DMP Mutual Support Thread - Part 7

massivedebts

pumpkinsoup wrote: »

Hi guys thank u so much for ur kind welcome and advice already:o. Another question im afraid ive filled in my details on the cccs form and the first solution is an IVA! 2nd DMP, the IVA sounds a bit more serious!! does anyone know in simple terms what the differences are??i had got myself round to the idea of DMP and am now more confused than ever

Hi Pumpkin!
I'm no expert but I believe there's not a lot of diference between the 2, except that the IVA is a much more rigid and formal arrangement whereas a DMP is more of a gentleman's agreement between you and your creditors and is also more 'flexible'. When we started on our DMP journey our first solution was bankruptcy and then a 'low start' DMP....we opted for the later...obviuosly!;)
It is all very confusing at the start but I suspect many people would agree with me that a DMP is prob the best way to go.....you can always change your mind further down the years if the DMP doesn't go to plan, however if you opt for the IVA you couldn't go back and then decide to do a DMP.
Hope this helps and good luck!
MD xx

ianmak

massivedebts wrote: »

Hi Pumpkin!
I'm no expert but I believe there's not a lot of diference between the 2, except that the IVA is a much more rigid and formal arrangement whereas a DMP is more of a gentleman's agreement between you and your creditors and is also more 'flexible'. When we started on our DMP journey our first solution was bankruptcy and then a 'low start' DMP....we opted for the later...obviuosly!;)
It is all very confusing at the start but I suspect many people would agree with me that a DMP is prob the best way to go.....you can always change your mind further down the years if the DMP doesn't go to plan, however if you opt for the IVA you couldn't go back and then decide to do a DMP.
Hope this helps and good luck!
MD xx

One thing to note is that an IVA would be more suitable to those who don't have a mortgage or their own property, ie if they are renting. This is because if you ever came to sell your home, any profits from the sale 'could' get swallowed up by the IVA and distributed to creditors. There's a good document on this website regarding IVAs, which is..... here: http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf

Twit_Head

geoffmr1 wrote: »

Hi Chellebelle,

You have done the right thing, taking the first step is always hardest but it will get much easier.

Looking at your debts it's highly unlikely any of the creditors will do more than pass the debts around to different DCA's at most. I would be lying if I said they cannot take you to court and get a CCJ but they also cannot refuse to negotiate with your appointed debt management company.

As I said you have done the right thing. Regarding bailiffs, you would have to have a CCJ registered against you and then default on it. Once again it's just not going to happen.

In relation to DCA's they are usually more accepting of DMP's, they buy the debt for such a little amount so are happy for it to be paid over time. I'm not saying they are better than the original creditor because if you asked 1000 people I'm sure it would be pretty even as to who people prefer, just in a lot of cases they are more accepting.

Honestly, please try not to worry...... I know it's much easier said than done but you have done the correct thing.

Well, hello again to you too :wave:
And where have you been all this time? I thought you must finished your DMP and be living on a tropical island somewhere by now
It's really great to have some of the 'oldies' back on the thread again!

'Twitty'

(I'm doing a 'Tooth Fairy' here and starting at the end of the messages and working backwards!)

geoffmr1

Hi Twit Head,

I have finished my DMP now, thankfully. I wish I could say how wonderful it had all been but unfortunately the pressure ended up taking it's toll and it resulted in my 16 year relationship ending last year, so not the best of times. Living away from my children kills me.

Anyway, onwards and upwards. I'm glad to see some of the old skool are still around, it has been an age!!

Twit_Head

copperboom wrote: »

I feel exactly the same with regards to depression and spending... I think my biggest challenge in the months ahead will be to find other ways to make myself feel better when I get into one of my downward spirals, without spending money I don't have. Good luck! You can do it! We can all do it

Not spending it wastefully gives you a bit of a high instead!
When you look back at where your money was going with no real purpose, and then zoom forward to now and the future, you'll find there is a real kick in getting the best value that you can.
You develop a certain pride that you can live a reasonable life, but still not have to spend vast amounts of money.
The cheapo bottle of wine on a Saturday night will taste like nectar

'Twitty'

Twit_Head

geoffmr1 wrote: »

Hi Twit Head,

I have finished my DMP now, thankfully. I wish I could say how wonderful it had all been but unfortunately the pressure ended up taking it's toll and it resulted in my 16 year relationship ending last year, so not the best of times. Living away from my children kills me.

Anyway, onwards and upwards. I'm glad to see some of the old skool are still around, it has been an age!!

Ooh bless - I'm really sorry to hear that.
Stick with it. Dads often get the worst of the deal in a relatioship break-up. But your children will always know and love you; you're a special person to them and always will be.
Don't know their age but as they grow into adulthood they will understand how all this has been for you.
DMPs are tough but life can be a real b*st*rd can't it? Stick with it - all things change. One day ( I hope soon) you'll be living a better life than the one you're in now.
You look after yourself

'Twitty' x

Twit_Head

hopeful1983happy wrote: »

Can I have a DMP number please?
:j


How do I go about making a signature please? Finally feel confident to reveal all!

Thanks

1) Log yourself in
2) Click on 'User CP' (3rd along on the green tool bar under the forum rules,icons etc)
3) Look down the left hand panel for 'Edit signature'
4) Play happily composing your masterpiece

Hope that helps!

'Twitty'

pumpkinsoup

ianmak wrote: »

One thing to note is that an IVA would be more suitable to those who don't have a mortgage or their own property, ie if they are renting. This is because if you ever came to sell your home, any profits from the sale 'could' get swallowed up by the IVA and distributed to creditors. There's a good document on this website regarding IVAs, which is..... here:

wont be wanting that then thank u :D

sophie1412

Hello,

I'm hoping that someone on here with experience of DMPs can give me some reassurance as I'm panicking a bit!

I have debts of about £28000 spread between a loan, overdraft and 3 credit cards. I have applied through CCCS for a DMP and have just posted the agreement back to them today. I felt so positive about it all yesterday but now I'm just stressing!

I have received default notices on 2 of my cards and the expiry dates fall today and tomorrow. When I rang CCCS they said that default notices were pretty meaningless and that it wouldn't affect the companies likelyhood of entering into a DMP agreement with me. Has anyone else been in this situation?

I felt so positive about getting things on the way to being sorted but now I just feel as sick and scared as I did before I contacted CCCS.

How long does it usually take to set up a DMP? I've sent back the agreement and my statements today. I'm hoping a week or so but is this a bit optimistic?

Do the creditors usually accept the DMP easily? Seem to be some stories on here about people still being harrassed by creditors.

I'm just so worried about it all. Any advice gratefully received!

sunnygirls

Hi i sent all my info back to CCCS last wednesday and today i recieved my welcome pack with all info in and a letter stating proposals had gone out to my creditors .My first payment is due to go out 1st june .So from first doing the debt remedy its taken just less than 2 weeks .Fingers crossed now ,i hope im on way to been debt free x.