Expert opinion?

[UpToMyNeck]

Andy/Melanie,

Just clicked on the Trident Financial Management link on the iva.co.uk website, and I'm a bit confused by their claims. They say they do not offer a bankruptcy service, their service is not to set up an IVA or DMP, yet they claim to be able to clear 100% of credit card and personal loan debt within (on average) 6 months, with NO payments from the individual and also say that (although they cant guarantee it), they can leave your credit file relatively unscathed. So no payments for 5 years as with an IVA, no payments at all it seems apart from their fees (which vary depending on how many accounts you have with creditors) which you can pay off monthly, and 100% debt free!

Simple question really - whats the catch??!!!! Surely there must be one somewhere.

Your opinion would be greatly appreciated. I just thought I had got my head around the differences between bankruptcy, IVAs and DMPs, and then this comes up to confuse me again! What category does this fall in to? Sounds like the "too good to be true" category to me.

[MelanieGiles]

I have no idea - I do not know this firm, or know why they are present on this site. Andy is better placed to respond to this that me, but I will try and investigate what services they actually provide.

[kallis3]

It's the loan agreement thing again where they will check your agreement and try to get the money written off.

It's debt avoidance.

Don't see how they can get away with this when you are supposed to have read your agreement, and are signing to say that you have done so. If you don't read it, then it's your own fault (I know I very rarely read mine!).

[UpToMyNeck]

Hi Jan,

Yeah thats something along the lines of what the intro page on their website says - I find it difficult to believe they can be so confident in finding loopholes in terms and conditions of all loans and credit cards to enable them to say they will get ALL of it written off within 6 months, and yet still have potentially no adverse entries on your credit record. Ive got 2 loans and 7 different credit card creditors, so it would be the miracle to rival all miracles if they managed to negociate their way out of my particular mess and leave me debt free with nothing to pay. Doesnt seem possible, and im a firm believer in the idea that if something sounds too good to be true, it usually is. Their fees must be exhorbitant or something for them to be able to say you wont have to pay a penny off your debt, only their fees (which they let you pay monthly). That in itself suggests its going to be a fair few gold coins.

[plasticdaft]

I read an ad yesterday also that pointed out that in an iva creditors get tax relief of somesort on your debts(or possibly the portion thats written off),is this true?? It really is a minefield.

These debt avoidance companies really so appear to be unregulated and are bad news to those in debt.

[Adam Davies]

Hi
I think the advert was on the google ads on the left hand side,not sure if we have any control over them.
It is,as others have said,debt avoidance by using a loophole.
Totally unethical in my opinion
Regards

[Skippy]

I seem to remember reading a post from Admin a while ago where they explained there is nothing they can do about the sites on the Google ads.

[size5]

I meant to address this point earlier when I was in the office, but better late than never.

If you look at thread http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=15276 this is clearly not a black and white issue. I agree wholeheartedly that debt avoidance for the feckless and reckless is to be discouraged and that wholesale writing off of debts for no reason when they have been genuinely run up and should genuinely have been repaid in the normal manner is a recipe for disaster for more reasons than one.

However, that should not disguise the fact that the FSA has levied very large fines on a significant number of lenders for the blatant mis-selling of PPI. As the thread above illustrates, if a genuine case exists then it should be pursued with all vigour by whomsoever a victim chooses to represent them. This is only a personal opinion, but I suspect that the PPI issue will, in the end, absolutely dwarf the bank charges issue that the banks have so far fought tooth and nail against.

I am led to believe that precedent already exists on this, so the high court appeals and delaying tactics doesn't seem to be a ploy that can be used in this issue.

It will be very interesting to see where all this ends, as I am not naive enough to believe that only those with a genuine case will benefit, which is where your "ambulance chasers" in this field may come in.

Regards.

[kallis3]

But this is different from PPI though isn't it Size5?

I have never taken out PPI, but I have taken out loans, and they are saying that there might be something in the small print in the agreement which is wrong.

I reiterate the point I made in a previous post. I know we shoud read our credit agreements,but how many people can say that they do? We even sign to say that we have done so.

Surely to say at a later date that something was wrong on there and that now renders it illegal will not stand up in court? Isn't it your fault if you haven't read it properly?

[size5]

It may well be that you are correct Kallis but without knowing how the people in question work it would be inappropriate to comment. The point I made about PPI is still valid, but I do see where you are coming from as well if it is a case of challenging the legality because of loopholes. That is an entirely different thing and I said above is not something I would condone. Human nature being what it is though.....

Regards.

[elldina]

i don't know if this is relevant but i worked for a large company that sold items where different credit was offered interest free and with interest ppi was offered free on interest free if paid within the term but charged if person went over and interst added for the full 60 mths , we were advisedby senior staff to just tick the ppi box even if customers said NO ,(as company got more commission ) i can honestly say i did not and was always being told that my sales were poor compared to others who ticked the box regardless who made more moneyin their own commission , i also tried to advise customers to think seriously about taking out interest free and to be certain they would be able to pay ammount in full within the 6,9,12 mths
this practice was carried out by company for a good 6 yrs while i was there then they suddenly changed and you had to have a customers signature on seperate sheet to say they wanted ppi
elldina

[kallis3]

I am sure that a lot of people will try and jump on that bandwagon Size 5. If they don't have a conscience and are happy to not pay their debts, they'll be knocking on the doors of those companies.

I'm glad that we on here are more responsible than that!