Hi iv been in what I think is an IVA with spectrum for the last 4+ years.
Don't know what made me do it but I googled spectrum the other night and got nothing but different forums all saying how bad they are and are just con artists.
Iv not checked my paper work yet as its at my mums but by reading comments on here and other forums I think Im in a debt management plan.
when the rep came to my house and spoke to me bout everything and went thru all my finances (25k debt) he said id be entered into an IVA id have to pay £320 for 3 months and £62 thereafter and I should save 10k in 5years for settlement. Because the situation I was in I went with it, to be honest I buried my head in the sand and let life carry on, over the last year iv got my self together and started taking control of my life again.
Ive looked at what they pay my 5 creditors (which is sweet f a) and they take £30 admin fee. when I worked it all out iv paid them £2,400 (including the £320x3 at the beginning) and my creditors £1,536, iv paid them more than my creditors.
Ive seen comments from people saying they've sent complaints to The Financial Ombudsman and to the Office Of Fair Trading iv even seen comments from people who are taking them to court for being misslead.
I believe I was miss sold (I say sold because I believe he was a salesman not a financial adviser) and misslead in to this and charged a lot considering some companies charge an admin fee but not as much as spectrum and the the three initial massive payments that I could barley afford.
Id like to know how I stand on this and what would be the best company to help me with my debts?
sorry its so long