The horrible world of debt.
After working in the debt industry for 2 and half years it has come at quite a shock to what really goes on with so called charities and free debt help.
Many people including myself would consider a charity to be just that, little did I know that most of them have major links to some off the most profitable debt solution providers in the country.
Companies and charities a like suggesting that they offer a no fee solution is simply mis-leading the very vulnerable public in to believing this. My experience has taught me otherwise and only by working in the industry have I seen how the whole system works.
An IVA (Individual voluntary agreement) is a great example of this money making operation, introduced in 1986 by the government and now gift wrapped for us all to see on TV advertising channels.
I`m not saying they are not right for some people, but only 1 in 10 people in such an agreement actually benefit from it. The other and most important question I have about a IVA is the set up and charges involved, according to
http://www.insolvency.gov.uk you have to be a registered insolvency practitioner to be able to arrange this, I do ask myself why this is, maybe it’s because most IP`s have a average salary of 60,000 pounds a year, and the people paying these wages are people in debt, something just doesn’t add up to me, why do we need some over paid suit who never had anything to do with the original debt to set this up and make himself a average of 10,000 per client he signs up, it’s disgusting.
I telephoned a so called debt charity (CCCS) to ask them this, my question being “I would like to arrange an IVA with you, but I don’t want an insolvency practitioner involved as they charge too much money, I was then told that a counsellor would arrange this and no fees would ever be charged. This is a simple lie; yes I do use that word because that’s what I was told, A BLATENT LIE.
This really did worry me, as you would think by calling a registered charity that you would be given the truth. Now not to my surprise it would seem companies like Payplan are helping to run The Institute of money advisors (IMA) who are an organisation who help train money advisers across the country that work in places like the citizen’s advice bureau and CCCS. If you look at the bottom of their website, you will see for yourself,
**Link removed**
The IMA would like to thankPayplan logo - your debt needsfor their generosity in
hosting and maintaining this website.
So what this means is we have one of the most profitable IVA and debt management companies (Payplan) in the UK is hosting and maintaining an organisation that trains debt charity employees or volunteers as they like to say.
Do you agree that this is now getting a little fishy, once you’re in the net there is nowhere to turn, go to the citizens advice or call the CCCS charity we are told, but all that is going to happen is we end up in the same keep net, by charging a huge amount of money for something we could theoretically simply do ourselves, or not as the case maybe, I wonder why that is.
What I basically trying to say is, why o why do we need extra fees involved when all most people are trying to do is pay back a debt, not to fund TV adverts and shareholders lunches, we have all seen enough from MP`s and there expenses and I personally being on the front line of the debt industry have seen more than enough of these nasty money making scum’s. What a way to make money, ridicule a poor person and take half their pension or salary so you can have the latest Porsche. This may sound farfetched but it’s happening every day.
Did you know that the average salary for a junior debt advisor for the citizens advice bureau is around £23,500 pa, yes that’s right, are you thinking what I`m thinking aren’t all the Citizens advice bureau staff volunteers?, NO being the answer to this! But they forget to mention that!
So to summarise this blog, we are all guilty of overspending and getting into debt, look at the governments national debt, but why should we have to pay huge extra fees to sharks and so called debt charities, why can’t we just get the truth for change.
Not everything in life appears how we first think is the moral of this story
