Bankruptcy

james32_uk

sparkle84 wrote:

......a lot of people come and go and James has wound her up and to be honest I for one can see why.

And for my own personnal betterment I'd be very grateful if you could point out exactly which post I made in this thread that made you "see why" I had wound her up.

Perhaps I can't see the fatal flaw in my personality that so gets up your nose.

sparkle84

james23_uk wrote:

I just don't get this and I dont get the way one or two of you have gone out of their way to make assumptions and abuse me for it. What's great about this board is whether people want to poor their heart out or just get some info, 99% of the time the help comes.

For some reason I've been singled out for frankly undeserved abuse. If I don't want to post my SOA then I dont want to post my SOA - end of story. I am quite satisfied that I know my own financial state and issues, and use this board for factual help, and to help others I may add. In my opinion it's essential to fully understand all the options available and I can't believe I continually get slated for trying to do this. I've never really considered bankruptcy as a pertinent option but am I not allowed to seek information before casting the option to one side?

And I'm sorry but as for MS_london's insistance that I should pay the same amount every month for 12 years rather than 5, she needs to get with the planet.

I'm sorry to see that for all the good (and there's so much of it on this wonderful site) there languishes in the bowels a vein of self-righteousness and down-right snobbery.

James you are taking a DMP too literally - surely your circumstances will change in 12 years increases in salary, bonuses etc etc. A lot of people on here will tell you that they may have had a DMP for 12 years to start out but paid it off in 6 for example, Full and Final offers are also an option in a couple of years. What annoyed ms london and frankly annoys me is your insistance that your only option is an IVA or bankrupcy - you are far too young to go bankrupt IMO eventhough it has been made a lot easier it can effect you getting a mortgage or a job what if you want a career change in a few years!! Plus you will have hand over a fair whack of money to the OR for 3years -

Have a think about things, ring cccs they give you a generous budget, remember DMP's are far less restrictive than an IVA who know what willhappen in a year or two you could win the bloomin lottery!!

james32_uk

Thanks for your thoughts. I've never really considered Bankruptcy as a serious option, but I still can't see why a DMP is likely to be better for me than an IVA. Why do you think it is?

earwig

ms london
i say about the credit as a back up for the simple reason that the time we pay the bills ect there is NO money left to save so when my washing machine packs up oh will have to do overtime on a dirty grotty bilding site to save up to get one but the o/r will take 70 % of this overtime money as they see it as surpluss earnings be honest would you want to do it so when i talk about credit i mean as a back up not to do my weekly shop im glad you can go and travel for a year but if you went bankrupt you could of still saved and traveld and it was the cccs who told both of us to go bankrupt and my oh did but i havent as the shame my oh went through we didnt want to do it again as my debt could and is paid on a dmp i wish you well with your travels earwig

lynzpower

I think the main reason why its better is that you are more than likely will get granted a DMP whereas you have just been refused for your IVA.

I do agree, you just dont know whats round the corner. If someone had told me Id leap from 13 to 24 k in a few months, i would have had them down as jokers. but just goes to show you never know what the future holds

james32_uk

lynzpower wrote:

I think the main reason why its better is that you are more than likely will get granted a DMP whereas you have just been refused for your IVA.

I do agree, you just dont know whats round the corner. If someone had told me Id leap from 13 to 24 k in a few months, i would have had them down as jokers. but just goes to show you never know what the future holds

So then the best thing to do would be to go for an IVA and if that fails fall back on a DMP?

Also, my IVA has not failed - yet - it's been adjorned while I consider increasing my offer. The irony is if my meeting had taken place only 10 days before it would have been accepted. Maybe God hates me too...

lynzpower

Well my personal feeling is that, a DMP is better, but as I havent seen your SOA, I'm whistling in the dark a bit

Ivas have bigger impacts on your credit rating, I know that much, and I do believe that you dont know whats round the next corner as I said, and a DMP to me, seems more flexible.

However if you default on the IVA, then creditors can petition straight away.. is this what you having in mind - just a sense?

sparkle84

james23_uk wrote:

Thanks for your thoughts. I've never really considered Bankruptcy as a serious option, but I still can't see why a DMP is likely to be better for me than an IVA. Why do you think it is?

Its more flexible - as you know an iva is a fairly strict legally binding agreement with a DMP handled through cccs or payplan a set amount is agreed for you to pay back but you are given more generous allowances, with luck all your creditors will stop charging interest and charges. It gives you time to breathe to make rational decisions to decide the best way forward.

I am on one with cccs it is going well I was told it would take 17 years to pay off HOWEVER I am hoping to save money over the next few years and in 4 years time I am making full and final offers.

For example when I went on the DMP mbna offered me a full and final I owed 11,100 they asked for 3,200 I wasn't able to take them up on the offer so they sold it to Westcot I have already told Westcot in writing enclosing photocopy of the letter from MBNA that this is all they will be getting off me I am not paying a DCA 11,100 when they bought the debt for about £1,000.

I just think this is a better way forward certainly for me and possibly for you. :j

james32_uk

I suppose it's the speed of getting a rid of my debts that's driving me towards an IVA. As I said, at my IVA level of repayment it would take me 12 years to pay off. Even with a dramatic increase in income it will take longer than 5 years. Also it will stay on my credit record for an additonal 6 years, not good for if I want a morgage somewhere down the line.

PeachPickle

james23_uk wrote:

I suppose it's the speed of getting a rid of my debts that's driving me towards an IVA. As I said, at my IVA level of repayment it would take me 12 years to pay off. Even with a dramatic increase in income it will take longer than 5 years. Also it will stay on my credit record for an additonal 6 years, not good for if I want a morgage somewhere down the line.

I don't think the length of time it will take to pay the debts off should really be a factor. I'm sorry if I'm wrong, but from reading your posts it looks as though you're saying that you are financially able to pay more off your debts than you are doing/are proposing and just don't want to. Like Lynz and other have said, you may start off thinking it's going to be 12 years, but who knows what'll happen? Sure, maybe a time will come where you have no other option than to go for bankruptcy or an IVA, but shouldn't they be last resorts? You can see from my sig that I have significant debts, but I've never considered bankruptcy etc because I can pay it back at what is obviously an acceptable rate, because it's been accepted! Why don't you see that as an option for you?

Sorry if I've misinterpreted and you aren't able to pay back more than you want to, btw!