen Sourcrates - and good reminder that "if it looks like a rat, and it smells like a rat, it's probably a rat" too!🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡SOA CALCULATOR (for DFW newbies): SOA Calculator2023 "Gym Neutral Fund" - £104.46/£280 (Membership taken 01/2/23)🏋🏻♀️ 2023/24 Gym cost per use: at 19/06/23 £20.00 per visit! (14) 🏋🏻♀️she/her2
-
Dear Lord. Horrendous. Just bumping....1
-
Just seen a company offering to get you compensation for missold IVAs.
Well, it's a website - no company details at all - just an online form and a telephone number
The best scams have an element of truth in them.1 -
Would that company be the same one that sold you the IVA?
Or at least the same people.May you find your sister soon Helli.
Sleep well.0 -
Scammers rely on panic. The 'phone ones re: a bank withdrawal - "...press 1 to speak to our advisor!". It's never "Here's our number, ring us back in a few days", is it?Now a gainfully employed bassist.0
Categories
- All Categories
- 338.8K Banking & Borrowing
- 248.6K Reduce Debt & Boost Income
- 447.5K Spending & Discounts
- 230.7K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 171K Life & Family
- 243.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards
