Probably as bad as you will see :(

immoral_angeluk

Gimpsdad wrote: »

ETHEL33

FOR GODS SAKE TAKE SOME ADVICE FROM SOMEONE WHO IS NOT DEPENDENT ON THEIR INCOME FROM CREDITORS!!

I cannot stress enough that you have 3 options. What you choose to do is up to you, but do remember that you have a family and have no duty in law to act in your creditors best interests, despite others telling you that you do.

Option 1. DMP through CCCS. Apparently, this will be £400 per month even though you have no hope of paying it. This is because CCCS believe that you should live on nothing in order to pay the debts back as quickly as possible. Interestingly, CCCS will receive a fat commission for this. Coincidence? Make your own mind up.

Option 2. IVA. £200 max per month (according to your SOA you can afford it. You can't but if you are willing to try then fair play to you). As NR are your main creditor then you will be subject to a 6 yr IVA.

3.BR. You are in massive negative equity, and your SOA indicates that you will not pay an IPO/IPA.

I stress again that you have 3 options. DMP which is pants, IVA which is better but still not the best and BR which means that CCCS will not get any commission and greedy creditors will get sod all. Given that this is a money saving forum, do what is right for you and not CCCS or their paymasters.

I'm sorry but this is totally wrong. A dmp will be at whatever surplus there is not a flat rate. I know people on DMPs of £20pm. A DMP is generally more flexible and the likes of CCCS etc will want it to be manageable long term and can easily be changed if need be
. An IVA will not be max £200pm, this is often the minimum for some IVA companies. IVAs are stricter on expenditure and will be whatever surplus is available after their allowed expenditure so it could well end up being more. An IVA is an option, but the OP needs specialist advice.

As for fees, CCCS get a donation from creditors but this does not affect what the OP pays. IVA companies charge thousands (average fees about 3-5k) for an IVA which is the IVA fails, is added to the OP's debt.

OP, get some independant free debt advice from CCCS, National Debtline or CAB.

nottoolate

looks like gimpy is here to promote the iva industry, and suffers in spades from the 'bias' he imagines in others.

immoral_angeluk

nottoolate wrote: »

looks like gimpy is here to promote the iva industry, and suffers in spades from the 'bias' he imagines in others.

IVAs CAN really help some people, but really they should be seen as an alternative to bankruptcy if there's going to be serious adverse affects on the debtor's employment, property etc. In most cases there's very little advantage to IVAs compared to BR.

Gimpsdad

You are all entitled to your opinion, but I stand by what I have said 100%.

The options are still the same. Pay more than can be afforded for an unreasonably long time and struggle like mad. Look at IVA, which WILL be £200 max based on the figures posted. The OP cannot afford more and therefore the payment will not be more, unless the OP approaches a firm that have their own minimum criteria for payment. That would be unwise, as the payment has to be managable for the IVA to survive in the first place. Or go bankrupt, which is the quickest and cheapest option, as I have previously stated. If you read my previous posts you will see that. Not quite sure how you feel I am promoting the IVA industry when I have recommeded BR?

"IVAs CAN really help some people, but really they should be seen as an alternative to bankruptcy if there's going to be serious adverse affects on the debtor's employment, property etc. In most cases there's very little advantage to IVAs compared to BR." All true, but maybe it should be expanded to read that in the vast majority of cases where there is a choice between DMP and IVA then IVA is a far better alternative for a debtor than DMP.

This is a money saving forum, so if you base it on cost then the most expensive option is DMP, even if you imagine that interest will be frozen yesterday. The middle ground is IVA, which will be far cheaper and the OP will not lose her house. The cheapest option is BR, which I would advise the OP to give very serious thought to.

You can't argue with fact, however much your opinion differs from mine.

freshstart11

Gimpsdad wrote: »

ETHEL33


Option 1. DMP through CCCS. Apparently, this will be £400 per month even though you have no hope of paying it. This is because CCCS believe that you should live on nothing in order to pay the debts back as quickly as possible. Interestingly, CCCS will receive a fat commission for this. Coincidence? Make your own mind up.

oh dear, I love reading all the "wonderful" information you give you (considering you already incorrectly posted on my thread earlier!) CCCS actually do not believe you should live on nothing! When I spoke to them about my self managed DMP to check everything seemed right - They told me I should have increased the amount I budget for food, clothes and emergency.
Which is exactly what CCCS and Payplan said 2 years ago when I hadnt had my LBM.

I suggest you check your facts and stop posting incorrect information!

Gimpsdad

"I cannot do a DMP at present due to the free income I would need this to be approx £400 per mth and an IVA was discussed briefly at £225 per mth"

This is from the OP.

Are we clear now, or do you want me to explain it again?

freshstart11

I am saying your VIEW on DMP is jaded several comments I have seen show this! You dont need to be so rude!

Gimpsdad

"I suggest you check your facts and stop posting incorrect information!"

I am only rude to those who imagine that they have a right to be rude to me first.

As for my views on DMP's, I am glad you seem to think that you know what they are. There are lots of debt solutions, and DMP is one of them. Where it is appropriate, it certainly beats the hell out of getting into more debt and is therefore a decent solution. If it is the right thing to do then I have posted many times on here that CCCS is a good place to get one as they are free to the user. I only object to DMP's where they are clearly an inappropriate and unnecessarily expensive solution.

ETHEL33

Blimey - that was all a very interesting read I totally see what you are all saying, thank you but lets all get on
Little update is I have got all my letters ready to post to non priority debts with a token payment of £1 until I get straight. I have no arrears on anything but it will be a few months before my husbands salary will go in as he is off due to medical reasons. Once his salary is in the account I will then look at next solution ie DMP,IVA or BR!! I have phoned up and opened a CO-OP cashminder details came through the post this morning to sign and return and then I will get all the DD switched over and ready for a fresh start. It's been a busy few days but my head is feeling clearer and I am ready for the challenge.
Thanks Again!

Gimpsdad

Excellent news, the Cashminder is probably the best account of its type around.

When you are settled, do give serious thought again to BR.