Writing off debt info? please

sourcrates

bargainbetty wrote: »

By the way, I'd be interested to know who the company is. You cannot just 'write-off' debts, and the only ones who use this kind of language are usually the ones who charges fees for helping you do things that Stepchange and the other charities do for free.

Just be wary of signing up to anyone who charges a fee. Your best interests are unlikely to be their first consideration.

This is true to a certain extent, but IVA`s differ from DMP`s.


An IVA is a legally binding agreement, which an Insolvency practitioner administers on your behalf, the IP is allowed to take a "fee" from your IVA payments, for the work he does on your behalf, this is industry standard practice.


A DMP however is not a legally binding agreement, and companies that charge you a fee for this service are doing so to make profit from you.


You should never pay anyone to administer a DMP when it can be done for free.


Its important that you know the difference between the two.


Also what Rizla king says above is true as well, with that amount of equity you would never be accepted, you would be best to re-mortgage in my opinion.

Monkeyballs

Hi Gaz,

As others have mentioned above, as a rule of thumb when someone contacts you out of the blue offering something that sounds too good to be true then it most likely is.

Follow the (majority) of advice above and read up on IVA's by all means but even if you did decide that it's something you'd like to look closely into then speak to a debt charity (you mention your DMP is with Payplan anyway) and maybe get a second opinion from another or try CAB.

MB

fermi

As per forum rules, I would be grateful if people could refrain from quoting the content of spam. Thanks.

(posts concerned are now gone BTW)