Debt Free Direct www.debtfreedirect.co.uk Review

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2.5 stars
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Guest's Review of Debt Free Direct www.debtfreedirect.co.uk

9th Jun 2008

Overall Rating

1 stars
  • Value for money
    0 stars
Good Points

Debt free direct were very nice at the first point of call!


General Comments

On the second telephone interview they made me feel really bad about myself for getting in to this situation and that they were going to take every penny we earned into the iva, leaving us with £5 a week spare cash, when I questioned it they asked why did I want more. Came off the phone crying and desperate for help.
Keep away from them they leave you with no extra money to live on. I rung a couple more just out of interest and got my payments a lot lower, so don't go with the first one ring round!

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Members' Comments onGuest's Review

  • Derek Oakley Rank: Lance Corporal on 16th Jul 2009

    It's really important to understand what it is that you should be looking for in selecting someone to help you with a debt problem. Your problem is "not enough money to go around everyone I owe".
    So it's natural to think that the person who tells you that they can give you the lowest monthly payment is the best. It's not that simple.
    At Debt Free Direct our focus is upon debt resolution - giving you a plan which solves your debt problem permanently. This is why we favour an IVA for those with serious debt problems. An Iva allows you to repay at an agreed and affordable level for 5 years (typically) with no more interest and charges. And at the end, the remainder of your debt is written off. Most people repay about 40% of what they owe.
    This is quite different from simply living with debt. This is a Debt management plan. This is simply paying a little less each month but for a lot longer. You must pay back all of your debt. And, as many lenders continue to charge interest, it can take a long time to repay. Citizens Advice reported in 2008 that the average time to repay for the people who contacted them was 93 years!
    Now, to qualify for an IVA you have to work a little harder. If creditors are to stop interest and write off 60% of what you owe, they have the right to expect that you're repaying as much as you can. Most people see that as fair and reasonable.
    You should also be aware that trusted Debt Solution companies like Debt Free Direct have agreed an "IVA Protocol" with lenders. This sets out how income and expenditure, and therefore repayment levels should be assessed. So, faced with the same circumstances, all debt advisors should come up with a very similar monthly payment. Be wary of too good to be true repayment amounts. They will be just that.
    In exchange for using standard guidance, lenders give preferential consideration to those companies who abide by the Protocol. This means that more of their IVA's are agreed. For example, 96% of Debt Free Directs IVA's were approved in June 2009.
    When selecting a debt advisor you should be asking
    . Does my plan resolve my debt? How long will it take? Can creditors charge interest? Can they change the plan?
    . Do you have an industry accreditation such as The Debt Standard.
    . Do you comply with the IVA Protocol?
    . Who are you regulated by?
    . What is your IVA approval rate?


    Derek Oakley
    Debt Solutions Director
    Debt Free Direct