Cccs Or Payplan......dmp, Iva Or Br

skibadee

I currently am in a DMP with Payplan.....May will be the 4th Month....not entirely convinced they were the right company to go with......I know doing DMP does not stop you getting hassle from creditors......Im getting hassle from 1st credit at moment..........I have considered entering a IVA or Banruptcy as under current situation will take 18 years to repay debts.....I'm just so stressed at the moment with it all and really don't know which way to turn.
Have put my details into CCCS and they are suggesting IVA or low start DMP....but several people have said to me if your going to do IVA you might as well go Bankrupt as that is what comes up when you enter IVA??????

fermi

There are lot's of people here on a long term DMP (PayPlan and CCCS), and there are a couple of threads where you can get mutual support.

DMP Mutual Support Thread (Part Three)

The long haul supporters thread...

If you are thinking of an IVA instead, then have a read of Martin's Guide here:

Link: Guide to IVAs - Are they worth it?

Have you discussed this with PayPlan?

Have you considered posting an SOA here so that people can help you with your budget and perhaps find ways to pay off the DMP quicker?

For what is needed in an SOA see: Help for First Time Posters

If you seriously consider BR, then there is the Bankruptcy & Living With It board here on MSE.

But you should be aware that a court/judge will ask whether you have sought professional advice that BR is in your best interests before they will grant a bankruptcy order.

shinyhead

I'm on a DMP that will take a very, very long time to settle. If you're thinking of an IVA or bankruptcy then IMHO you need to talk it over with both Payplan and CCCS, as Fermi suggests.

There are lots of things to consider such as whether you own your home. Some jobs kick you out if you are on an IVA or go bankrupt.

Putting your SOA on here could help you adjust your budgeting and pay the DMP off quicker.

I think I know what you must be going through at the moment. I think if you're on a DMP there will always be one or two creditors who don't like it. You don't have to pick up the phone. If you have an answerphone let it work for you.

scooterwife

We used to get hassle from 1st Credit as well. They are truly awful.
They are really trying to frighten you into paying more than you can afford, we just replied that we would love to pay more, but we don' t have it. Whatever they threatened we just said that if that's what they had to do then so be it basically.
Its been all quiet for 6 months now. (about 18months into DMP now)
Oh and ask for the name and extension number of whoever calls, and write down what they say, so that you've got a record.
(Actually one or two of them were quite nice - must have been work experience or something)

Deep_In_Debt

I'm on a DMP with CCCS as well. I get hassle from 1st Credit and Mercers but I'm not letting them get to me. I can only pay them what I can afford to pay, if I don't have it, they can't have it.

10past6

I'm on a DMP with Payplan, however, having done extensive research on this board and elsewhere, I'm now in the process of applying for an IVA with CCCS.

Do your research prior to making any decision, and make sure you know the difference between an IVA and BR.

Ask as many questions as you need to, it's not a decision that can be made overnight.

IVA's only apply to a very small % of people, I'm within that small %.

My opinion fwit, do not under any circumstances use a fee paying company, they will offer you no more than any of the charities offer.

chevalier

skibadee wrote: »

I have considered entering a IVA or Banruptcy as under current situation will take 18 years to repay debts.....I'm just so stressed at the moment with it all and really don't know which way to turn.
quote]

Hi there in the first place 4 months is still the bedding stage with a DMP. Companies have taken up to a year to really agree to stop calling in some cases. Sorry if that is a bit depressing!

Also you have to adjust to your new way of living financially and that can be very stressful too. It DOES get better though, you may have to give it a little more time before you believe me though:rolleyes: .

Ref the comment about it taking 18 years to pay off. It NEVER takes as long as it initially says to pay off the debt. This is because
1) you will get a pay rise, better paying job, etc which will increase the extra you have monthly to put to the DMP so that will decrease the term of the DMP.
2) You may sadly get an inheritance (sorry)
3) By the time you are a few years into this, and things are more stable, some creditors will take full and final settlement deals, which are less than the actual amount owed so that you will be able to bring the date forward that way.
4) You can do surveys online, mystery shopping, ebay, amazon, car boots, etc to increase your income so that you can fund little treats (to make the time more bearable) or to pay off more debt.

Good luck it will get better
chev

jmhgibson123

hi firstly if you own your own home then iva or bankrupcy are not for you. iva requires a lot of money per month at least £200 in most cases and if one payment is missed then it spurs up a lot of trouble. if you dont own your own home and you really are stressed look into the bankrupcy but it is not to be taken lightly there is a lot involved with it. dmp's are the best way forward for most as like someone else says it does get easier in time and the creditors usually harass you every six months for a review just pass this info onto payplan when they start and they will send letters to all creditors for you. as for any phone calls just keep repeating your with pay plan give them a refrence number and let them get in touch with them.
i have been on mine for over a year now and ive had my first offer from barclaycard offering full and final settlement at half my debt-just a shame i have not got the money to pay it off
good luck and never panic these guys make threats but its usually all it is threats i do wonder though if they enjoy their jobs sad people!

fermi

jmhgibson123 wrote: »

hi firstly if you own your own home then iva or bankrupcy are not for you.

Not always true. While bankruptcy is something to only be considered with professional advice, if your home has little/zero/negative equity then you can often buy out the the beneficial interest (bankrupts present and future interest in the equity) for as little as £1 plus legal costs. Even if the beneficial interest is a bit larger, the trustee will normal offer the joint owner or a third party the chance to purchase it so that the home does not have to be sold to release the bankrupts share of the equity.

10past6

jmhgibson123 wrote: »

hi firstly if you own your own home then iva or bankrupcy are not for you. iva requires a lot of money per month at least £200 in most cases and if one payment is missed then it spurs up a lot of trouble.

NOT TRUE!!

I own my own home, and at present I'm on a on DMP, I've done a huge amout of research into IVA Vs BR, and am now in the process of appying for an IVA.

Missed payments can be accepted on IVA, but it depends on the circumstances, i.e of you lose your job for example.

TakeittotheLimit.

Why do you lose your house if your in an IVA?
I thought the only way you could lose it was if you don`t keep up your payments and your creditors enforce bankrupcy on you.