Can anyone help (Melanie Giles has been really helpful in past) Already in an IVA but just offered, basically, to go onto DMP. Company say they can go down route of creditors being non compliant with consumer credit act in that if they cannot provide original agreement then may be written off by courts(with company charging a % of original debt thus then being their fee) this would mean however effectively failing my original IVA and should my debts not be reduced then bankruptcy as a result as DMP unrealistic at current balances. should i take the risk of lowering monthly payments with hope of entering a DMP (which i am informed is a much more informal/flexible route) or stay as I am in IVA (completed 8 months) many thanks for any feedback
Hi, did the company contact you or did you enquire with them firstly as I know some companies think they know our circumstances when in reality all they know is we're in an IVA.
With a DMP you're not protected from your creditors at all as you are within an IVA. If you're not struggling with your IVA and enjoy the security it offers along with the knowledge you're paying as much back to your creditors as possible then I'd stick with the IVA and if you're experiencing any problems in the first instance I would talk to your IP to find a way forward.
It's toally your choice of course at the end of the day. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
For anyone thinking of believing this nonsense, all you need to do is research the success of such claims in the courts. This is freely available on the net. There has been limited success, but far more failure, and I am reliably informed that this particular loophole will be closed very shortly.
Certainly, do not fork out 1 penny piece upfront for this service.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
To go down this route would morally be theft on your part. You know what you signed up to and to go to court because the paperwork has been archived is reprehensible.
I would never condone trying to get your debs written off in this way. When we took the loans out we had every intention of paying them back. Some of us are now having to look at debt solutions but this shouldn't be one of them.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Many thanks for replies. Hadn't looked upon it as theft but realistically thats what it is I guess. The thought of going through the worry and stress like at the beginning of IVA was certainly enough in itself really to make me have doubts. Company also want six months worth of instalments too with no guarentee so at the end if debts not reduced would actually be worse off than prior to IVA. Once again thanks...think I'll sit tight and continue with IVA.
Broke of London wrote:
To go down this route would morally be theft on your part. You know what you signed up to and to go to court because the paperwork has been archived is reprehensible.
If the paper work has been archived I assume they would find it.
If its legal its legal please dont add words like 'moral'.
Its not moral the new chief of loyds may get 8.5m a year when its still 43% state own but hey ho
Broke of London wrote:
To go down this route would morally be theft on your part. You know what you signed up to and to go to court because the paperwork has been archived is reprehensible.
If its legal its legal please dont add words like 'moral'.
Its not moral the new chief of loyds may get 8.5m a year when its still 43% state own but hey ho
I understand where you're coming from, but I can't help but have massive admiration for Broke and the way that she takes responsibility.
If everyone followed her lead the world would be a much better place.
I understand where you're coming from, but I can't help but have massive admiration for Broke and the way that she takes responsibility.
If everyone followed her lead the world would be a much better place.
[/quote]
I think many maybe see a difference between taking £2,000 from a small corner shop v legally getting away with not paying £2,000 back from a company with billions + turnover
Both are theft
Do I loes sleep that my creditors may not get all my money back .. Nope
I do wonder should I tell the owner of the local store
that one of their employees has given me too much money back 3 times ! ps I cant say one time it was for a lottery ticket as I'm IVA [:)]
Last edited by stewpots on Thu Nov 04, 2010 2:29 pm, edited 1 time in total.
.... to add to what broke said about knowing what i signed up to, yes i agree but does seem harder to swallow when in joint names and the ex leaves you with it and pays nothing towards it. Does make you want to seek ways out....
I'll stay out of the moral / legal debate as I don't feel it adds anything to the OP's question.
What I would say to Gail is that clearly there were reasons she chose an IVA over bankruptcy in the first place, so presumably those reasons still hold true.
Assuming they do then I would be very wary of failing an IVA to enter a DMP on the faint hope the debt may be able to be written off as unenforcable. In the IVA, as long as you maintain the agreed payments, you have a legally binding agreement which provides protection from your creditors and gives you a clear path to becoming debt free.
Should the debt be found to be enforcable (if they even bother to try to have it written off) then you are back to the stressful position you were in before the IVA was agreed, except worse.
Worse becuase you have paid out 8 months of IVA contributions which will almost certainly all go to the IVA firm in fees - leaving you with the full outstanding debt.
Worse because you will have made 6 further months of payments to this company without any benefit.
And worse because you'll now be staring down the bankruptcy route as your only option.
I think you have made a sensible decision in sticking to the IVA.
It's easy to have your head turned by flashy offers of an easy way out, but as Size5 mentions there are many more cases that have failed than have been sucessful and I would suggest it is no more sensible an option to take than failing your IVA to use the monthly payments on lottery tickets in the vauge hope you win the big one.
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Morality, theft from creditors???
I chose the IVA route instead of going bankrupt so I could keep my house and pay as much back as possible to my creditors.
Bearing in mind that for years and years I had been servicing all my debts, paying ever increasing interest rates that these `morally upstanding`[;)] financial organisations had hiked to such a degree that I was virtually paying nothing but interest and would have been paying off my debts well into my 100`s.
So whilst my IVA states that my creditors are getting a dividend of about thirty something pence, I`m pretty certain that theyre not out of pocket, with what I`ve paid back to them in interest over all those years.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".
