Iva or Dmp

sourcrates

Shookt38 said:

Hello, 

thank you for your reply. I think i am getting ahead of myself as this was not something I envisioned myself to be in. I am worried everyday and watching my back. 

Yes you are right. There are costs in ME that I need to be prepared for. 

May I know how will i still receive the mails from my creditors if i am not here anymore?

thank you. 

That`s just it, you wont receive them in the Middle East, you are leaving this life behind, and starting another abroad, for all intents and purposes, never the twain shall meet, your old life here, will not affect your new life there.

As we said right back at the beginning of this thread, what happens in Vegas, stays in Vegas, yet here you are, focusing on the debt, and how you will get letters etc, when non of that matters, as you won`t be living here.

I can`t be any clearer, I`ll bow out now.

Shookt38

sourcrates said:

Shookt38 said:

Hello, 

thank you for your reply. I think i am getting ahead of myself as this was not something I envisioned myself to be in. I am worried everyday and watching my back. 

Yes you are right. There are costs in ME that I need to be prepared for. 

May I know how will i still receive the mails from my creditors if i am not here anymore?

thank you. 

That`s just it, you wont receive them in the Middle East, you are leaving this life behind, and starting another abroad, for all intents and purposes, never the twain shall meet, your old life here, will not affect your new life there.

As we said right back at the beginning of this thread, what happens in Vegas, stays in Vegas, yet here you are, focusing on the debt, and how you will get letters etc, when non of that matters, as you won`t be living here.

I can`t be any clearer, I`ll bow out now.

I apologise for asking again and again. I am just preparing. Please do not get upset with my questions. 😓

With everything happening in ME I now have to think of a backup plan in case it doesn’t pull through. 

I appreciate the forum so much. Still learning too.

sourcrates

I just want you to be clear on your situation, that`s all.

And yes, the way things are developing out there, you may need a back up plan.

Shookt38

sourcrates said:

I just want you to be clear on your situation, that`s all.

And yes, the way things are developing out there, you may need a back up plan.

Hi, 

do i need to close my old account which is Natwest? I have my new account already. Only thing is my travel insurance is coming from natwest itself. 

Thanks.

DankVielen

Shookt38 said:

DankVielen said:

Shookt38 said:

Hi! I am new to the community and badly needed help and support. 

I work as a part time NhS staff and then my husband and I share a LTD company for agency nurses. Last year was really good but agency shifts nowadays have dwindled down to none. 

I am in need of advice if I go with Dmp or Iva. I spoke with payplan and SC. Payplan offered straight out of the bat IVA. SC is dmp. My accumulated debt is about £85,000. Poor financial choices, maternity leave and also emergencies happened through out the years. I haven’t missed any payments ever. But i am worried as there is less work for me now that agency nursing is dying. 

My husband and I are also moving out of the country to start a new job. How will this affect us if i go with dmp or iva? 

Help please!😫😫😫😫

You started this thread on 6th June 2025 and it has been quite a journey.

A few thing that may not have been covered

1. It is the intention of the lenders to get you to a place where you can afford to service the debt (with interest) but will really struggle to pay it off.  They will have all kinds of zero percent offers, typically at 3.5% or so.

2. In my opinion the lending industry (if we can call it that) thrives on irresponsible lending.

3. The money they lend you never existed in the first place, they did not work for it as you do, they did not borrow it from someone as you do, they did not inherit it or make it as a capital gain on investments.  They literally invented it on their computer, they paid a kind of insurance of 3% to the Central Bank as a way to regulate their debt ratios.

4. When they default they will send you a letter saying the agreement is terminated, they sold to debt to a debt consolidator, interest is frozen and you must now pay them.

5. They typically sell such debts for 3p to 12p in the pound, most at the lower end, yet despite this you are expected to pay the full debt.

6. They sell the debt so they get paid 3% by you on a balance transfer and 3% on sale, that covers their payment of 3% to the central bank. All interest after that is profit.

7. They sell the debt to make their own debt ratio profiles look squeaky clean, the moment they sell it they are allowed to lend the same amount to the next person.

8. The debt consolidator is nobody to you, they never lent you the money, they are just leeches, they will appoint a debt manager company who will assign debt collector after debt collector every 3 to 6 months, all can be ignored until the moment they decide to actually take you to Court which is extremely unlikely except perhaps for credit unions. You might be able to pay them with your emergency fund that you create from the payments to the others that you no longer make.

So £2550 was their initial cost yet if you calculate the interest rate once they have excluded you from zero percent offers as your credit score is overloaded (from irresponsible lending) you will come up to something like below, it is a sobering amount, enough to buy a house in some parts of the country, to service debt that never existed.

---

Making the minimum payment of: The greater of 4% of balance or £500.

This £85,000 debt will take 16 years and 2 months and cost £170,745 in interest at 39.9%

---

Making the minimum payment of: The greater of 4% of balance or £500.

This £85,000 debt will take 10 years and 0 months and cost £65,989 in interest at 24.9%

---

Of course you will pay lower rates of interest at times but this is offset by you borrowing again

You can calculate it yourself at the link below

https://www.moneysavingexpert.com/credit-cards/minimum-repayments-credit-card/

Why am I telling you all this?

Simply because you said you did not want to do a runner, you felt bad, but you have no reason to, they have bled you dry for most of your adult life.  I started out with a debt closer to £90,000, I originally intended to get an offer of 60% off, but they took their sweet time and by the time they did offer it I decided to go all in and paid nothing, not a penny. 

I do not feel bad about it because they made plenty of interest over the years and all of the things I bought with the money was paid to the people I was buying from.  The only losers are we the debtors, UNTIL WE WISE UP.

Do not worry about CCJ's, only one consumer debt company came after me and that was their business model, I rode that out to, so 11 years of them getting zero.

It is their greed that got them zero, they could buy debt for 3% and sell it for 40% but they are so greedy that they try to fool people into paying something that they can generally ignore.

Try to get a friend to agree to let you use their address for correspondence, before you default log into the portals and change your email and phone number to a £1 PAYG SIM and a different email address, if there is no portal simply inform the lenders that due to spam and scammers you have had to change your email and phone number. 

Do not answer calls from number withheld or any number you do not know (i.e. that does not appear in your contacts.  If it is anyone important they will leave a message, later you can withdraw their right to contact you via phone, text or email, so paper only and they will only pass on the new number and email.

As others have explained, unsecured debts are civil matters, nobody has a right to enter your home, even if someone got a CCJ they can't come into your home by force.  Never engage with anyone and they will soon get bored.

Take your new job and enjoy your new life.

Hi, 

That was quite an eye opener for me. Reading what you have posted. Thank you as I am learning from the forum. People have been very helpful to me so im grateful for this community. 

As per changing my email, can I just put them to spam folder? 

Is it also needed for me to ask a friend to receive my mails? Or is it still okay to have my address? 

What would be the implications if i kept my home address and same phone number?

as of the moment, I am only paying the credit union so I can finish them earlier. 

I am just trying to reduce the future anxiety, each debt will be sold, potentially to say 10 different debt consolidator companies, each of those companies will appoint at least one Debt Manager who will in turn point 5 to 10 debt collectors (one at a time every 3 to 6 months)

By changing your email address which will take two minutes to setup at Yahoo, Outlook, Gmail, Mail.com,m Proton and so on, you can then dip in and out of the debt management when you feel up to it.

Reporting them as spam will affect your reputation and keeping emails is a good way to show that there has been plenty of enforcement.

I like to nullify threats, I do not engage creditors, but I like to keep them at least one step behind me.  So if I move I redirect mail via Royal Mail or if at a friends house I collect it.  If any doorsteppers were sent my friend would tell them to go away or not engage them.  If you have a partner they might be intimidated which others have reported here.

There is nothing wrong to keep the same address, if you can handle the mail but the phone number is a no brainer, just pick up a PAYG SIM at Tesco for £1 and update the portal of each creditor.  At times debt leads to feelings of a lost of control which itself leads to other consequences, being able to have a £15 non-smart phone that you only turn on to monitor enforcement activity gives you that feeling of control.

I have learned over the years that the only way to prevent your data being shared is to not share it, so I do not vote and do not participate in credit activities or social media.  By giving new details you ensure that those are the details that are shared.  Sure you can make a GDPR request that they only contact you by Royal Mail but the next debt collector will not respect that until they themselves receive such a GDPR request.

So these are just suggestions to help you manage enforcement activity, they will all write lots of nasty letters and make lots of threats but consumer debt is unsecured debt, they can't take your home or car.

Keeping a low profile means they have no information on which to base a decision to spend more money on getting a CCJ, some firms, like Credit Unions, always go for a CCJ, I respect them for that.  I heard on here that Amex tend to go for CCJ but for someone like me it just means a Court awards them £1 a month for 72 months and you can bet I will make it as expensive as possible for them to collect.

DankVielen

Shookt38 said:

Hi everyone! 

Received a default letter from Paypal. What do i do now?🫣🫣🫣 am getting nervous. Thinking if i would go for stepchange first and self manage later on. 

Shookt38 said:

Hi! Natwest email via debt management as i didnt pay the £65 in my cc this month. Should i just ignore? Im just thinking what if i do SC and aelf manage after? Just to be safe

What is all thus "Just to be Safe" thinking?

There is a process that I explained with numbered points, go back to that.

The money was invented on a computer.

The only way they keep us all paying is the Credit Reference Database but that only matters if we want more credit like a mortgage or car or loan.

They have no power, they call it enforcement to scare you but they have no right to come into your home, nor any right to take your assets such as a car, that is because it is consumer debt.

The GOAL is for them to all default, so rather than worrying, celebrate when you receive a letter saying they terminated the agreement, interest and charge will no longer be added and they sold the debt (Default).

The clock is ticking, now they have 6 years to write letters you can mostly ignore, that process will not change if you go abroad.

Personally I would not tell them you are going abroad and I would let them write to a UK address where you can collect the letters as evidence of enforcement.  If you are going permanently to ME and do not come back why care.

Even a CCJ here will make no difference.

If you use Stepchange there will be deductions, but why pay anything?

A DMP can be used to get an offer of between 40% and 60% from the the people they sell the debt you, but if you wait 6 years and do not make any payment or make any acknowledgement of the debt, then it will go off statute unless they get a CCJ in say year 5.  I had that but only on one small debt out of around £90k.  I did not pay that just meant staying low on radar which I was doing anyway.

Shookt38

Hello, 

First month of cancelled direct debits. But 118 authorised access to my monzo account. I contacted monzo to refund it back. Apparently they are on CPA. Got scared a bit there as I now have my card blocked for the meantime. 

Can i just cancel the CPA through monzo and not contact the creditor? Im afraid that they will ask me to do a reduced payment monthly if i do. 

Regards

Shookt38

Hi everyone, 

i have cancelled all direct debits but Natwest has still taken from my current account where my loan is. What do i do about it? It has now overdrawn!🫣 

I thought when I cancel my DD they will stop taking from my account. What do i do?😓

ManyWays

118, this is a recurring card payment, also called a Continuous Payment Authority (CPA).
Blocking the card or cancelling it may not work.
The FCA, who regulates lenders and banks, has recently issued very clear guidance on this https://www.fca.org.uk/consumers/recurring-card-payments:


Also have you sent 118 an affordability complaint? 

Natwest, this is why we recommend changing banks to one you dont owe any money to. 

Shookt38

ManyWays said:

118, this is a recurring card payment, also called a Continuous Payment Authority (CPA).
Blocking the card or cancelling it may not work.
The FCA, who regulates lenders and banks, has recently issued very clear guidance on this https://www.fca.org.uk/consumers/recurring-card-payments:


Also have you sent 118 an affordability complaint? 

Natwest, this is why we recommend changing banks to one you dont owe any money to. 

Hi, already have monzo. Do i need to close natwest? Natwest is one of the creditors. They didnt take any from monzo but from my natwest current account which was overdrawn.