Debt Free Direct

Olivia_Jones

We are going with DFD for our IVA.I have contacted payplan and cccs but they wanted us to do a DMP which we have already been in for 5 years and it will take us another 26 years to clear our huge debts,they cannot see a problem with this,but i can.Plus there is nothing to say that creditors will not take further action against us on a DMP,i feel that an IVA protects us more.
Is anyone else on an IVA with DFD?and if so how is it going for you?

RAS

Olivia

Since you seem to be ignoring the information given here, I suggest you go over to the bankruptcy forum and talk to the ex DFD folk on there.

Olivia_Jones

RAS-Can you please explain what exactly it is i am ignoring?
Thank you.

RAS

We have advise that you speak only to debt charities who are interested only in your welfare. If you do an IVA do it via CCCS or Payplan.

If both think you should do a DMP there is probably a good reason for this, like your income is not really adequate to support an IVA long-term or your job/personal situation could change and then the IVA fail.

Remember an IVA cost £8,000 to £10,000 on top of your debt and creditors are expecting 40 percent payback.

Do you have a property?

Olivia_Jones

RAS-I have not ignored anyones advice at all,you all suggested that i contact payplan and cccs which i have done and they have recommended a DMP which i am not happy with as it will take 26 years to pay off,after speaking to payplan and cccs,i called DFD for a 3rd opinion and they accepted me for an IVA,however i am wary as to why DFD can do it but the 2 charities wont,hence the reason for my original post.I do not think you can accuse me of ignoring advice given,i follow all advice given to me,hence my reasons for posting on here.
Yes,i do have a property.

rog2

Olivia_Jones wrote: »

you all suggested that i contact payplan and cccs which i have done and they have recommended a DMP which i am not happy with as it will take 26 years to pay off,after speaking to payplan and cccs,i called DFD for a 3rd opinion and they accepted me for an IVA,however i am wary as to why DFD can do it but the 2 charities wont.

Hi Olivia - I think that both Payplan and CCCS have probably given you advice in order to avoid 'Insolvency' solutions, such as an IVA or Bankruptcy.
DFD, on the other hand, will almost inevitably suggest an IVA since this is their main 'product' - and one from which they stand to make a substantial amount of cash from, in fees. Please do not be tempted by their 'Free Debt Advice' - they are in the business purely and simply to 'sell' the IVA as a solution to any debt problems.
Certainly you can ask DFD to tell you how much you will need to pay for an IVA that they will manage, but, please, also ask them to fully explain what they will expect, from you, in relation to any 'equity' that you may have in your property (not necessarily now, but in year three or four of your IVA).
Once you have this information, talk again with CCCS - Tell them that you have decided to opt for an IVA, as you don't feel that you can live with a 26 year DMP. Ask them to go through the IVA costs and implications with you.
Then compare with what DFD have told you.

spenderblender

I personally would not recommend DFD as they will get you in and then not help when you have a problem

md009

What's a DFD?

rog2

md009 wrote: »

What's a DFD?

'Debt Free Direct' - a private company that appears to be more intent on 'selling' IVAs rather than making sure that they are either the correct option or are properly managed.

churchrat

Olivia_Jones wrote: »

We are going with DFD for our IVA.I have contacted payplan and cccs but they wanted us to do a DMP which we have already been in for 5 years and it will take us another 26 years to clear our huge debts,they cannot see a problem with this,but i can.Plus there is nothing to say that creditors will not take further action against us on a DMP,i feel that an IVA protects us more.
Is anyone else on an IVA with DFD?and if so how is it going for you?

There are so many things that can go wrong with an IVA and DFD will not help you. They are there to make money from you--they are a business after all.

If you have a property to prtoect (hence you want an IVA) you must consider, as Rog2 has said, how much equity they will expect you to hand over in yr 4/5. It is not just a question of paying a set sum for 5 years then saying goodbye to all the debt. If you have no equity/property to protect have you considered bankruptcy?

How much do you owe? A lot can happen over the next few yrs-- when we started on our dmp I had thought it would take about 16+yrs to see us free, now, about 7yrs later we are nearly done.

An IVA can work for some people, but please use a company that will not just try to line its own pockets.

Doglover

Hubby and I have experience of DFD. Luckily things haven't changed much for us, apart from salary increases and subsequent increased monthly contributions. I cannot reccomend them though - we have just been lucky so far that we haven't had to go back to them with a change of circumstance or problem. Their charges are high. I spoke to them recently about making a F and F offer and they were relatively helpful and they have always been friendly. However, with the IVA sold to my husb they have made an awful lot of money from their fees and we haven't caused them any "difficulty" so I would expect them to be friendly!

An IVA is a massive commitment and will only help you if you really can afford to live through the life of it.

Everyone is trying to be helpful and if only one company (who is profit making) is suggesting an IVA and the debt charities are advising against it, people here are just warning you of the red flags that flow from that.

Churchrat correctly said that a lot can happen in 16 years but believe me, a lot can happen in 5 years and in our case, with hindsight I don't think we would've signed up to the IVA with them. That said, with only 18 months to go and hopefully only one more contribution increase we can now see the light at the end of the tunnel. That isn't down to DFD.