DMP Advice please...

tornadobunches

Hi there...

was hoping to enter into an IVA, but was told by Payplan I would have to include my wife in this as well, cause although most of the debt is mine, we have one joint loan and so they would only consider an IVA if both in it which is NOT good.

A DMP with Payplan would involve her being involved as well...I am wondering has anyone done a DMp their self, just written to the banks/card companies etc concerned...how as it? what type of repsonse was given, any problems? Also, I am planning to write to all my personal debtors but leave the joint debt alone and argue thet my wife is servicing that seperately keeping up full payments...do you think that will be okay? and therefore not get any marks on her credit rating that a DMP would do?

Hope this all makes sense...please help anyone...going round in circles over last few days and its driving me bloody mad..

thanks

M

newlywed

Oh's ex just went into an IVA and that means they are chasing OH for the loan monies as they had a joint loan and she is in an IVA (completely without his knowledge, in fact she refused to admit it after the debt company told OH). So if you did go down that route, your wife would have to pay the majority of the joint loan.

As far as I know, if you have joint bank accounts or joint loans at all, then your credit files are linked so any "marks" on your credit file will also affect her. However I understand that a DMP with default payments is less damaging to your credit file than an IVA, although I don't know for sure.

There is a Debt Management Plan Mutual Support thread on here, there are some posting on there who have done their own DMP's.

Here's a link http://forums.moneysavingexpert.com/showthread.html?t=388366

Hope that helps a little.

olibearhorse

My boyfriend is with the CCCS and we have one joint loan together. They suggested I joined them too but my debt is not nearly as bad so I refused. The joint loan is my boyfriend's responsibility so we just didn't include it in his DMP which the CCCS said was fine. All is hunky dory and everything has been now been accepted. Whilst the joint loan is still being paid, no adverse credit/damage has been done to my credit rating (I know because I have checked!)

Good luck with it all.