I started with Spectrum in 2005, I had a really good credit history and a rep told me they could stop my worrying trying to manage my debts and they would take the hassle away. They made me believe that I would pay a monthly amount, they stop the interest and phonecalls and pay my creditors and I only had to save a bulk some of £1000 at at the end of 5 years paying they use £1, 000 to settle my accounts. They said they take £1, 000 off all their clients and used the joint amountss to write off our debts. Too good to be true but i was a mug and believed it, young and stupid! I paid Spectrum for 4 years and was then qualified in my area of work and got a decent wage that I though I could clear my debts once and for all so I started saving to give Spectrum the lump sum and write if off.

I moved house and told my creditors of my new address and found out that with my creditors with the most amount owed there was no agreement in place with Spectrum and they had always been late paying the minimum payment! I was livid after I always paid Spectrum on the 15th of the month, my creditors didn't see any money till at least 15 days later and incurring multiple defaults on my credit file. My credit file is a total mess and late payments/defaults all over it. Were they holding my money for interest purposes?

I asked Spectrum if they could write off my debt for me if I gave them a lump sum and they want 5% for each creditor payment. They were not convincing that they could and back tracked on what I had been told. I raised the issue of debt plan setup with my creditors and they said they were paying them, my files said otherwise. I sacked them and spoke to payplan that gave me the tools to contact my creditors myself and negotiate a payment. I did this with the default accounts but my two largest said the only way they could consider a settlement is if I had had a payment plan with them so I had to just carrying on clearing these.

I was officially out of debt this week with my final payment which is such a relief but I know I would have achieved this sooner without Spectrum. Im not even sure how much Spectrum took in fees I need to work it all out as I was only told they would take an initial fee and not a monthly one.


It would be great if you can offer any assistance.

Andrea