Debt Management Companies – Are They Worth The Money They Charge

So a while back I was getting fed up of all the frequent calls I was getting from institutions I owed money to. After careful thought, I decide to engage the help of a debt management company – Abacus.  Three weeks into them handling my finances, everything was great. All the phone calls stopped and I was slowly paying off money I owed. Then out of nowhere I got two summons to court for charging orders. I hastily contacted Abacus and inquired what was going on. It then dawned onto me that even though I was making regular payments and that my financial affairs were now being properly looked after, I could not escape the vicious teeth of the companies I owed money to.

Ok, so I went to court and the charging orders were applied. What I do not understand is if the court wishes to apply a charging order fine, but what’s the wisdom in applying the charging order and then adding more money to the outstanding money owing as court fees? plain stupidity.

Now, last week, I get another letter from the courts asking for attachment of earnings..hang on I say to myself, whats going on here. So I ring Abacus up and ask for an explanation. Why am I being asked for attachment of earnings when you (Abacus) have already negotiated with the company I owe money to; to make X amount in monthly payments? After careful thought, I think I will be better off managing all these payments myself. Abacus is charging me 45 quid per month as administration fees. now I can either spread that 45 quid over the payments i am already making or put that dosh into a saving account.

I think I will get rid of Abacus, I am really upset with they way they are handling my finances.

Capital One and Natwest Credit Cards

Sometime back I blogged about my getting rid of all my debts. I went on to say that i had cleared my Alliance and Leciester loan. Well, I am pleased to say that I am on the way to clearing my Capital One and Natwest Credit cards. To be precise, I have £128.00 , £60.00 left on my Natwest and £700.00 on my Capital One card. I believe if I make [more than] sizable regular payments spread over the next 6 weeks, I should be able to clear them completely.

My main concern is the huge loan I took out some years back. My debt management agency called me some months back and informed me that I possible have a case in terms of this loan being mis sold to me. Now this means that if this gets taken further i.e to court, to which I have been to told it will because I have a solid case, then I get the loan scratched off my slate and possibly get some money back.

Now that will leaves me with my Halifax loan to repay.

Alliance And Leicester Loan Paid Off – My Road To Recovery

Five weeks ago I got the usual untimely call from the Alliance and Leicester bank asking why I had missed a recent payment and when was I going to make my next payment. I asked the chap how much I was owing. From his response, I quickly calculated that if I made two equal payments on the balance I could get rid of the loan I took out with them two years ago. So I asked him if I could send two cheques to cover the balance. The first cheque could be presented immediately for payment, but the other would have to be presented a week later. He said that was fine and that they would send me a letter confirming that the loan had been paid off. I posted the cheques the next day.
Now bearing in mind that this was five weeks ago, at the beginning of this week , suddenly realised that I hadn’t received this letter the bank had promised to send me. A quick glance at my business bank statements showed that they had presented both cheques for payment and had received the money. So why hadn’t they sent the letter. I suddenly became very cross. I called the bank the next day and asked why I hadn’t received the letter they promised me. As usual, I was given some stupid excuse. two days after, I got the letter I should have received three weeks ago.

How Do I Get Out Of £11,000.00 Of Debt, And More?

Its a long story. To cut a long story short, I took out a loan years ago for £10,000.00. I managed to pay off £4,000.00 back, but due to financial difficulties stopped payments.

I was taken to court by the company handling the debt and was asked to pay back £11,000.00.
I have sort the help of a debt management agency to help me repay the money back. I have 3 other creditors, no strick that, i have 4 other creditors to pay money back to.

One is for overdraft owing to the bank. Thants about £1,200.00, then there are 3 credit cards totalling about £6,000.00

This Goes To Show…..

…how observant some banks can be.

About a year ago, I went into the Moorgate Branch of The Nationwide Bnak to pay my mortgage with a cheque. However, I got the cheque and a nasty letter in the post a week later from the nationwide Bank. The letter started off with “your bank has returned the enclosed cheque to us marked “Refer To Drawer”; and that Nationwide was going to charge me £27.50 for thier troubles. I read the letter, looked at the cheque and read the letter again. I then looked at the cheque again and noticed that I had forgotten to fill i the “pay” section of the cheque. Well I said to myself, facny the bank charging me for a mistake they have made. Afterall it was the responsibility of the cashier to make sure that the cheque was filled out properly before accepting it.

I marched over to the bank [Nationwide] this afternoon, explained things to them, and to my surprise got a cheque of £30 for the mistake they had made…

Result….

I am currently working on this bank charges thing. I have sent off my payment for my 6 years recods and waiting for a reply.

I Am Working On A Plan

This Saturday, I will be signing up for a days course on oprating the Fork Lift reach Truck..Please dont ask me what the plan is. It will all be revealed soon.

Money And Management

Dont you get pissed off when you get that nasty letter through the post charging you for going over your overdradft limit or you dot have sufficient funds in your account to cover the payment of something. Well, from what I read whiles surfing through the BBC website might change all that….

Have you ever been at the wrong end of a penalty charge, imposed by your bank, for a letter sent about a breach of your overdraft limit or a bounced cheque? Thousands of customers have had this experience and now the mood is turning from anger to revolt about the scale of these charges.

more…>>>