DMP Mutual Support Thread (Part Three)

newlywed

Bolton found this: http://www.bankruptcyhelp.org.uk/is_bankruptcy_right_for_me.asp

Will Your Job Be Effected If you Declare Bankruptcy? There are various professions which will not allow you to continue to practice while you are a bankrupt person. These include: Lawyers, Chartered Accountants, or many positions within the Financial Services industry. You will also be prevented from being a Member of Parliament, Justice Of The Peace or Local Authority member while you are a bankrupt person.
If you are a member of the Police Force or Armed Forces, declaring bankruptcy may have an adverse effect on your career. Before declaring bankruptcy, you MUST discuss your circumstances with your personnel department or a superior.
As a bankrupt person, you can not operate as a Limited Company Director or be involved in the promotion, formation or management of a limited company without permission from the court. If you are currently in such a position, you must think very carefully before declaring yourself bankrupt.

newlywed

Found this about IVA's - but from a website trying to sell them

Bankruptcy is a matter of public record. You will have to notify your employer and your landlord and anyone else who is interested can check and find out that you have been declared bankrupt, nor will you be able to act as a company director. With an IVA, you don´t have to tell anyone. It is a legally binding private agreement between you and your creditors, though it will appear on your credit file. Many career paths can be impacted by being declared bankrupt, an IVA is a suitable alternative for professionals who are conscious of the impact of bankruptcy on their careers e.g. Police, Armed Forces, Doctors etc

So presumably if an IVA is a legally binding private agreement and you don't need to disclose it, having an informal non-legally binding agreement (ie a DMP) you won't need to disclose that either???

Boltonbwfc

"Found this about IVA's - but from a website trying to sell them

Bankruptcy is a matter of public record. You will have to notify your employer and your landlord and anyone else who is interested can check and find out that you have been declared bankrupt, nor will you be able to act as a company director. With an IVA, you don´t have to tell anyone. It is a legally binding private agreement between you and your creditors, though it will appear on your credit file. Many career paths can be impacted by being declared bankrupt, an IVA is a suitable alternative for professionals who are conscious of the impact of bankruptcy on their careers e.g. Police, Armed Forces, Doctors etc
So presumably if an IVA is a legally binding private agreement and you don't need to disclose it, having an informal non-legally binding agreement (ie a DMP) you won't need to disclose that either??? "

Thats fantastic, thanks newlywed and thanks to nomoneynomoney! The IVA was the one I needed to know about! I don't intend being bankrupt yet

On a downside! I have just had a phone call from Allied International (Lloyds DCA) and they said they had'nt received my February payment and CCCS had told them I had'nt made the FEB payment. I rung CCCS who confirmed that they had received the payment but late. Apparently this had happened with a number of people on the plan in February and that they had noted on the email to Allied that they would be sending a double payment in March. Now I have also been informed that because it's Easter and the fact that I paid the March payment on the 10th March instead of the 7th March this would now have to go to the April payment! My worry is what will the creditors think about this matter as that will be 2 payments late on the trot

CCCS did say that they would e-mail the creditors and tell them but it does'nt look good does it? CCCS said not to worry but things had been moving along nicely up until now!

newlywed

Yeah but it was on a website trying to flog iva's - be warned


Oh and IVA information is freely available from the insolvency register website - so someone could actually find out if they so desired

Boltonbwfc

newlywed wrote: »

Yeah but it was on a website trying to flog iva's - be warned

Thanks for the warning newlywed! I don't intend going down the IVA route until a years time or so and thats if I think I need to! I am sure they would be governed by some affliated organisation that all base their contracts on IVA's legislation. Thanks again!

tinkerbell12

Well just as we thought - received our first default notice today - from Halifax. Plus they have rang and left several msgs on answerphone.

As it is our first month of DMP we kind of expected it I suppose but it is still a shame that they cannot just acknowledge the letter we sent from CCCS.

Is anyone else dealing with Halifax? What about Barclaycard? They haven't said a word yet but we'll see!!

Feeling tense already....

newlywed

HI tinkerbell, don't feel too tense.

My view was that the earlier into the DMP that I got the defaults the better - they stay on the credit record for 6 years from the date of the default notice - so sooner they come, sooner they go off the credit record

I haven't had any dealings with hellifax but when I got defaulted by Mint, because it said you must make payment offer in 14 days (or something) I wrote back giving my DMP details, saying they had already had payments from the DMP and I would continue.

They never wrote back, just stopped interest and charges after the default. They haven't even assigned the debt to any debt collection agency either - just deathly quiet after the default notice. Some of the banks have to issue a default before their systems will let them stop charges (as far as I understand), so it might just mean they will stop interest for you - hopefully

xgingerx

""Bankruptcy is a matter of public record. You will have to notify your employer and your landlord""

I am sure this statement is incorrect? depending on what job you do, if you work in tesco on the till Im pretty sure you dont have to go and tell your boss !!!

Yep, I agree with Newly wed, your better off getting your defaults out of the way early on as In my case i owe est 30k so the last thing I am concerned about now is my credit file but hope to pay off the lot in 6 years and should coincide with the dafaults coming off my report.

tinkerbell12

That's really good advice thanks - Our plan is estimated to last around 4 1/2 years anyway so as you say ginger, 6 years isn't that much longer really.

I think I will write to Halifax as you suggested newlywed and hope that keeps them quiet! (at least for a bit!)

mumzyof2

Hello i recieved my DMP agreement today.. Can i send orignals of my debts eg: littlewoods statement from this month to DMP? And i have photocopied the DMP thing that i have to send to all my creditors and i have found out how much it will cost to send them all recorded and on phone to CCCS today she said send a token payment of £2 to each creditor.. Thats if i can afford 6 x £2's plus all this postage lol.
So just wondering if thats correct ..OMG i have forgotten to get a basic new account lol which she told me to do today...quick best ring a bank lol and get one..as one of my OD is with my current bank which i got about 3months ago lol