I had never really heard of Debt Management until I worked as a Collector for the Moorcroft Group. Whilst doing that job I'd get the constant refrain on the doorstep of "I don't have to talk to you - I'm on Debt Management".
Self righteous Bastards!
I looked into it and was amazed to find that It is a bit of a get-out-of-jail-free card for the Big Spenders!
Debt Management firms approach lenders etc on behalf of the client and agree weekly terms on the basis that if the lenders say no they will get nowt as the client is likely to go bankrupt. The client thinks they are getting a great deal as their monthly payment will drop from in the hundreds to in the tens. The firm will be taking a nice monthly payment for themselves hidden amongst the figures. The trick of the trade is that in most cases the debt has simply been stretched rather than reduced + there are plenty of do-gooder groups who would do the job of the debt management firm for free.
Where do I come into this? Tonight I've started running an ad looking for debt monkeys with the view of selling these leads onto the debt management firms. They are not that bad after all! (Are they?)
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