Why pay fees for a debt management plan? See how much we could save you
A fee charging debt management company is a firm that will charge you for debt advice and debt service. They usually take the first two months’ payments into your plan as upfront costs followed by 15% of your monthly payment plus VAT. The New Protocol launched in February 2013 will mean that the up front fees will be taken over six months. See Debt Management Protocol
There are some good fee charging firms operating in the debt industry and if you are happy with your firm then fine. However there are some shockers out there and we have the following guide to help you spot them, see our 7 point guide to spotting a dodgy debt advice website!
If you are thinking of starting a debt management plan or wish to transfer to a 'non' fee debt management plan and not pay fees then see how much we can save you by using the slide bars on our unique fee saving calculator above.
Page last updated Sunday, 30 September 2012
The Office of Fair Trading (OFT) has imposed requirements on Hermes who acquired Nine Regions Ltd, previously trading as Log Book Loans, back in February of this year.
The OFT recently carried out a detailed investigation and an on-site visit at the offices of Hermes and raised the following concerns;
The OFT has granted Hermes Property Services Limited (Hermes) the right to use the trading name Log Book Loans. However, it could be fined if it fails to comply with the requirements, which include relevant parts of the Consumer Credit Trade Association Code of Practice on Log Book lending.
David Fisher, OFT Director of Credit, said:
'We took this action to make sure that Hermes meets the standards we expect and we will be monitoring the business to make sure it observes the requirements we have imposed.'
Log book loans are made under an agreement known as a Bill of Sale and are secured against a vehicle such as a car or motorbike. Although the borrower continues to have use of the vehicle, it legally becomes the property of the lender. If the borrower defaults, the loan company can repossess the vehicle without a court order. This includes having the power to enter premises in order to recover the vehicle. Even after the vehicle is sold, the borrower can still be pursued if there is any shortfall in the debt.
The guide is designed to help you with arrears, repossession and excess charges. It also informs you of your consumer rights plus lots more.
Take me to the Log Book Loan Self-help Guide.
Are you owed thousands of pounds in mis-sold Payment Protection Insurance (PPI)?
If so we can help you claim in two ways, either use;
our free DIY template letters, or
a firm to help you with a LOW FEE of 12% + vat
Our recommended firm will handle all the claim on a "No Win, No Fee" basis for a fee of just 12% + vat, which is only payable if you have a successful claim.
It's that simple. Take me to: