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Debt Management Companies

  • 30-03-2010 10:20am
    #1
    Dempo1
    Registered Users, Registered Users 2 Posts: 27,051 ✭✭✭✭


    Seems there is an increasing number of personal Debt Management / Restructuring companies appearing on the scene over the past year, most unregulated and making outlandish claims about getting 75% reductions on debts owed. Today, the excellent Charlie Weston of the Irish Independent did an article on these companies, the Irony of the articles position on the Independent website was 5 goggle adverts advertising such companies.

    Have you had any experience of said companies?

    Is maith an scáthán súil charad.


    Would you use such companies 3 votes

    Yes
    0% 0 votes
    No
    100% 3 votes


Comments

  • #2
    jor el
    Closed Accounts Posts: 16,713 ✭✭✭✭jor el


    Dempo1 wrote: »
    Have you had any experience of said companies?

    No, and I'd stay well clear of them.


  • #3
    jimoc
    Registered Users, Registered Users 2 Posts: 634 ✭✭✭jimoc


    Any company that requires you to pay them to reduce the amount of money you owe to other people is one to stay away from.
    I know they are severely overworked at the moment, but MABS is the only agency I would ever consider going to if I was having debt management issues, as they make no money from you no matter what happens, therefore they would be the closest you can find to impartial.


  • #4
    matt70iu
    Registered Users, Registered Users 2 Posts: 415 ✭✭matt70iu


    To be honest I'm using one right now and have been since I became unemployed last year.

    It was very annoying and intimidating getting those phone calls and letters looking for money which i sim ply didn't have. Have since been blessed enough to find employment. The whole time, i never had to take any calls from any creditors and no legal action was taken, interest has also been frozen on all accounts thanks to them. Couldn't have done all that leg work myself.

    Yes they take a cut, but a deserved one for all the heartache they saved me:)


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