Without a paddle... support for anyone starting a DMP in 2010 (part2)

Venom1983

Totally new to this but have started a DMP this year though it seems to be taking a while to set up all the while being charged like crazy by the banks etc but oh well seems I left my head in the sand a little to long but popping an eye up was probably the better thing to do before things got seriously bad! Not totally sure how much I owe as it still going up through charges etc that havent been frozen but I am closer to knocking on the door of 13k than 12k, ho hum life goes on but will have to startt chasing soon!

pure_dead_dopey

Morning All

Welcome Venom (interesting name!!!). Well done for getting your head out of the sand, its the first step and the DMPs do settle down mostly, we had 22 creditors (must be a record) and 20 have ceased interest and Lloyds have reduced, so it can be done.
Rhian you should read some of the stuff on the IVA board, in particular a guy called Charco, he seams to know what he's talking about, he says IVAs are only suitable for about 3% of debtors, not a bad idea to check it out. I think they are most suitable if you are trying to protect equity in your home. good luck with it.

mamajojo

Rhian82 wrote: »

When I paid in cash it was always instantaneous I think.

Interesting phone call from Payplan tonight, they're setting up our stuff and went through a couple of options with DH. Basically, we have a lot of debt and limited means, so we're looking at about 9 years to pay everything off (providing creditors stop interest and charges). Now the majority of the debt is in DH's name - still a fair bit in my name, but mostly in his. So they suggested we could split it, and he could get an IVA, and I would go with a DMP. His stuff would then have a fixed end date, and written off after that, and then we could throw all the money at my creditors and get them paid off quicker.

Obviously they're not guaranteed to accept the IVA, but if not then we just go back to the joint DMP we were thinking of anyway.

Just wondering what anyone's thoughts were on this? Any experiences or recommendations?

Hi Rhian
We were initally pointed to an IVA by CCCS - their iva arm cccsva looked into it with us and it didn't suit us as DH has the only wage and has managed to have only a quarter of the debt in his name....creditors wouldn't consider it "fair" to have his wage servicing the greater portion of the debt in my name.
We were uncomfortable with the equity of the house being assessed at the end of the 5 years, the likelihood of it being there and you having to find a way of releassing it with insolvency on credit file, if you couldn't then having to extend the term of the iva to 6 years..Also I think you might need to check any mortgages terms and conditions before entering into an iva - only think this after we read ours thoroughly and it said entering into a voluntary arrangement would break the terms.

We were more comfortable with the dmp route, feeling the creditors had had a very good amount of interest off us over the years and if we could deal with our debt this way it would suit us better, especially as *fingers tightly crossed* I hope to return to work and dh is still after promotion so we should be able to knock the 12 years down!
As Nat said all IVA providers charge a fee to set up and manage an IVA, there are a lot of providers! The IVA sub board were great very very informative and calming - yep PDD Charco was fab!
Have a good look into it to see if it suits you... I was pm d a IVA website which was helpful, rated providers etc, did have couple of calls from people there too who were lovely to talk to if you want I can pass it on to you!
HTH sorry as usual rambling and maybe incoherent blame the ankle biters!

Rhian82

Hmmm, we don't actually have a mortgage or own anything of value bar the car. I am leaning a lot more towards the total DMP route I have to admit.

mamajojo

Morning!
Quick hello then off to try and be good mummy...only news is DH has been terminated by RBS (have I got the right word.....incorporated, delinquant, deviant, mangled, ????) So they do seem to be following their own rules and timescale! Interest will end 28 days after the first payment from cccs.
Hope you have a good day, will catch up later!

mamajojo

Rhian82 wrote: »

Hmmm, we don't actually have a mortgage or own anything of value bar the car. I am leaning a lot more towards the total DMP route I have to admit.

Not having a mortgage would perhaps be a good thing for an IVA....but thats just my thought and not based on factual knowledge! I don't know if a dmp or an iva would have similar or different impact on chances of mortgage in future, other than timescales etc...though the way we are with our house think if I knew then what I knew now we'd still be renting!

You've got to go with what suits you, your debt situation! I hate that d word now!

pollywoggle

Hi Guys, Morning

Letter today from Cap one that I dont quite understand, last week they wrote saying they would accept cccs payment plan, today have had nasty letter,:mad: does the left hand not know what the right is doing or what ....is this norma:ol and will it settle down?? going to go have a look at ppi's now
:T

Rhian82

I think it's pretty normal - the actual people will agree, but computers still spew out standard letters for a while.

pollywoggle

Went to have a look at ppi, but I'm even more confused than I was before, does any one know if there's an idiots guide link, I can look at??? xx

newbeginning_2

Hi pollywoggle, I've been looking at PPI too, there is a thread on it, if you've got any questions post them on here there seems to be a couple of people on there that know everything. That's where I took my silly questions

http://forums.moneysavingexpert.com/showthread.html?t=1460775