Debt Charity Advice

Why you should be cautious

"What if the people supposed to be helping you were being paid by the people you owe money to"

Just who's interests would they really be looking after?

The truth behind some so-called debt help charities and why they aren't really so charitable. Views and Opinions of John Baird, Managing Director of DCM Money Solutions.

Let's just think about this scenario for a moment because it's really quite scary. A not-for-profit organisation that doesn't take a penny from you must get income from somewhere to survive - true? So where does the money come from? well actually it comes from ahem...'voluntary' contributions by your creditors - the very same people who have been hounding you for payment. Did you know that in 2005 American Express was the only bank that did not make a substantial payment to CCCS. How do we know that, well it’s information published in their accounts.

Why do this? Well, by having the words charity and not-for-profit in their website it gives apparent credibility and follows most people’s views that charity means helpful impartial advice. However can they be impartial if they are funded by the party pushing you for money you don’t have?

Let's look a little deeper at some of these charity services, and de-mystify what is actually happening. They'll deal with you 'sympathetically' and look to get the best deal for both parties but is that “best advice” for you. Will bankruptcy be on the table?. If you go bankrupt their benefactors won't get a sausage. But they'll push IVA's quite happily and their own debt management plans. Will they get ALL charges and interest stopped so that all you pay goes to reduce your debt or will you still be paying interest and charges so the debt keeps going up? But what about the small print, that bit of the agreement that no one talks about, do they mention that? Like the IVA small print.

Let s be 100% certain here - we are NOT impartial at all. We can't be because we work for you. We do give “BEST ADVICE” This means that it is in yours and our interests to come up with a debt escape plan that works for YOU. Be it debt management, bankruptcy or hey even an IVA, you can be absolutely certain we will work our hardest to get the best deal......for you

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