Spectrum Financial Protection

[egoman]

There seems to be a lot of people who thought they were in an iva, but turns out they're in a programme (dmp). My understanding is that there is little you can do about this, apart from cancel your agreement with Spectrum, then go to another company and organise a proper iva - starting another 5 years from scratch. If you keep at Spectrum, you can get some of your money back, on the grounds that they did not stick to their side of the contract - but don't take "no" for an answer! There's a lot of negative info available on the net about this lot, so use it to your advantage. I had the same issue regarding the ccj. Again, not a lot you can do about that, but basically you have to make payments to that company direct - it doesn't remain part of your plan with spectrum. This is what originally alerted me to their shortfalls. After being promised that they would deal with everything; stop the hassle; pay creditors direct; stop all court action/bailiffs; and freeze all charges and interest.... that turned out to be completely false. I was taken to court twice, ended up with 2 ccj's and a charge against my house! Spectrum said it was my own fault - even though I did everything they told me to do, and I ended up paying spectrum, but also paying some of my creditors direct - which kinda missed the whole point in the first place! When I decided to go it alone, my creditors immediately stopped interest, etc, and have been 100 times easier to deal with, and more sympathetic to my situation. After all, there are 10's of thousands of people in the uk having the same issues. This company is corrupt - cut your losses and get out now.

[robbie55]

Hi.

Please would you be able to help me i,ve been with spectrum for over 5 years now they took in my first 3 months £1800 after that i payed them £452 for the next 3 years and still paying them £383 now by my paperwork it was 5 years gone may i get no help of them and i believe they have took my eyes out like others on hear can i do anything about this or could you do anything i still have all paperwork.

They said today there want another finaicail review for a smaller payment i believe this should of finished by now as i thought i was in a iva but now today they say i,m in a debt managment i feel i,l be paying to them for the rest of my life.

 

Thanks

Rob.

[egoman]

Robbie, you need to check carefully through your contract with them, then contact either CCCS or CAB for advice. Be interested to hear if it actually reads "IVA" in your contract?

[conar686]

Best thing you can do is to send them a SAR for all data on all systems. Then commence a complaint with the FOS.

 

I'd take the actions in my post above and just stop paying them, rearranging payments with your creditors.

[zeppelin63]

I used these people in 2005, I paid over £1600 in 4 installments to them and sent Postal Orders to them each week, it was to an address in Keighley. I was told that I had entered into an IVA, still have their paperwork, but sadly not the postal order receipts. I had 12 creditors at the time and was told they would be able to get me a massive 70% knocked of the balance. I paid for nearly 2 years and never heard a thing from anyone, I rang Spectrum when I thought enough money was paid off, but never got a call back or letter confirming the debts were clear. So I stopped paying them and never heard anymore till last week when a DCA rings my parents house, they are asking for quite a large amount. I am going to access my credit file but would like to know that if I pay by my bank card, are my new details put on the credit search? I have a nasty feeling that there could be more debt outstanding.

[Jarhead]

Hello everyone, if anyone can help me here I'll be extremely grateful - I've been with Spectrum for almost SEVEN years now and really need to move on with my life!

 

When I was younger (in my early 20's) I got promoted early in my job and got seduced into loans/credit cards by Lloyds TSB and got myself into a huge mess by the time I was about 25 (the usual sketch - consolidation loans etc:roll:). In the end I was £50K (£15k Lloyds TSB mastercard, £10k Lloyds TSB personal loan, £25K Direct Line Loan) in debt and it destroyed my first marriage. I seriously contemplated suicide for a long time.

 

In 2005 (aged 27), I contacted Spectrum and an agent came and visited me, he showed me the plans for me to be debt-free in 5 years and we agreed. I paid £1500 in three installments and have been paying £190 a month ever since. At the five year point I phoned them ony to be told that what I have is a D.M.P and that never meant that I'd be debt-free in 5 years:-x I have since heard nothing from them but occasionally get letters from creditors saying that my loans have been "sold" to another creditor.

 

I'm now 34, have a children with my new wife. Everything is in her name (mortgage, car etc) and all I have is a "little-boy's" bank account with a debit card that's accepted hardly anywhere.

 

I am in the Army and have 6 years' service left until I leave at 40. I really want to break free from all this now and be able to be solvent again, not financially-impotent as I am now. The mistakes I made at 21-25 are now still with me and it seems like, if I just keep going that I could still be doing this when I'm 50!

 

Do you think it's worth me just going bankrupt and starting fresh?

 

Thanks for your help.

[zeppelin63]

Dear Jarhead

 

I have gone 6 years without any contact with a DCA, it seems that Spectrum told me a pack of lies, I don`t even know where my payments went, but no DCA contacted me to say I wasn`t paying them. If you haven`t made any contact with a DCA, I would personally lay low till you reach the 6 year point and your debts become statute barred.

[Jarhead]

Hi Zeppelin,

 

Thanks for your reply

 

It's already been over 6 years since I started with Spectrum - What do you man by a "DCA"? and what does "your debts become statute barred" mean?

 

By laying low, do you mean stop paying Spectrum and see what happens?

 

Many thanks,

[zeppelin63]

Hi

 

Statute barred is where if there has been no contact between you and a (DCA) Debt Collection Agency during a period of six years then the money you owe is not enforceable, they may contact you with threatening letters but ignore them and never speak with them on a telephone. I was promised by Spectrum that my debts would be cleared in 2 years, so after 2 years and trying to contact Spectrum to no avail, I stopped paying and heard nothing until recently, from a DCA, I went well over 6 years without any contact and have informed them that the debt is statute barred using a template letter that can be found on this site. Personally I think Spectrum have conned you like they have everyone else.