Help with manging my debts myself after dealing with a DMP

B3x

Hi all,

I have been with All Clear Finance for about 2 years now and have decided that now i am in a better frame of mind, to look into the arrangement. It all started 2 years ago when i was splitting with my ex who had quit his f/t job as he got addicted to computer games after we moved into a house together, so i was keeping him and the house. No more.

I have now realised that for the last 2 years i have been paying All Clear Finance about £35 per month to do something which i could have done.
Ive realised i learn the hard way and am looking into sorting my debts out for good. I also have the backing of my current partner which makes a hell of a lot of difference than doing it on my own.

I have a basc idea of what i need to do but would like your help, advice and comments on this please.

I have written a list of what i think needs to be done, step by step. If there is any thing i have missed that i need to do then please let me know.

1. Write to All Clear Finance giving them 4 weeks notice. (i have read the Terms & Condidtion - no mention of fees although i will call them tomorrow to be sure)

2. Ask creditor for up to date balances and for them to be sent in the post.

3. Work out how much disposable income i have(done).

4. Send letters to creditors asking for interest to be frozen and offer a payment every month.(not sure if there i any pre-written letters that i can amend)

5. Wait for responses back from creditors.

6. Start paying.

I would also like to hear your comments on whether or not it would be a good idea to go for an IVA.

Debt total:- £15,600.00
Average time paying debts off..5.44 years (less if i pay more)
Time of an IVA - 5 years.

Any comments would be greatly appreciated.

poorandindenial

Hi there

Have you read Martin's guide to IVAs?? Also any of the free debt charities can help you with your DMP if you do end up getting trouble (although there is no reason why you shouldn't do it yourself - well done for taking it on. Gemmzie, another DFWer, manages a DMP for her Dad (and maybe her brother too I think) so you might want to tap into her experiences if you hit any brick walls)

Links:
Martin's Guide to IVAs
Debt Charities

Good luck

SarahNeedle1872

I'm afraid I can't answer the question as I don't have experince with either an IVA or a DMP, but if u give one of the following a call, they will be able to help, and probs do the same thing as All Clear have been doing, but for no fee~Non-profit making debt advice services: National Debtline - 0808 808 4000~CCCS - 0800 138 1111....Or contac ur local CAB

HTH

Sarah

PS - Info shamelessly stolen from Fermi's sig

B3x

Thanks for your reply, however i have read martins guide to iva's and have also printed it off too. Im still unsure of my best options though. I really need to get rid of these debts as soon as i can.

Ithink i will ask for advice from cccs also to see if they have any suggestions etc also.

Many Thanks for the links

SarahNeedle1872

If u go to www.cccs.co.uk there is a debt Remedy Pack, which I believe will give u a good idea of the way to go for you - I say I believe, I haven't actually used it!

B3x

thanks Sarah, ill give it a go

B3x

Does anyone else have any advice on this at all?

Is the order in which i need to switch from All Clear to doing this myself in the correct order? Anything ive missed etc?

Does anyone know of anywhere that i can find the standardised letters that i need to send out to my creditors? Similar to the letters for the bank charges etc?

Thanks to everyone so far.