debt managment companies

generic_2

hi, ive been a long time fan of Martin's.

I have a question about debt management companies. I know I'm in desperate need of debt advice and/or debt management. I own £15k on credit cards and loans. I am going to have been approach a company called moneysolve (http://www.moneysolve.co.uk) but before I do I was wondering if anyone else in debt has used them? What are they like? I'm looking for a company that can offer good debt advice (is that the same thing as debt management??). I think I need an IVA or a loan - I know I definitely dont need to go bankrupt.

So has anyone used http://www.moneysolve.co.uk?????

Thanks for your help (in advance)

RAS

generic

if you want good independent advice, you should get it free from one of these debt charities http://www.moneysavingexpert.com/loans/debt-help-plan#help. Most can be contacted by phone and CCCS have a debt remedy on-line.

Most other companies take fees, if only when they set up a DMP or IVA for you.

You could also put up your SOA on here and see if people can help you reduce your spends and prioritise your debt payments.

tigerfeet2006

RAS is so right. Have a chat with one of the FREE debt charities. Links and numbers in my signature. Why pay when you can get better advice and help for free. Not very money saving to pay.

RAS your inbox is full . Oh! what it is to be popular

liz105

Can anyone else smell SPAM?

generic_2

Yeah, round your house at dinner time...I came here for advice, so I would appreciate you not posting anymore comments.

RAS / tigerfeet2006 thanks for that, but i thought that all the free companies can do is offer advice and to get any actual movement on the debts I have to go through a company. Is this not the case then? Can these charities offer IVAs and debt management?

Has anyone used a debt management company?

Thanks again to those helping me, I appreciate it.

rayday2

CCCS, Payplan and National Debt Helpline (if you meet certain criteria) all do what debt management companies do - suspend interest sort payments out pro-rata. You can even do it yourself. Your local CAB will all help too and your debt will be paid off quicker than using debt management companies.

Sure you want the debt paid off quicker.

BTW your response was very rude - easy fix to stop people assuming you are spamming take the link out of your post! No need for it!

rayday2

Also IVA are not something to be taken into lightly they are an alternative to bankrupcy and that serious - read this independant link to them http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf

Limana68

Contact CCCS, they were great with me and I had 43 K of debt, they give impartial advice and do not charge, so all the advice you get is free, and if you do go on a dmp, all your money goes to pay off your debt and not the fees of a fee charging company.
Good luck

Li

generic_2

I disagree, I responded to someone who could potentially get my posts and my account deleted if they are seen as spam? And then being banned from the site - I have read the T&Cs and the warning on the login page. Just because I am new to the forum I don't see why I should accept other people that are quick to throw around accusations. It seems simple to me, if you have nothing to add to a post, why bother at all??

Thanks to those giving advice; Limana68, I'm confused and I feel like I was heading in the wrong direction. Why do these companies exist if their services are available elsewhere for free?

rayday2

Because some people do not know about free services, like claiming back bank charges and PPI there is always someone who will fall for a website and not look into other options.

They feed on peoples fear of debt which I think you will agree is quite a nasty business!

rog2

generic wrote: »

Thanks to those giving advice; Limana68, I'm confused and I feel like I was heading in the wrong direction. Why do these companies exist if their services are available elsewhere for free?

Many, although not all, of these 'companies' exist purely and simply because 'debt' is big business.
Wherever a 'debtor' needs advice, there will, always, be somebody ready to exploit that situation in the hope of making easy money out of an individual's misfortune.
Whether that 'opportunity' consists of 'mis-selling a debt reduction plan, such as an IVA or DMP' because of the high level of fees that can be 'creamed off', or whether it consists of misleading an 'alleged debtor' into paying a 'debt' that is either not their's, or otherwise unenforceable, it does not matter.
Companies who exploit the misfortunes of others are parasitic scum - plain and simple - and they give a bad name to those genuine individuals, whether charities or private companies, whose priority is to 'help the debtor'.
The Debt Counselling Charities can, obviously, not deal with every case, and there are, indeed, services (such as IVAs) which they need to 'farm out' to private companies and individual Insolvency Practitioners.
By, initially, talking to one of these charities, which costs nothing, even if you are referred to a 'private' debt management compay, you can be sure that that company has been 'vetted' by the charity concerned, and that their intentions, towards the 'debtor, are honourable.