Prima Debt Manage

Boosterseat

Anyone got any experience of these people? They promise to reduce loan repayments to sort out your debts. Just wondering if anyone has used them and whether they are worth contacting?

tHE vAGGABOND

from the name alone I would run a mile!

Read every inch of small print and check with someone like watchdog to see if they have any grumpy customers

jimoc

and remember, in the long run any sort of debt management company is going to cost you more money, since they will take all your short term debts and restructure them into a medium term debt which may have a lower rate of interest but over the life of the loan will cost more.
And of course they add their fees into that as well.

Ogham

See MABS first - these debt management companies will charge a big upfront fee and an ongoing monthly fee. MABS is free (if you can get an appointment).

chris85

never heard of them and i am involved in this area. Try www.mabs.ie they are good but to be honest they are failing a little at moment from my opinion but this is due to lack funding and not them as they do a good job.

ballsbridge

I have been trying to see mabs but they are swamped. It seems too good to be true and some posts advise not to use debt management companies but I am at my wits end here.

Can anyone recommend a debts company that can help?

Thanks a mill!

Wendy

Bankguy

Hi Wendy. I have done some reasearch on these companies, including Prima debt. Basically their concept is to manage all your creditors on your behalf and you pay them monthly. The risk to you is: 1. The cost - you pay them the first repayment and and admin charge on every payment thereafter, which is fine in principle (if it solves the problem) 2. The legislation - all creditors may not agree to sign up and one of these could still pursue you for monies owned. The UK legislation protects you via an IVR, once 2/3rds creditors sign up / agree the debt payment plan. If you really are at your wits end, the cost of doing nothing may be greater then the risks here. Prima, debt help Ireland, debt advice Ireland, national debt relief ireland and debt relief.ie are all companies professing to do the same thing. MABS would be free and have your best interest at heart. These guys cost one months payments and have their best interests at heart but may be worth a try. This market is well established in the UK and I expect to see a lot more activity in this sector in the coming months.

Boosterseat

Wendy, from what I have seen MABS is well respected and free but the biggest issue is they are swamped. Debt management companies will be able to deal with you but they do charge for their services. Its probably a matter of deciding whether the stress of keeping creditors at bay or the cost of a debt management company is more expensive to you in the long run. Also debt management companies won't generally do anything for mortgage debt or other forms of secured debt, because at the end of the day the bank/finance company can just reposess the asset. Prima will deal with unsecured creditors and work on the basis that a creditor getting some few bob every month is better than nothing, and effectively they force the creditor to agreeing to what they are proposing. I dont work for Prima, but the reason for my original post easlier was to suss them out as we are thinking of possibly becoming agents for them. If you want to PM me and take this offline I can talk to you more about what I have seen to date, and can talk you through the process without you having to approach them directly. Perhaps they are simply not the answer, but it would be good to explore in any event.

ballsbridge

Hi Guys

I am grateful for your advice on that. I have done a little research on www.moneyvillage.ie as I hear them advertising on Newstalk radio and was more than surprised to find this on google.ie.

<snip>

I have been in contact with AIB credit card department today as that is the bulk of the debts and got through to a really nice guy who was just fantastic! He advised me not to bother with debt management companies and would freeze the interest and settled for a lower fee of €600 a month.

I think I can manage the other bits and pieces but will wait for a chance to meet MABS as this is the safe option and AIB have been good enough to give me some breathing space which is a relief as I am sure all debt management businesses are the same but the stuff on about the people behind moneyvillage has put me off that route for the time being

Cheers

W

ballsbridge

I meant to say that I am sure that not all debt management companies are same and not that they are

Sweeping statement not intended

Cheers

W

Boosterseat

Glad it worked out. The scam merchants prey on the fact that most people either dont know how or just will not contact the credit card company and actually talk to them. Its amazing what just talking to them about it can achieve.

ballsbridge

I think I was just lucky in getting through to this guy. I had told him what I was intending and that I had been so desperate that I was going to respond to the adverts by moneyvillage.ie but had since found out about the previous company that they ran and that money I paid them would be better to pay debts direct! That seemed to do the trick and he agreed to a reduced payment and thank god suspended the interest!

I feel like the world has been lifted off my shoulders and am grateful for every bit of advice off this site!
cheers

W

matt70iu

Interesting reading.... I have used a debt management company for the last year and have found them to be of great help. Yes they take their fees, but I had several different creditors and didn't fancy trying to negotiate with them all.

Boosterseat

@matt70iu Yes I think this is where the debt management companies can help - where there are multiple creditors. If your issue is with just one creditor then there's more of a case for speaking to them yourself. If it all goes pear-shaped and you end up in court, a judge will be much happier to see that you made an effort to pay your debt rather than running from it.

Which company did you use, if you don't mind me asking?

ballsbridge

@matt70iu

yes it would be good to know who you used as a recommendation would be far safer for me and indeed anyone else that reads this. When I checked out money village and found out about all the people in the past that paid for a service and got no help it dampened my believe that they could help me. There are others in the market that I did not find anything negative regarding service but equally did not see how they helped people as well.

I see companies offering to write off debts, did you have that experience as it seems unlikely that debts can be forgiven?

matt70iu

@ boosterseat: Went with National Debt Relief, probably because they were the first ones to call me back:) Found them good cuse you can always talk to someone on the phone and when the solicitors letters started arriving at my door thick and fast, I sent them straight onto them. Wouldn't have the legal knowledge or patience to deal with them.

@Ballsbridge: Yeah I understand where you're coming from. I happened to have found NDR very good, not to say any of the other are bad or indeed, that some haven't had a poor experience with NDR. One thing I will say though is these types of companies are likely to be extremely busy, especially in the current climate. NDR did manage to come to an informal agreement with those I owed and as of yet, I have not needed to go to court. They have not gotten any of the principal written off however, nor would I want them to. When I can, I always like to pay back what I owe, no matter how long it takes.

Tough situation to be in when in debt, but as so many have mentioned, it's vital to talk to your creditors. I was blessed to get a job within months of loosing my previous one. Creditors know they cannot squeeze money out of somone who doesn't have it, so they will be much more willing to talk than was the case in the past. Best of luck all!!