# Creditors being unreasonable



## Dan79 (26 Jul 2010)

Folks

I have had some problems managing my debts. I hadn't missed any payments but was finding it hard to meet day to day expenses. I engaged a debt management agency, Moneyvillage who for a fee (which I am willing to pay rather than having to deal with 5 - 7 different creditors) have prepared a repayment plan than has given me some breathing space. 

While most of the creditors have been reasonable and acknowledged that I am making an effort to make some form of repayment, Blue Cube loans have been totally unreasonable. 

They are my biggest creditor and therefore they are still receiving about 40% of the monthly payment. However today I have got a letter telling they refuse to deal with any debt management agency who charge fees and they have cancelled the account and requested payment of the full outstanding balance. To me this seems unbelievable that they want to act in this manner as there is no possibility of me being able to repay the balance. Ironically they stated in an earlier letter than they would recommend MABS as a free service. It feels like they are paying lip service by suggesting MABS yet a couple of days later cancel my account. The amount I'm paying in fees to Moneyvillage would make little difference to the amount paid to Blue Cube.

I would welcome anyone else's views or experience.

Dan


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## niceoneted (26 Jul 2010)

They might see the paying of a fee to a company who basically do the same thing as MABS does for free as a waste of money and they could be getting there money back quicker if you weren't forking out a fee. 
Count your blessings that it's only the one. 
What about moving the loan you owe to them to the likes of a cu or some other institution and spread it out over a longer time frame.


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## Dan79 (27 Jul 2010)

I would agree with you if the fee would make a substantial difference to the repayment amount due to BlueCube. The administration fee is e50 per month which I think is reasonable for them to correspond and negotiate with 5 - 7 creditors. I was willing to pay the fee as I understand that MABS only provide you with the details and advice while you are responsible for dealing directly with the creditors. If I wasn't paying the fee and spread the e50 across the creditors Blue Cube might only get an extra €15 per month so as they are willing to cancel the loan agreement for the sake of that amount leads me to believe they are not being genuine.

I hadn't any cash in the Credit union to get a further loan and my bank wouldn't consider a loan. I know what you're saying about it only being one creditor but I'm not sure of the consequences of Blue Cube demanding full payment of the loan.


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## Joe Q Public (30 Jul 2010)

They are gearing up to take the matter to court.


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## browtal (30 Jul 2010)

Mabs do more than advise you.If you need they will arrange to pay your creditors each month for you.  They will provide this service until they feel you can manage your accounts yourself. They are excellent I believe they are overworked at the moment. Good Luck Browtal


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## Complainer (30 Jul 2010)

Dan79 said:


> The administration fee is e50 per month which I think is reasonable for them to correspond and negotiate with 5 - 7 creditors. I was willing to pay the fee


It's nice that you are 'willing to pay the fee' but you don't really have the money to do this. You owe the money to them. In my opinion, they are quite right to expect you to pay this spare money to them, rather than paying someone else's fees.


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## cazmayo (31 Jul 2010)

I would write to them again, saying that you have found being in debt extremely stressful, and needed the assistance of a professional.  Point out the admin charge is for the management of 7 creditors and thus minimal.  Get the management company to go ahead with the payment schedule and pay the creditor the proposed payment.

Thats what I would do.

Alot of people are making themselves sick and can become totally overwhelmed dealing with irate creditors. If an intermediatory alleviates that pressure, then so be it.

Just my opinion!!  Good luck.

cheers C


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## Joe Q Public (31 Jul 2010)

Indeed. 

They should count themselves lucky they are going to get something instead of nothing at all.


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