Advice Please

Dscot_2

I've had a DMP on the go now for approx 5yrs (debt £55,000 unsecured) and last week had my yearly review and was told that my DMP was not working for me as it is going to take 24+ years to pay off. I have now been advised to think about an IVA. As I live in Scotland we don't have IVA's it's a Trust Deed which after speaking with other debt advisors i'm not eligible for either as there is too much equity in the house that I live in with my partner and children. Now I feel at a complete loss on what to do and wondered if anyone out there could answer the following -

1. Can my creditors take the equity out of the property even on unsecured debt?

2. Can they also go to court and push for this although I'm still meeting my monthly payments?

3. Also been advised to take out a DMP with another debt company who charge a fee and ditch who i've been with as they said I've been ill advised. Should I consider this and pay a fee?



Thanks D

moo2moo

I'm curious as to how a DMP with another company will achieve things that your current DMP does not. neither your debt nor your income will change. If anything if you go with a fee paying company it will take longer to clear your debts.

24 years does seem a very long time though. Are you still acrueing interest? Which organisation told you that your DMP wasn't working?

Dscot_2

No interest acrueing at the moment but have been advised that the creditors may start charging interest again. DMP is with the CCCS