Churchwood Finance

[China Doll]

Hi All,

Does anyone know much about Churchwood Finance? Are they a decent company to deal with?

They're offering me what I believe is an IVA programme which I'd like to accept and they charge a 17.625% management fee which works out at about �30. This seems perfectly ok to me but I don't know very much about finances so I'm not really sure if it is reasonable.

I have heard that there are other companies that offer the same sort of service for free but so far anything I've seen does charge.

Can anyone offer me any advice?

Many Thanks

China xx

[Sasha13]

HI China Doll - you sure it isn't 17.625% a month?? My mum was in one of these and she paid around �30 per month for the priviledge (sp?)

Google CCCS - (Consumer Credit Counselling Service, I think). They can do anything that a finance company can do, but they're a charity so they do it for free!! Mum swapped to them a few months ago and has been really happy with them.
x

[PrinceRainie]

An IVA is the 2nd to last option you should consider prior to bankruptcy. Your credit rating will be completely ruined by going down the IVA route and wont be repaired to approximately 3 years after the IVA has finished.
An IVA should be considered with a great deal of care. Many companies offering you an IVA tend not to explain what will happen to your credit file/history and your future ability to obtain credit, unless you specifically ask them.
Be careful.....but if you are going to do it...I would recommend CCCS as per Sasha13's advice.

[innocenti]

Another one to try is Payplan, they are the same as CCCS, a free charity that can arrange your finances for you. They will look at your debts and advise what would be best. If you default on an IVA, you will be made bankrupt so a DMP might be best for you.