Decision to Make

NickToye

Well that's not good because i'm hoping that in 5 years time I can turn my sole trader business into a company.

NickToye

all_hours wrote:

I'm new to this forum so I could be wrong.

The reason people are getting frustrated is because you don't appear to be listening.

Debt matters are a profit making company. Making some £ on this will be their top priority.

The other organisations suggested aren't driven by profit - so they are more likely to find the best all round solution.

My god, I am listening!

I have said that I am talking to PayPlan on Monday, and I will make a decision then.

I have said that in this very thread, that I will take on board any advice. I am doing so. I listened to what people were saying, and I went to the advisors to find out if what they said was true.

The other companies that have been mentioned, one of which doesn't seem to appear in the recommended links above, have offered my a very patchy service so far.

jobbingmusician

I don't at all have an axe to grind about PayPal, CCCS etc, and I am lucky that I have never had to use them.

If you think PP have been less than professional, then I agree it is a good strategy to await their proposals and see how they compare with DM. However, I would NEVER be happy using a company (any sort of company) without being clear on how much they were charging me. It concerns me that DM are not being transparent about this.

I think it's sensible to compare the alternatives inckluding bankruptcy. However, I think that you will find that the results of bankruptcy follow you for a lot longer than 5 years

NickToye

Well, when I get the papers I will read them and read them, rest assured this is something that i'm not taking lightly.

If people think that I am not listening, then so be it. I know that I AM listening, and i'm prepared to look at both sides.

NickToye

One other thing though, why does it concern you that DM are not being transparent with their fees? If they are a legit company, why does it matter. In five years i'll be debt free. In that time I will be paying 50% less than what i'm paying now.

Why would I want to pay anymore for a longer period?

Anyone got any knowledge on how much PayPlan charge for fees?

jobbingmusician

LOL LOL LOL :rotfl:

I know you are trying to listen, but the whole reason people have been warning you off DM is because PP (and CCCS) are charities!

They will not charge you any fees!!!

sparkle84

NickToye wrote:

My god, I am listening!

I have said that I am talking to PayPlan on Monday, and I will make a decision then.

I have said that in this very thread, that I will take on board any advice. I am doing so. I listened to what people were saying, and I went to the advisors to find out if what they said was true.

The other companies that have been mentioned, one of which doesn't seem to appear in the recommended links above, have offered my a very patchy service so far.

Look just to clarify for everyone on this thread

IVA are not DMPs they cost money to run no matter what company you use you have to pay the IP fees which will be approx £4,000 - £8,000 -

Debtmatters make their money on offering IVA's so to get you on board they will say anything - 25p in the £1 is an extremely low offer and will probably be refused.

Payplan as a charity will try and find you the best option if an IVA is the best way to go (and IMO isn't for you as you have no home to protect) they would then pass you on to Shaws who are an excellent firm of Insolvency Practitioners to set it up for you

As it is a legally binding contract you will have to provide all your financial information to the IP incoming and expenditure which will be checked and double checked (don't imagine any IP will give you a break on this there are set guildlines they have to follow)

Your IVA will be published on the Insolvency Register

If your IVA fails you will be made bankrupt by the IP

A DMP for 2/3 years and then making full and final offers would probably be better option for you, you will have very little chance of getting a mortgage on an IVA as you are not allowed apply for credit over £500 if you do and are caught you could be make bankrupt

The CCCS do not offer IVAs

Hope this clarifies some of the issues in this thread

NickToye

yes I understand that, that is quite clear to me.

But DM will not charge me fees either.

The fact that they take their fee out of the contribution to the creditors is neither here nor there. I don't care about the morals, I just want the debt gone.

jobbingmusician

Thanks Sparkle, that is extremely helpful!

*JM bemoans the absence of the 'thanks' button*

NickToye

sparkle84 wrote:

Look just to clarify for everyone on this thread

IVA are not DMPs they cost money to run no matter what company you use you have to pay the IP fees which will be approx £4,000 - £8,000 -

Debtmatters make their money on offering IVA's so to get you on board they will say anything - 25p in the £1 is an extremely low offer and will probably be refused.

Payplan as a charity will try and find you the best option if an IVA is the best way to go (and IMO isn't for you as you have no home to protect) they would then pass you on to Shaws who are an excellent firm of Insolvency Practitioners to set it up for you

As it is a legally binding contract you will have to provide all your financial information to the IP incoming and expenditure which will be checked and double checked (don't imagine any IP will give you a break on this there are set guildlines they have to follow)

Your IVA will be published on the Insolvency Register

If your IVA fails you will be made bankrupt by the IP

A DMP for 2/3 years and then making full and final offers would probably be better option for you, you will have very little chance of getting a mortgage on an IVA as you are not allowed apply for credit over £500 if you do and are caught you could be make bankrupt

The CCCS do not offer IVAs

Hope this clarifies some of the issues in this thread

How do you know this? (this isn't me giving a strong reaction, I'm just curious as to where you have your information)

Also where has this 25p in the £1 come from? If it was me being a little unclear earlier than I apologies. The figure I have in front of me is closer to 55p in the £1. Would that be likely to be accepted. If this has caused me to mislead you, then again i'm sorry.

Why would a IVA be not good for me if I have no home to protect. That doesn't really make sense to me.

I'll have to check that if my IVA fails I will become bankcrupt.

Chances of me getting a mortgage are fine apparantly. I may have to pay .5% over the base rate. I even have a contact in the mortgage industry who deals specifically with mortgages for those who are coming to the end of or are in IVA.

So let me ask DMP? Would it be able to clear £25k worth of debt in 2/3 years?