Spectrum Financial Protection

[neilstapley350]

Please HELP!!!!!!!!

Need some info in a company called Spectrum Financial services based in west yorkshire who deal with debt management.

 

My sister has just started using them to help and they have just charged £1500 (in three monthly installments) before they will release the debt management plan to her creditors is this allowed.

 

She is still getting nasty calls from the likes of LloydsTSB and Halifax regarding missed payments etc although spectrum has said that this normal but she is very worried and scared that spectrum and not as honest as they seem also there was a report on them and last Tuesdays BBC watchdog program

[nathal]

try to get the money back, as i believe they are companies that dont charge for the service

[neilstapley350]

Thanks just been looking through a few threads so it seems there are better ways cheers

[the_blackswan]

Hi I'm with Spectrum and have been with them since Sept 2007. Yes they do charge ~£1500 in three monthly instalments before they begon sorting you out and they also charge £30 a month for sending your money to the various creditors and generally managing all the paperwork.

 

Is it worth it?

 

For for us. A resounding yes. I was £50,000 in debt. Yes the creditors do hassle you for a while and tell you that you got have got your finances sorted for free with the citizens advice bureau. It's true but as a long distance commuter with a full time job i just didn't have the time. Spectrum have been brilliant they have negiotiated managable payments with all of the companies invlved and now (after six months of them phoning me up with meaningless threats) I don't get any phonecalls any more. They have been so reassuaring everytime i have called them. And know just how to deal with the creditors and what i should say to them when they call.

 

conclusion:

So if you really can't handle the stress or haven't got the time to, then use their service. If you are super organised and have got the time, then do it via the citizens advice bureau for free.

Hope that helps.

[conar686]

Don't go near these numpties, they'll take your money under the guise of helping but when things get tough they cave.

 

e.g.

 

By using them you are admitting the debt. What ever you do, don't send court claims to them as they just admit the debt and you end up with CCJs & COs

 

They don't always pass on negotiated reductions to you they just leave it sitting in they're account earning interest

 

They fail to communicate at anything approaching reasonable business pace.

 

I'm firing them and reporting them to the FOS

[labrat]

has anyone noticed the amount of people in support of companys that have join time of under a month?

 

call me cynical but pepps999 and blackswan both have run time of under a month and peps has posted the exact same post on two threads both of them about spectrum

 

i do think i have a dont feed the troll notice somewhere...

[conar686]

has anyone noticed the amount of people in support of companys that have join time of under a month?

 

call me cynical but pepps999 and blackswan both have run time of under a month and peps has posted the exact same post on two threads both of them about spectrum

 

i do think i have a dont feed the troll notice somewhere...

 

SPECTRUM do not keep their promises, they do not keep you fully informed, their systems cannot keep up with the volume of calls they get from creditors, leading to creditor frustration and eventually CCJs, they don't tell you any bad news and hardly ever returm your calls if you leave messages because no one is picking up the ohone, apart from that their ok ------ NOT

[Dubber]

Is it possible to get out of the contract with these complete wastes of space as they are just making our life worse and have now told us due to the current economic climate when they first came out and said they would be able to write off 70% of our debt have now told us it will be more like 50% and the figures they gave us are now miles away from what we needed to put away

[conar686]

Stop paying them, your not obligated to them they work for you. Just write and tell them they are fired.

 

Before you do that though, write to each of your creditors and post registered delivery, explain that you've fired Spectrum and that you're now taking control of the payment plan.

 

Request that they send you an account number, reference number and sort code so that you can set up standing orders to maintain your payments and that all correspondence regarding the payment plan should be sent to you.

 

Then complain to the FOS about SPECTRUM (PM I'll send you my complaint form)

[maris0405]

spectrum put me in sh#t. f###ers, now i could lose ma home.

[conar686]

spectrum put me in sh#t. f###ers, now i could lose ma home.

 

Complain to the FOS, OFT and your local trading standards

[Dubber]

The problem we have is that they originally came out and the sales guy said you need to have a contingency plan you need to put this amount into a savings account with a particular interest rate and then by the end of the 5yr term you will have enough to pay the settlement figure, they have now said with 2 years left that we now need to raise twice as much as first disscussed and also that we are now not allowed a contingency plan and that, any spare money is to be paid to the creditors.

 

So when i asked how we were to pay the settlement in a couple of years that is going to be twice the original total they just said it was down to me to find the cash to pay it they were here just to arrange the settlement and sort payments to the creditors.

 

A complete waste of time and would never recommend these cowboys to anyone

[conar686]

The problem we have is that they originally came out and the sales guy said you need to have a contingency plan you need to put this amount into a savings account with a particular interest rate and then by the end of the 5yr term you will have enough to pay the settlement figure, they have now said with 2 years left that we now need to raise twice as much as first disscussed and also that we are now not allowed a contingency plan and that, any spare money is to be paid to the creditors.

 

So when i asked how we were to pay the settlement in a couple of years that is going to be twice the original total they just said it was down to me to find the cash to pay it they were here just to arrange the settlement and sort payments to the creditors.

 

A complete waste of time and would never recommend these cowboys to anyone

 

Check all your paperwork to see if you can prove they came up with the settlement figure. If you can't find it SAR Spectrum for all your data.

 

They said pretty much the same to me but I didn't put money aside as they said I needn't do that as at the end of 5 yrs they'd renegotiate a new schedule.

 

Write to all your creditors and inform them that you are displeased with the service you are receiving from SPECTRUM and would like to take control of your own agreement. Request standing order information (account number, sort code and payment reference)

 

Explain that this would save you their fee and allow you to potentially increase your payments to them.

 

Send Spectrum a Subject Access Request to get all your data, template on site

 

Fill in the income and expenditure spreadsheet, template on site, include the itemised payment schedule SPECTRUM agreed as part of your IVA this will help when your creditors agree to your resuming control

 

Keep paying SPECTRUM untill you get the majority of your creditors to agree. In the mean time complain about their service, send me your email and I'll send you some letters I sent to them plus the FOS complaint.

 

good luck

[diver352]

hi ..i was with spectrum ( til i also fired them) and also have similar thoughts to yourself.....howver i paid nearer 2,200 back in nov 05 plus 30 a month !!! i belive they mis sold me a plan when it was quite obvious i needed to go bankrupt...which i have now done.....i will be looking for legal recourse.....chris

[christinastrauss]

hi ..i was with spectrum ( til i also fired them) and also have similar thoughts to yourself.....howver i paid nearer 2,200 back in nov 05 plus 30 a month !!! i belive they mis sold me a plan when it was quite obvious i needed to go bankrupt...which i have now done.....i will be looking for legal recourse.....chris

 

Spectrum told me mine was an iva and would be out of debt in 5 years which is a lie, think i need to go bankrupt do i get my deposit back they are useless... christina

[anneemack]

hi ..i was with spectrum ( til i also fired them) and also have similar thoughts to yourself.....howver i paid nearer 2,200 back in nov 05 plus 30 a month !!! i belive they mis sold me a plan when it was quite obvious i needed to go bankrupt...which i have now done.....i will be looking for legal recourse.....chris

Spectrum did the same to me. After getting REAL financial advice I was advised to declare myself bankrupt, which I did in 2006, no mortgage, no car, a coupla of CCJs, crap credit record, thanks to 1st credit, way to go Reigate!

Didn,t know I may have recourse to claim back my costs, these put me in a personal debt which I still pay back now. (Lovely lovely mum of mine, bless her little cottonies)

[chris_h96]

I am a solicitor dealing with a claim against Spectrum for negligence. One of the allegations is that they advised him he was entering into an IVA when in fact it was an informal plan as well as the fact that he should have been advised to go bankrupt. I would be interested in hearing from anyone else with similar problems as you may be able to help in my case and, similarly we might be able to help you also claim back money from these guys.

[Blueman76]

I am currently in the process of making a formal complaint about Spectrum to my IVA people using their complaints procedure. I am not sure whether this is the correct process to follow so any advice would be appreciated. I firmly believe that I should have been advised by the Spectrum representive to consider alternative debt solutions such as debt management or bankruptcy. As it was, I was only advised of the IVA route. I paid 4 instalments of £290 (the amount they advised I would pay in the IVA) whilst the IVA was formally agreed. It was never fully explained to me that my income would be under so much scrutiny and there seems to be no limit to how much my contributions can increase. But I accept that I'm now in this arrangement.

 

I have been paying the IVA for 3 and half years and my contributions have increased to £430 which includes a payment towards supposed extra income that I have earned. What galls me is that part of of the IVA stipulates that a further payment of £1,000 is to be paid to Spectrum for their 'work' in setting up the IVA, this brings the total paid to them to aproximately £2,000. I don't believe I should be paying them anymore than the instalments I paid them prior to the IVA being secured, I also want to know were I stand about them misadvising me in the first place. Any help would be appreciated. Thanks. (rant over).

[chris_h96]

Yes I would follow their formal process first. You can also make a formal complaint to the Financial Ombudsman if that doesn't get you anywhere. Your final option is to actually sue them. It depends on your exact circumstances but, basically, if you had no significant assets to protect (e.g. a house) and do not work in a profession who are affected by bankruptcy then bankruptcy may have been a better option. In such a case you would claim the excess monies you paid in the IVA over what you would have paid in bankruptcy back from them. PM if you want any further advice and I will let you have my phone number.

[Blueman76]

Thanks for the information Chris. I spoke to my IVA people yesterday about my intention to complain about Spectrum. They suggested I complain to the I.F.A(?), as companies such as Spectrum are governed by a different body than that of IP's.

 

My main complaint is misadvice, I've no doubt in my mind that I should have gone into a bankruptcy or at least been advised of it as I had no assetts to protect and my employment would not have been effected, even a debt management plan may have been more suitable on the basis that debt was not that great and I am currently paying at a rate wherby the total debt owed to my credtors (excluding interest) wil likely be paid within the five year IVA period, however, becasue nominee/supervisor fees are so high, a lot of my contributions are swallowed up by them.

 

I'm pretty sure that the IVA was advised to me by the representative of Spectrum for their and the IP's commercial gain. Again, it was definately hardsell as a guy who came round to my house and got to agree it on the same day, he made it sound like a win win situation, almost like buying a new car...

 

I'm aware of the Financial Ombudsman, they are currently looking at a PPI claim I have ongoing, again, another example of misselling on the basis that my dob does not require me take out that type of policy. Would they likely take on a case like this? Do you know whether Spectrum still exist in the same form as it did in 2006(i.e, has the name changed or anything). Suing them sounds quite interesting, however, I wouldn't have the funds available to take them to court. Thanks for your time.

[milby83]

Hi

 

I am currently with Spectrum and have been for 4 years I have never had any correspondance from them and none of my debt is getting cleared I am going to change to Payplan which I was advised to do so by Citizens Advice but has anyone got a number for them now as I cannot even find them on the internet

 

Cheers

[sol047]

Their contact number is 0844 567 4242. please let me know how you get on as i have been with them since Jan 08. Now i have been in touch with them quite a bit over the past as i have kept my details up to date. I will be getting in touch with them this week as the amount of worrying information on here and other websites is concerning me. Chris the solicitor, i believe i may be another contender for your legal recourse!!

Edited April 17, 2010 by sol047
updating information

[conar686]

Yes I would follow their formal process first. You can also make a formal complaint to the Financial Ombudsman if that doesn't get you anywhere. Your final option is to actually sue them. It depends on your exact circumstances but, basically, if you had no significant assets to protect (e.g. a house) and do not work in a profession who are affected by bankruptcy then bankruptcy may have been a better option. In such a case you would claim the excess monies you paid in the IVA over what you would have paid in bankruptcy back from them. PM if you want any further advice and I will let you have my phone number.

 

SPECTRUM are not regulated by the FOS or the FLA so who regulates these suckers

[sol047]

Their contact number is 0844 567 4242. please let me know how you get on as i have been with them since Jan 08. Now i have been in touch with them quite a bit over the past as i have kept my details up to date. I will be getting in touch with them this week as the amount of worrying information on here and other websites is concerning me. Chris the solicitor, i believe i may be another contender for your legal recourse!!

 

Just an update!!! I spoke to Spectrum customer services yesterday, ( i think there is only one person managing it) plz be patient as i had to wait for 20 mins.... 20 worrying minutes i might add!!! but spectrum still are in business however I think they are using it as a 'trading style' which doesnt have to be registered at companies house!! Apparently their new name is 'Money Village' i have done some digging into this new company. A few things dont add up so i will be speaking to them later on in the week and try to see where the proffessional relationship ties are!!!

 

I will keep you informed plus if you are in a very lucky position to pay off some of you debts i have some good advice. Small debts (under £1k) its worth going through spectrum to do your settlement but as there is a fee of 5% of the saving on completion, bigger balances are worth doing yourself. N ow you are supposed to tell Spectrum you are doing this but i dont think / Cant see how this would matter!!

[jenflyn81]

Hi, i'm also with Spectrum but want to end my dealing with them. Can anyone tell me how to do this - do i just cancel my standing order to them and write a letter? - what do i say in letter to them?

Ive spoke to my creditors and set up payments with them and will have my debts cleared alot quicker than if i stayed with Spectrum (paying them £30 a month for what?????)

Thanks :?