Asking credit cards to freeze or reduce interest

midlands13790

Thanks for your feedback both.

One other thing one debt company has suggested an IVA as opposed to a DMP. Do you have any opinions on this?

EssexHebridean

Thrugelmir said:

EssexHebridean said:

Halifax are delighted to offer you a consolidation loan because they are fully aware that the vast majority of people who consolidate end up in more debt. 

Front line staff are not trained debt advisors nor is Halifax in the business of giving tailored advice. They are merely providing an option, not the solution. That can only come from the person themselves. 

Then I'm afraid they should have a standard policy in place that someone calling because they are struggling with debt does NOT get offered further borrowing. while people posting on here can have it explained to them why consolidation is an awful flawed idea for the majority, it's unrealistic to expect the vast majority of the public to know that. 

Grumpelstiltskin

midlands13790 said:

Thanks for your feedback both.

One other thing one debt company has suggested an IVA as opposed to a DMP. Do you have any opinions on this?

Which debt company suggested that? someone anting to make money out of you?

midlands13790

Grumpelstiltskin said:

midlands13790 said:

Thanks for your feedback both.

One other thing one debt company has suggested an IVA as opposed to a DMP. Do you have any opinions on this?

Which debt company suggested that? someone anting to make money out of you?

Consolidation Express from looking online I suspect you may be right

Grumpelstiltskin

Look don't even think of touching any company who will make money from you with a 50 foot barge pole.

EssexHebridean

If an IVA was right for you then StepChange would have recommended it or at least suggested you look into it. NEVER take debt advice from someone whose primary interest is in making a profit out of you - it's unlikely to be unbiased. 

midlands13790

Thank you both.

So if I go ahead with DMP I still have some CC payments due this month should I stop them now? Then loan and CC payments which have already been taken for this month stop them before next month? Any tips on how to deal with the inevitable phone calls etc which will come. Do I need to send any letters to creditors? Is it worth making any kind of token payments? And finally should I wait for all accounts to default before processing DMP or just set a 6 month window?

Grumpelstiltskin

So are you going to do your DMP through Stepchange?

The general advice is not to rush into the DMP, others will be along with more advice for you.

Thrugelmir

EssexHebridean said:

Thrugelmir said:

EssexHebridean said:

Halifax are delighted to offer you a consolidation loan because they are fully aware that the vast majority of people who consolidate end up in more debt. 

Front line staff are not trained debt advisors nor is Halifax in the business of giving tailored advice. They are merely providing an option, not the solution. That can only come from the person themselves. 

Then I'm afraid they should have a standard policy in place that someone calling because they are struggling with debt does NOT get offered further borrowing. while people posting on here can have it explained to them why consolidation is an awful flawed idea for the majority, it's unrealistic to expect the vast majority of the public to know that. 

Debt consolidation is an option for some people. Ultimately people have to accept responsibility for their own actions. Not offering a consolidation loan isn't going to stop people running up further debt. There have been great strides over recent years to progressively tighten up the lending markets and make lenders more accountable. Still more to be done. Takes time to wean people off the easy credit tap. 

midlands13790

Grumpelstiltskin said:

So are you going to do your DMP through Stepchange?

The general advice is not to rush into the DMP, others will be along with more advice for you.

I think thats my best way out if I want any kind of mortgage in the future aswell i guess the saying is "short term pain for long term gain"