early stages of dmp

danp100

Hi,
i am about to make my second payment into my dmp. i will be paying this for 3-4 months before proposing an iva. my concern at the moment is that i have now missed 3 payments and therefore the interest i have been charged is huge. i think the amount i owe since i first started to try and sort out my debt has gone up by around 2k. i know there is nothing i can do about the interest and i dont think this is really going to make a lot of difference in the long run? obviously i am getting a lot of letters and phone calls, which i have been told to expect, but it is still a worry. I think it all out of my hands and up to the debt management company to act on behalf? i dont really see why the bank continues to even bother to add interest which clearly i am never going to pay back? thanks for any more advice on this
dan

FavDaughter1

Hi, didn't want to read&run. i'm v new to all this,just done a Full&Final IVA with help from my parents. i don't know much about DMP'S,someone will ans. who has more experience so hang on& check in again.

while we waited for our F&F to go through the banks& cc kept bumping on interest,you're not alone in that. the letters and calls are v stressful. why are you doing the DMP if you're planning a IVA? who are you with for the DMP? you don't have to use the same firm if you're not happy for the IVA. i've seen posts where people regret not getting on with the IVA sooner.

look out for Charco,he's a big help,i'm sure he'll post you. hang in there,folk with more exp. will ans. you. main thing is you're not alone in this.

kns_2

As above why do a dmp if your going to do an IVA.
Just stop paying the DMP its a waste of money.

danp100

the reason i have to go on dmp for a few months is to show that i can keep up with payments, since my debt is due to gambling. my IP will not put forward a proposal until i can show that i have quit gambling. Thanks for any further advice
dan

FavDaughter1

i didn't realise sorry. you sound overwhelmed with it, it get's to us all sometimes. don't let despair of it just growing in size drag you back to the gambling,you've done well to be free of it this long.

are you getting any support with the gambling? it could be a temptation if your stressed,some support would help. if you need it i could find you a link for some online support.

you don't have to battle it all alone.