i am with myvesta and they donot charge for the dmp everything i pay to them is apportioned to the creditors here is their statement.
Is it really true that Myvesta offers its debt management programme free of charge?
Yes it is. And unlike creditor funded organisations Myvesta does not accept any funding from creditors to manage this programme.
It is our opinion that accepting creditor funding to manage consumers debts in a debt management plan is problematic. Organisations that accept that type of funding from creditors are dangerously close to becoming collection agencies instead of independent consumer representatives since the funding is directly based on money collected from consumers.
Here is an example of how creditor funded organisations get paid for their debt management plans. The organisation and creditor come to a meeting of the minds about how much the creditor will pay the group to put together debt management plans and collect money from consumers. These days that amount is typically 10% of funds collected from consumers. So for every £120 collected from consumers the debt management company will keep 10% or £12. The creditor will then credit the consumer for paying the entire £120.
It is only natural and logical that creditors that organisations for debt management plans are looking for a percentage return from their investment so they tend to look at the collection performance of those organisations.
Myvesta rejects this form of funding and instead relies upon the goodness of the individual to give a completely voluntary donation, of any size or amount they feel is appropriate, to help offset our costs.
We make not suggestion or recommendation about the amount of a donation and leave that completely up to the individual consumer that we are assisting.
Clients can opt-out from providing any funding if they don’t feel they can afford to make a donation.
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http://scaredkez.blogs.iva.co.uk/
