The problem with DMPs....

Stewart_78

Dancingfairy, the DMP was for 10 years at the beginning but the monthly amounts have fallen. There was a reason why we were advised against IVA at the start but I can't recall now why that was. My house is 'complicated' in terms of usage so maybe that was it.

I suspect the reason they haven't already gone for court is that all the cards and loans were taken out in the mid to late 90's so they probably know they are not going to be able to come up with the correct documents.

National_Debtline

Good morning.

If the amount of equity is far higher than amount of credit debt it may be difficult to have an IVA - as the creditors may reject the proposal. In addition, the equity clause within IVAs could render this option a non-starter.

Creditors could consider the CCJ + Charging Order route against any homeowner. That said they should ensure that they use legal action as a last resort, and certainly only consider using Charging Orders proportionately. Generally speaking, a creditor should only use the courts if setting up a reasonable arrangement has not been possible. It would go against the OFT's Debt Collection Guidance is a creditor ignores a) reasonable offers from an individual based upon a far personal budget; and b) ignores an individuals appointed third-party debt advice/debt management company.

The OFT have recently had to warm Natwest/RBS about their behaviour in relation to Charging Orders:
http://www.oft.gov.uk/news-and-updates/press/2013/03-13


Best wishes,

David @ NDL.