Spectrum Finance

[Carlos Stein]

Hi,

 

My wife unfortunately turned to this so called "debt management" company to "consolidate" all of her loans, store cards etc into "one easy payment".

 

I know they also operate under a few alias names like "Debt Free Me".

 

What they ACTUALLY do is very little, for what amounts to their £2,500 fee.

 

Basically they instruct you to do everything which a well organised person with no legal status could do for free! Like save a certain amount of cash in a high interest account, negotiate with lenders, that kind of thing.

 

What they didn't do was to inform us of an impending summons from RSB totaling some £19,500! This happened because their "contract" stipulates that all associated mail must be directed to them. So we hadn'r heard from them for about a year and then BAM court summons! Cheers!

 

Anyway good people: I was reading through the said Spectrum contract and it actually says

 

" IF WE HAVE NOT CLEARED YOUR DEBTS IN FIVE YEARS WE GUARANTEE TO PAY ALL OF YOUR DEBTS OFF IN FULL".

 

What a claim!

 

Would this still be valid?

 

PPS:

Talking of RSB, the summons amounted to nothing in the end because the RSB bank had actually lost a large chunk (2 years) of account transaction data relating to the period, so they just invented 2 years of "non payments" - of course when they took us to court the judge threw it out because WE had up to date records of payments and they very nearly got a contempt of court claim against them.

 

CARLOS xx