DMP & Mutual Support Thread - Part 10

Puzzcat

Aloofdragon wrote: »

To be honest I am dreading sending the letters to Payplan tomorrow I know we could sort this mess out in less than 5 years maybe 6 that an Iva will be for but we have been slightly railroaded by work colleagues with my hubby. OK we will be skint til this time next year but the thought of receipt sending, ringing in if hubby has a few hours overtime, my SS maintenance is due to end after Christmas will all that go straight into their pockets he is also due for promotion at work OK it won't be a massive amount but anything over hundred pound a month 50% will go into the payplan pot this is what scares me the most not sorting the debts out , I think its mainly as none of our debts are to utilities (apart for 2 months water) we owe nothing that could actually make us homeless.

Sorry if I am missing something obvious but why an iva over a dmp? Have you tried the stepchange online debt remedy to see what that suggests instead. I have creation as a creditor they are my only interest charging creditor but I complained to the fos and got the interest lowered, I don't think they are 'nasty' per se, I've never had any calls from them or nasty letters like some other creditors send.
Good luck whatever you decide.
Puzz.x

Time_to_face_the_music

Aloofdragon wrote: »

Hiya we are about to set the ball rolling into an IVA with PP and to be honest I am feeling rather punch drunk we have a total of £13k, debt at the moment 2 cc totalling £2k, a bank loan with Barc for £6k, A £600 overdraft Argos card £1k, a catalogue debt £1k a tax credit overpayment of £1.5k my main question is if this falls through if the creditors don't go with PP is there a better debt to pay off first one of the credit cards is creation and everything I have read says nightmare!!
Can I just add I haven't actually defaulted on anything yet I do have a late payment tho for this months as nothing has been paid as instructed.

Hi Aloofdragon and welcome :hello:

Do you own your own house or do you rent?

Aloofdragon

We rent x and many thanks for your welcomes, as for Why an IVA we have only been in touch with PP and don't want to slate them in the slightest but looking through the paperwork they have put together they have added about £800 onto the amounts we have given them and granted there will be late payments and interest but I don't undestand why they have added so much. I have older debts one is a credit union loan of just over £1400 but I only pay £16 a month on that and have old catalougue debts of upto about £800 but they only have another year to 2 years max to take them to the 6 year mark so will fall off soon and only have a sarky letter once in a blue moon so mine really don't bother me at all yet they want me to do a DRO on them, OK so my debts will be squashed but I feel awful about not paying the credit union loan back mainly as it was my wedding money which sounds daft but as it causes us no financial hardship I just don't understand it.

Hubbys as I said are 2 CC +argos card these three really' total £3200 plus an old Marisota account £1054 a tax credit overpayment of £1500 that is being taken off us a few pound a week so we wouldn't really have to do anything with that, and the big debts are a Barc loan of £5,900 and overdraft same bank of £700 so when totalled actual numbers that need paying off are not that scary. I also have a chance of going back to work a few days a week which I could throw totally in the pot as long as the huge loan repayments weren't coming out of our account. But this hasn't been decided yet as this is all up in the air.

sunnyskies2

Puzzcat wrote: »

With all this paying back of payday loans, I think it's time they looked at rate jacking and consolidation loans from main stream lenders. Personally that is why I'm in the mess I am, and I'm sure I'm not alone!!!

Yes, so many consolidation loans going back years and years - I had all good intentions to become debt free but unfortunately it never happened...until now:)

On another note, I ckecked Noddle and I'm now down to 1/5, I've had letters which appear to be default notices but there are none on Noddle - do they take very long to appear on file?

Thanks

Sarah x

Monkeyballs

Hi Dragon,

Welcome to the thread, I'm still struggling to work out why you are on an IVA instead of a DMP? Am I right in thinking that you have very little spare income and your repayments would be less than £5 per creditor (Eg. If you had 10x Creditors and yet you can only make monthly repayments of £40)?

I understand that PP will be doing great things to help you and put your mind at ease but you need to be 100% sure that what they are suggesting is the best thing for you and your situation... Us lot on this thread want nothing but the best for you too

MB of G x

sunnyskies2

Hi all,

Was having a browse and just read this, a really informative post - especially with regard to F & F - any newbies please don't be worried by me putting a link for this - I don't believe many DMPers have had hassle from Debt Collectors -

https://forums.moneysavingexpert.com/discussion/5076035

Sarah

Monkeyballs

Puzzcat wrote: »

With all this paying back of payday loans, I think it's time they looked at rate jacking and consolidation loans from main stream lenders. Personally that is why I'm in the mess I am, and I'm sure I'm not alone!!!

Provident... Blasted Provident and their "do you need to borrow more? we can lend you more if you like... just loan enough to pay what you have outstanding and the extra you need..." I put in a complaint ages ago, they wrote back to me telling me my agent had left and I had a change of account manager so they needed more proof like bank statements from the time I took out the loan, I was writing to explain I didn't have them and that it shouldn't matter when I got a letter from a DCA telling me that I owed them and not Provident now!!! If I lose my job and go down the DRO I won't feel bad for them

sunnyskies2 wrote: »

Yes, so many consolidation loans going back years and years - I had all good intentions to become debt free but unfortunately it never happened...until now:)

On another note, I ckecked Noddle and I'm now down to 1/5, I've had letters which appear to be default notices but there are none on Noddle - do they take very long to appear on file?

Thanks

Sarah x

Hi Sunny,

I found that defaults can take up to 60 days to appear on Noddle but the 6 years starts from when the default was issued, not from when it became visible

MB of G x

Aloofdragon

Monkeyballs wrote: »

Hi Dragon,

Welcome to the thread, I'm still struggling to work out why you are on an IVA instead of a DMP? Am I right in thinking that you have very little spare income and your repayments would be less than £5 per creditor (Eg. If you had 10x Creditors and yet you can only make monthly repayments of £40)?

I understand that PP will be doing great things to help you and put your mind at ease but you need to be 100% sure that what they are suggesting is the best thing for you and your situation... Us lot on this thread want nothing but the best for you too

MB of G x

We have sat contemplated discussed actually spoke about our debts and decided to go it alone, the debts owing we can sort out within 6 months apart from the big loan which I will need to try and lower payments on but will def seek advice about that.. I have just made all minimum payments owed and will go back to work and pay all my pay into paying this mess off but at least all cards are cut up no more debt to be added and we HAVE TO start watching our pennies.. I don't know if I'm relieved or petrified but doing nothing was killing our relationship.

Time to grow up and face the consequences I think. And read all I can on here, thanks for your patience for letting me ramble my thoughts x

Growurown

Aloofdragon wrote: »

We have sat contemplated discussed actually spoke about our debts and decided to go it alone, the debts owing we can sort out within 6 months apart from the big loan which I will need to try and lower payments on but will def seek advice about that.. I have just made all minimum payments owed and will go back to work and pay all my pay into paying this mess off but at least all cards are cut up no more debt to be added and we HAVE TO start watching our pennies.. I don't know if I'm relieved or petrified but doing nothing was killing our relationship.

Time to grow up and face the consequences I think. And read all I can on here, thanks for your patience for letting me ramble my thoughts x

I have read before that Pay Plan push the IVA route. I think I prefer the flexibility a DMP offers. You can arrange lower payments yourself, if you need any help give us a shout. Always someone knowledgeable around to advise. It's good to hear you have cut up the cards and won't be taking on more debt. I tried to cure our debt problems by taking on more debt. Unsurprisingly it didn't work. We were prize numpties:rotfl::rotfl:

Kate_fixing_it

Can't sleep...but for good reasons...PPI is in! I've never seen that much money that's actually mine to do what I want with it after my monthly bills have been paid that hasn't come from some source of credit!

F&Fs here I come!

Kate x

ETA: I've just cleared a debt :j DH's college course! Now everything I owe that isn't a tax credits overpayment is through my DMP. I can probably get some sleep now I've got that out of my system