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    Money Worries - Should I Avoid?
    • #1
    • 8th Feb 09, 9:15 PM
    Money Worries - Should I Avoid? 8th Feb 09 at 9:15 PM
    Dear friends,

    I recently applied for a consolidation loan and was turned down - well that's what I was told, I applied with one telephone advisor at the above name company and he said I had been declined but then put me through to a colleague who said if I pay them a couple of hundred pounds per month they will charge 15% and pass the rest on to the numerous credit card and loan companies and ask them to freeze or reduce the interest, on my behalf that is, on the basis that the consumer credit act states the customer shouldn't pay back more than they can afford per month.

    My question is - should I go ahead with it or carry on making just above the minimum payments and see my balances hardly reduce?

    Does it sound genuine or should I avoid them?
    Has anyone else heard of them? They can be googled and have their own site etc but I'm just a wee bit confused.

    Many thanks in advance....
    Playing with my money is like playing with my emotions!
Page 1
  • Blackruby
    • #2
    • 8th Feb 09, 9:19 PM
    • #2
    • 8th Feb 09, 9:19 PM
    You shouldn't pay anyone to set up a debt managment plan for you. 10past6 has a link with a lot of free companies in it.
    • McKneff
    • By McKneff 8th Feb 09, 9:19 PM
    • 35,930 Posts
    • 46,277 Thanks
    • #3
    • 8th Feb 09, 9:19 PM
    • #3
    • 8th Feb 09, 9:19 PM
    I have heard of this sort of business before, no matter who applies for the loan, they will get refused and passed on to an associate company who charge more. They dont deserve your custom for thinking you are stupid enough not to realise what they are doing. No offence intended. i would tell them to go and take a running jump.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
    • MyLastFiver
    • By MyLastFiver 8th Feb 09, 9:21 PM
    • 820 Posts
    • 1,302 Thanks
    • #4
    • 8th Feb 09, 9:21 PM
    • #4
    • 8th Feb 09, 9:21 PM

    What they have offered is to administer a Debt Management Plan on your behalf, in return for a fee of a couple of hundred pounds per month.

    Payplan and CCCS both offer the same service for free. Check out their websites.
  • fatkid_lovescake
    • #5
    • 11th Feb 09, 12:47 AM
    • #5
    • 11th Feb 09, 12:47 AM
    I thought so, many thanks to you all for this.

    Take care
    Playing with my money is like playing with my emotions!
    • chevalier
    • By chevalier 11th Feb 09, 5:52 AM
    • 7,762 Posts
    • 18,031 Thanks
    • #6
    • 11th Feb 09, 5:52 AM
    • #6
    • 11th Feb 09, 5:52 AM
    You can also access the wealth of knowledge on here by putting up your Statement of Affairs on here (see link at top of the page), and maybe we can offer options for trimming your outgoings, or uping your income.

    Also have a look at the moneysaving old style forum on this site, to see loads of ways of saving money

    good luck
    ps to answer your previous question, yes avoid like the plague!
    I want a job that is less than an hour driving away from my house! Are you listening universe?
    • RAS
    • By RAS 11th Feb 09, 8:52 AM
    • 28,004 Posts
    • 48,419 Thanks
    • #7
    • 11th Feb 09, 8:52 AM
    • #7
    • 11th Feb 09, 8:52 AM

    if you want to do a debt management plan one of the debt charities listed here will help you
    The person who has not made a mistake, has made nothing
    • depressed_but_determined
    • By depressed_but_determined 11th Feb 09, 7:08 PM
    • 120 Posts
    • 197 Thanks
    • #8
    • 11th Feb 09, 7:08 PM
    • #8
    • 11th Feb 09, 7:08 PM
    arghh run away!

    I paid them one payment before I realised that none of my initial payment went towards any of my debt and only to them as a 'set up fee'.

    I came on here and got lots of advice so I cancelled the plan within the 14 days cooling off period. That was January 12th and I have been unable to reach them to get my fee back by telephone, fax or letter. SCAM merchants!

    I defaulted on all my credit for the first time because of them. I am now with CCCS and all the money is going towards my debts.

    Don't make the same mistake I did.

    LBM: 09/12/2008
    36000 0 on 4 cards and a personal loan. Debt Remedy. Signed with CCCS on 14/01/2009 started Feb 2009. Finished March 2016

    Lessons learned and facing the struggle have made my life better than I ever thought it could be. Thank you Stepchange and DFW forum
  • fatkid_lovescake
    • #9
    • 15th Feb 09, 9:54 PM
    • #9
    • 15th Feb 09, 9:54 PM
    Thanks for your advice guys, I shall take a look at the cccj firm and also the links on here and the debt charities.

    All the best
    Playing with my money is like playing with my emotions!
  • busybees2
    I am so glad I have joined this forum!! I am having significant debt problems and signed up for a DMP with money worries! they were very believeable on the phone and actually thought someone was trying to help me but turns out they just want my money that I dont have!! I have now cancelled my debit card and standing order to money worries and have gone with cccs DMP.

    Any advice on how to get my first payment of 547 back from money worries? this is money I just cant afford to waste!

    Any idea how long cccs take to contact creditors? And get the DMP working.

    Sorry lots of questions

    Very stressed!!!!
    • Deep In Debt
    • By Deep In Debt 3rd Oct 09, 5:11 PM
    • 8,134 Posts
    • 12,701 Thanks
    Deep In Debt
    Not sure you will be able to get your money back unfortunately.

    My dmp with CCCS was up and running within a couple of months - I contacted them in December 2007 and made my first payment to the creditors in February 2008. They suggest that you make a token payment of 1.00 to all your creditors whilst it is being set up - I made a token payment in January.

    A lot of it depends on how quickly you get paperwork back to them also.
  • Egoigwe
    Money worries are nothing but fraudsters..pls do not do anything with them. once they are in receipt of your money..that would be the last time u can contact them .. untill the 14 days cancelation period expires. they would put you on hold for hours. and may not allow you to have access to the adviser who was once pestering your life with every munite call. Again their address is not definit with the postal agencies as if they are hiding under other bigger finacial companies in the same building all in an attempt to deny having received your cancellation letter.
  • Nileejenngra
    Money Worries Ltd
    I can only echo what other users have posted regarding this company. I too have considerable debt and due to a drop in salary am unable to pay the creditors. I stupidly contatced Money Worries Ltd, via Yes Loans (also to be avoided) who made a poor financial assessment of my current situation and were going to charge me 250 per month to pay off the debt over 5 years. Despite the fact that I could only afford 143 per month.

    They managed to take 420 from my bank account as an initial first payment. I had not authorised this and was still within the 14 days cooling off period. They have now agreed to refund the payment but to date have not done so.

    They are extremely difficult to contact. The 0845 or 0870 numbers provided, will mean hours on hold at great cost to you. I found the following number the best as it gets you straight through to the advisors on most occasions..01633 712 854.

    I have taken debt advice from the CCCS, Consumer Credit Counselling Service. Its free and the advice helpful. Most loan companies, banks, credit cards will usually advise that the CCCS be used.

    Any debt management company that wants to take money from you as a fee, has no interest in helping you. all they want is your money.

    Money Worries Ltd should be avoided at all costs. They just want your money.
  • Saz86

    Hi.....I thought I should share this information with you as NO ONE should ever go through this company!
    I was also passed to this company through yes loans and cannot believe it has taken me so long to realise they are just scamming you for your money, making your debts even worse than they were before you signed up with them.
    I went through Money Worries in May/April 2008 and was paying them to pay my creditors until September 2010. Only reason I joined was because I was looking for a loan to consolidate all my debts into one. Yes loans passed me through to Money Worries. I was then given an account manager who would take care of all my problems. Very decent person making it out to be the easiest of solutions to get all my debt into one lump sum and would pay off my debt in no time. They (MW) told me the amount I was paying and the amount I owed would take me roughly 5 years. (I just thought of it as a long term loan) Well this wasn!!!8217;t the case. For every 100 I sent them they would take 25 for their !!!8216;fees!!!8217;. At first I thought this was reasonable as they would take over all dealings with my creditors.

    Then a couple of months down the line when I was receiving letters from my creditors became the issue. Late payments to the creditors, not the correct amount sent to the creditors etc!!!8230;.so I called Money Worries - my account manager. While it took me a good few days and X amount of calls to get through I was told that I do not have an account manager - that was the lady who just set up my account and that she is no longer able to assist me. So I then had to explain my situation over and over again about what was happening. They were really sorry about this etc etc.

    So I thought nothing of it and continued to pay Money Worries. Every month, I would receive a statement of how much I had paid to my creditors with the !!!8216;original!!!8217; balance back in 2008. So I would receive this statement and think brilliant my debts are going down, creditors are being paid!

    Back in May\June this year I tried to get some credit (circumstances have changed since 2008 - really good job excellent pay) However I was getting refused left right and centre. So I thought I would check my credit score on Experian to realise that all my accounts had been defaulted on, and all the accounts were those being paid through money worries.

    I tried again for a numerous days and calls to finally get through. I asked them if I could have outstanding balances of all my creditors, they declined over the phone and said as DPA we can!!!8217;t give this out we!!!8217;ll send this through the post. So I waited!!!8230;.Finally they sent me a letter with half the creditors amount outstanding and !!!8216;we can!!!8217;t get balances for the others please contact them yourself.!!!8217; So what am I paying them for if I have to do the work??

    Once I finally got all my outstanding balances in 2010 some of my debt was more YES MORE than what the original balance was in 2008!!! Now my debts were meant to be going down considering I had been paying them for over 2 years? I called them and ask them this, and to there surprise they could not understand! So I worked out roughly how long it would take me to pay my creditors if I stayed with Money Worries- 10 years!!!! Not the 5 they originally told me but double! So from me they would earn a minimum of 3000 for doing nothing, when this money could have been going to my creditors.

    At that point then, I decided that I needed to get away from Money Worries. So I called all my creditors and we came up a solution and now my debt will be paid off in 2-3 years.

    So I called money worries and told them September would be my last payment, they told me to send this in writing. So I emailed them! Called to check they had received and they confirmed. 2 weeks later I receive a call from money worries you have missed a payment (notice how they are concerned when their not getting their money anymore!!) to which I replied saying !!!8216;I have cancelled my account with you!!!!8217; same again 2 weeks later and again 2 weeks later. I then stopped answering the phone to them. Till this day I still receive txt message saying I need to call them urgently. Which I now ignore.

    So please learn from my experiences do not go with this company!!!! They are just money grabbers! There are plenty of other companies that are genuinely out there to help and not just make your situation worse!!!
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