Debt Restructuring Caution

Cmaine200

I was prompted to contribute having read Rolex King's thread on Primafinance ( 29/8/15). His experience with this company mirrored ours exactly - initial optimism given, unrealistic offers made to creditors, virtually no engagement from creditors with the company and the same fees ( 2000 euro upfront and 250 euro a month).

We disengaged finally after our main creditor threatened to initiate legal action ( ignoring Primafince's unrealistic offer). We were informed by the company, then, that Primafinace didn't proactively negotiate with creditors - if our creditors did not accept the letters of offer, there wasn't much they could do. We had expected that they could at least make a phone call to advocate for us !!

We subsequently negotiate a deal with two creditors who were threatening legal action when we were under the stewardship of Primafinance.

A prima price but a prima service ?

L1011

These firms exist to make money for their owners; they are generally no better at negotiating than you can do yourselves and possibly worse than what you can do with MABS (free) assistance. When you add in what they charge you, its even more reason to not even consider using them.

Oral Surgeon

From a lenders perspective they are probably thinking that this guy can afford to pay someone to negotiate to pay us less.... no way.... The free assistance sends a better message....

keithclancy

"I'll pay someone to organise my un-serviceable debt"

The statement in itself is madness.