2 years into dmp doesn't seem to be decreasing!

[jo.m]

I have a debt of about 38,000,at present i have a debt management plan with CCCS, which has been running for a couple of years,but doesn't seem to be decreasing! I am considering an IVA, would i have to change my bank (whom i have an excellant relationship with) i started with them when i started my DMP?

[princessb]

Hi Jo.m,

Do you owe money to the bank that you have your account with? Or an overdraft?

[MelanieGiles]

Hi jo

Can I ask what you are actually paying into your DMP at the moment, and whether CCCS actually advised you about IVAs when you were put into that arrangement.

It is interesting that you say your debts are not decreasing. This will be due to ongoing interest which is continuing to be charged - and is a warning for all parties thinking of entering into such arrangements.

You will need to change your bank account if you also have any debts with the same bank.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[finebridge]

Hi Jo,

Did the interest get stopped by any of your creditors by the CCCS? Did they get you a predicted end date?

It may be a good idea to contact one of the experts on this forum where you can go through your income and expenditure to see if an IVA is right for you.

Kind Regards

Nicola



Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

[123debtsolutions]

You need to have an assessment carried out. They dont take long (about 15 minutes) then you can get a more detailed proposal based on your personal circumstances. I would recommend speaking to a variety of advisors in order fo you to decide on who you feel most comfortable with and of course who offers you the best deal.
I would recommend most of the companies ont the forum.

Best of Luck

Lee
www.123debtsolutions.co.uk - 08000 114 123