can contacting creditors before DMP route is chosen hurt?

indebtbigtime

whoops, sent too quick

but bankruptcy not likekly to be an option, as have 4 kids, and need house etc etc....
cheers for advice

10past6

indebtbigtime wrote: »

cant see how b beats a?

a dmp is 5 yrs according to cccs, but less if interest gets frozen, also, I would hope (pray!) that wages etc may increase during 5 yrs and can throw additional money at debts

A DMP runs for however long it takes to clear the debt.

It may well be 5 years, but it could well be 15 years.

indebtbigtime

oh i see, if creditors accept a dmp are they really likely to start legal action if payments are being made each month?

cheers

indebtbigtime

the insolvency helpline.........they have been recommended to me as good with dealing with gambling debts BUT they are profit making.....any views?

10past6

indebtbigtime wrote: »

oh i see, if creditors accept a dmp are they really likely to start legal action if payments are being made each month?

cheers

That depends, no one can say, because each debt is sold on numerous times, it just goes round in circles.

Of the 2 situations that apply to you above, have a serious think about which one would be more suitable to you.

I mentioned IVA not being applicable to everyone, however, I believe you would be eligable for an IVA.

10past6

indebtbigtime wrote: »

any views?

Yes, I'm on a DMP with Payplan.

However, my IVA application is being processed through CCCS, from the research I'd done both on this site and externally, CCCS came out tops for support during the lifespan of the IVA.

It doesn't matter what you choose to do re your debts, however what is important: NEVER, EVER, EVER USE A DEBT FEE PAYING COMPANY, THEY CANNOT OFFER YOU ANYTHING MORE THAN THE DEBT CHARITIES.

indebtbigtime

10past

that was certainly my intention and all the advise from GA etc is stick to thje free charitable organisations, but just been in a gambling recovery chatroom and been told that gambling debts can be wiped out by a fee paying firm (approx £400). That would be a bargain!

10past6

indebtbigtime wrote: »

10past

that was certainly my intention and all the advise from GA etc is stick to thje free charitable organisations, but just been in a gambling recovery chatroom and been told that gambling debts can be wiped out by a fee paying firm (approx £400). That would be a bargain!

Sorry, I don't have any gambling debts, but from my understanding, debts can NEVER be wiped out, unless:

a) paid

b) statue of limitations act

c) BR or IVA.

We have £95,000 in unsecured debts, if there was a way to wipe out debts, there would be no need for this forum

Others will be along to clarify the gambling debts question, just hold fire for a while.

Any other questions ask away.

I'm not here to judge you, and please don't think I am, but if you have a ganbling issue, entering into an IVA / DMP will prevent you from obtaining credit, this could work in your favor.

indebtbigtime

10past - appreciate your guidance,. and I will tread very carefully

i am not really lookign for an easy option, and out of 72.5k of total debt, only 9k is too a gambling firm, so I am not unrealistic. also, I owe them the money as I lost it so I should pay it. its more about whether or not they can keep charging me extortionate interest on the debt, and whether if it proved the debt wasnt enforcable then they might back off, and I could focus on financial service repayment etyc etc

10past6

indebtbigtime wrote: »

its more about whether or not they can keep charging me extortionate interest on the debt, and whether if it proved the debt wasnt enforcable then they might back off, and I could focus on financial service repayment etyc etc

Is this an official / legal credit agreement?