Help/advice please

imustimustimust

I’ve been stalking this site all day! Well I’m finally facing the debt I have accumulated over the past 10 years! I haven’t actually missed any payments but because of the interest payments etc it’s got to the point where all my wages go to pay off my minimum payments each month. I owe £32k spread over 2 loans, 4 credit cards & my overdraft.

I spoke to a company called DFH last night; they were great & offered to help me sort everything out. They thought the best thing to do was to go for a dmp for 3 months & then swop to an iva (I didn’t think to ask why the swop?) I would need to pay them £465 per month, they would take £83 and the rest would pay off my debt. It all sounded to good to be true and they are sending through the paperwork for me to sign. Having looked at a few threads today I now doubt my decision to go with DFH? Can I do what they can do on my own? Looking at the options I think I would rather go with a dmp as opposed to an iva.

Can anyone help please?

lunar

hi and welcome to the site. posting about your debt is laways the hardest step, well done for facing things.

i started with slightly more debt than you have but never went for a dmp or iva so i cant advise on them. before you do anything i would get a statement of affairs posted if you feel happy to. that way people can advise on your individual circumstances.

keep on posting this site has helped so many people

Naomim

Hi,

I'm not on a DMP myself but I know there are people on here doing their own. I would also say, STAY AWAY from anyone that wants to charge you for a DMP. You can get this service free from CCCS or Payplan. Why pay them £83 a month when it could go towards servicing your debt?

Could you post an SOA so we could look and see if we could help make some cut backs for you?

Naomi x

scaredy_cat

call National Debt Line 0808 808 400, they will give you advise.

10past6

Hi

Re this:

imustimustimust wrote: »

I spoke to a company called DFH last night; they were great & offered to help me sort everything out.

First and most important thing, read and understand my signature

Next, click here and complete your SOA (Statement of Affairs) lets see if we can cut your outgoings.

As for an IVA, IVAs are only applicable to a very, very small % of people, make sure you are within that % who qualify, this board has numerous threads from people who have been mis sold an IVA

riquelme

hi, not an expert but i was in the same situation a few months back. a company said that they would sort it for me for a fee. i thought great, then i came on here ad ran the idea past the good people on here and the advise i got was NO NO NO. if a DMP is right for you then there are organisations that will do it for free. cccs and pay plan.

think of it this way, would you rather the complete amount be going to pay off your debt or not? it takes a little more work from you but its worth it.

good luck

imustimustimust

I cant seem to load the SOA calculator?

Miss_Piggy_2

You will find many, many threads on here advising people NOT to pay for a DMP. The CCCS or Payplan can do exactly the same for you with the FULL amount going to your creditors. Please do not pay for a DMP.

Hope you manage to get your SOA up and then I'm sure people will come up with lots of ideas of what you can do to cut costs.

Good luck

Miss P
xx

10past6

imustimustimust wrote: »

I cant seem to load the SOA calculator?

When you've completed it, down the bottom right hand side click on "MSE" :j

doelani

OMG that was quick, had just reported the post and was telling Op to ignore it and it was gone lol

Deep_In_Debt

Whatever you do, do not go with this FEE paying company. They will make a lot of money out of you for your IVA which I am not surprised they are recommending. I had a similar thing, I was recommended a dmp (for a fee) then an expensive IVA which was not suitable for me.

I opted for a dmp via a non profit making charity - CCCS, who are not out to make money out of you but act in your interests only. If they recommend an IVA, then it will probably be suitable for you as they will only recommend it if it is suitable.