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Anybody Know What Debt Free Direct Are Talking About

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Just seen an advert on afternoon tv for debt free direct.

Said a little known government legislation that allows you to walk debt free after 60 days.

If you have debts of over £15,000.

Whats this little known legislation?

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Individual Voluntary Arrangement (IVA)?

Once approved a standard IVA will run for a five year (60 month) period. During this period payments are made on a monthly basis into a fund that the Insolvency Practitioner governs. The funds that accumulate in this account are used to pay off the creditors. This fund is also used to pay the fees of the Insolvency Practitioner.

http://www.clearstart.org/iva.php?gclid=CM...CFUJCEAodN1wjpQ

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Adverts on day time TV seem to be of two types - one from loan companies, the other from charities seeking donations. What audience do they think is watching - people who take loans out to give money to charity?

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Guest Bart of Darkness
What audience do they think is watching

Judging by the people in the debt adverts, very fat, very stupid people with no head for finance.

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It's scary the way they use language like "we won't trouble you with long and complicated questions about your income or circumstances, and there are no difficult forms to fill in; just talk to one of our cuddly advisors and ......"

Of course, they really mean "we don't give a damn if you can't afford our repayments and you're hopelessly out of your depth taking on this amount of credit - hey, the loan is secured on your home, so we'll toss you in the street when the time comes - as it surely will".

So they can sit back on the sofa (interest free for two years from DFS) eating crisps dipped in chocolate, watching Crusty tell them how much "their" house has gone up this week.

Sad really. :(

Cheers

LL

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God knows, I've never encountered any of their adverts, I would rather hammer nails up my nostrils than watch day time TV. :)

However, their shares are doing very nicely

laughable adverts, you'd have to be stupid to take them seriously, but a lot of people are and thats why they are in debt in the 1st place!

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I think this is a great investment - listed on the stock market - we all know that bankruptices are going through the roof and if we generally believe we're in for a crash at some point, I think it is inevitable their market will grow massively. Look at the share price, seems to have caught the eye of the market already.

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I think this is a great investment - listed on the stock market - we all know that bankruptices are going through the roof and if we generally believe we're in for a crash at some point, I think it is inevitable their market will grow massively. Look at the share price, seems to have caught the eye of the market already.

Theres also a company listed called DEBT (DebtMatters - listed in the past 6 months ish) who specialise in IVA's, i had a decent chunk of money in them at one point but i sold to soon. Collected 10% instead of 45%

but...

Can they really be trusted knowing what type of customers they have. From a speculative standpoint fine, from an investment standpoint me thinks not.

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laughable adverts, you'd have to be stupid to take them seriously, but a lot of people are and thats why they are in debt in the 1st place!

They have got to be pottential targets for a scam though. They gave my sister loan after loan based on a house which she then sold. No hope of recovering the money. It must be possible to (legaly) fleece the buggers somehow. I will have to give it some thought I think.

Edited by jellybean

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****************** Please Delete Me ***************

aww my first ever double post, please remove my stupidity charlie,oldie or anyone else with the power to correct what once went wrong :lol:

Edited by theChuz

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IN Gordon Brown's never -never land of the miracle economy people can borrow and MEW without any consequences to the economy. With perpetual HPI the economy just keeps getting bigger and no one actually has to produce anything to keep it all going. Bankruptcy is just an illusion that goes away after a few months and you can start all over again.

Shares up 100%

http://freeserve.advfn.com/news_Debt-Free-...E_14084149.html

Edited by Realistbear

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Can they really be trusted knowing what type of customers they have. From a speculative standpoint fine, from an investment standpoint me thinks not.

I know what you mean but they're essentially just middlemen, the liability is sold on and they collect their fee up front in many cases, a blue chip pension fund has more chance of holding these little incendiary bonds than the arrangement company. Another reason to feel warm and cosy when it comes to pensions.

DFD.L and DEBT.L have done well, it's clearly speculative, there's a few others like ACG.L

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DFD.L and DEBT.L have done well, it's clearly speculative, there's a few others like ACG.L

Could well worth be shorting in a few years!

*ps my 1000 post - I'm a veteran :)

Edited by OzzMosiz

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Could well worth be shorting in a few years!

*ps my 1000 post - I'm a veteran :)

Congrats, us veterans often sit round the old camp fire and recount the battle of the MEW'ing bulge or the siege of Halifax Hill.

Some brave souls have tried to short CWD.L and got burnt, it fails to respond to logic or obey the laws of gravity, the true mark of an estate agency.

Edited by BuyingBear

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there is another one, no idea of the company

they talk of clearing all there debts and not only that they dont need to make a payment for 6 months

the guy goes "happy days"

at the bottom in small writing comes up that intrest is charged for that 6 months you dont need to make a payment:P

there us surely enougth mugs out there to justify these firms spending more on advertising than the major banks do,

Another day time advert is the compensation ones, they compliment the loans and charities and mobile ring tones very well.

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there is another one, no idea of the company

they talk of clearing all there debts and not only that they dont need to make a payment for 6 months

the guy goes "happy days"

No doubt that'll be Phil Tufnell! Working for these sharks apparently, they don't appear to be quoted on the markets but they do have their own gym!

Edited by BuyingBear

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I think you probably mis-heard - Its likely to be 60 months rather than 60 days.

As I understand it (happy to be corrected), DFD arrange IVA (individual voluntary arrangements)

They figure out how much you can pay, and negotiate with the creditors a reduced amount to pay back, paid back over 5 years - of course helping themselves to a healthy slice of this money. After the 5 years the debtor is 'discharged' of the balance of the payments.

The debtor needs to pay their mortgage as normal during this time.

The advantage of this is the debtor doesn't lose their house or get bankrupted - however if they miss a payment or two they can then lose their house too. The banks get their silly mortgage money - and the creditors at least get something.

I've had shares in them for few months (wish I had bought more!) which are up around 40% - I'm buying more as personally I think their market can only grow. If/when the HPC kicks in I'd imagine they will have families queued for miles for their services when faced with bankruptcy and eviction.

If it fails to materialise with they'll probaby drop like lead balloons - I know which side of the fence I'm on.

Edited by Flick

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Guest Bart of Darkness
there us surely enougth mugs out there to justify these firms spending more on advertising than the major banks do,

This country seems to be drowning in thick as pig s h i t morons who will queue up to be taken to the cleaners.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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