Immediat Financial Closed and left us with major problem
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sir0gers
Posts: 6 Forumite
Hi everyone
I have been with IM foir about 5 years and up to now have been great, I know that may seem a shock to some but have settled over 14K worth of debt. however I have still got 2 creditors with debt, Lowell with £5,300 and Shoosmith with £8,000.
My worry is they called me on Friday saying they have lost their licence to trade and have closed my account. We had been paying the £450 every month, they are going to be returning some of my money left in the client account.
I have a feeling they have lost the licence due to the way they operate and charge extortionate fees.
So can anyone help with advice of what I can do? as i have a feeling these companies may come at us heavy now IM are no longer in the game.
TIA
I have been with IM foir about 5 years and up to now have been great, I know that may seem a shock to some but have settled over 14K worth of debt. however I have still got 2 creditors with debt, Lowell with £5,300 and Shoosmith with £8,000.
My worry is they called me on Friday saying they have lost their licence to trade and have closed my account. We had been paying the £450 every month, they are going to be returning some of my money left in the client account.
I have a feeling they have lost the licence due to the way they operate and charge extortionate fees.
So can anyone help with advice of what I can do? as i have a feeling these companies may come at us heavy now IM are no longer in the game.
TIA
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Comments
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So have you been paying them, knowing all along that they charge exorbitant fees, and that the way they operate would be likely to lose them their licence?"There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock0
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thanks for the helpful response0
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You could either contact one of the debt support charities, such as StepChange, National Debtline, or Christians Against Poverty and they will help you organise a DMP and manage it for you - for free.
Alternatively, if you are confident with your budget and managing payments directly to your creditors, then you could just write to your remaining creditors and let them know that as your DMP provider is no longer operating you will self manage. You can offer the same payments you've been making, or take the opportunity to adjust your budget if you need to - essentially taking the opportunity to pay creditors less each month, or more if you feel your budget can cope with it now.
Good luck.DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j0 -
Just spoke to NDH and they have suggested the bellow:
DRO
Debt management Plan (free or Charge able)
IVA0 -
Another question we owe Lowell £5300 and I have also confirmed IM are sending us £2600 back to us, what are the chances that Lowell would accept this as F&F?
TIA0 -
Hello sir0gersAnother question we owe Lowell £5300 and I have also confirmed IM are sending us £2600 back to us, what are the chances that Lowell would accept this as F&F?
TIA
You ought to consider trying to negotiate settlements with both Lowell and Shoosmiths at the same time, as opposed to dealing specifically with one rather than the other. Your £2600 could be offered out between them on a proportional basis - but before looking further into any of that let's just make sure that money actually finds its way back to you to begin with.
Dennis
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Did IM contact you? As I unfortunately have a plan with them and I!!!8217;ve been trying to phone and just kept on hold for over an hour...0
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Never use debt management companies to repay your debts people.
Its something you can easily do yourself, or for free through a debt charity.
OP you are extremely lucky to be getting money back as most of the time these people go bust, and take all your money with them.
You can pay any creditor by standing order from your bank account or on their individual website, no need to pay fees to anyone.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 -
Yeah we received a letter last Friday, It took 30mins to get through yesterday
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National_Debtline wrote: »Hello sir0gers
You ought to consider trying to negotiate settlements with both Lowell and Shoosmiths at the same time, as opposed to dealing specifically with one rather than the other. Your £2600 could be offered out between them on a proportional basis - but before looking further into any of that let's just make sure that money actually finds its way back to you to begin with.
Dennis
@natdebtline
Fingers crossed, I know they have to otherwise they will be finned as the FCS regulated0
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