debt management program

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wigchild

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Post by wigchild » Mon Dec 10, 2007 12:23 am
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i am currently in a debt management program that is charging me for the priviledge
would it be easy enough to change to a different company and take up an iva?
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johnt

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Post by johnt » Mon Dec 10, 2007 12:48 am
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I can't see why not.

A DMP is a less formal agreement where by all of the money you owe is paid back to your creditors. The benefit here is that your credit file isn't affected in the same way as an IVA.

However your creditors can still persue you for the dept.

If you owe a lot of money particularly to one creditor, then an IVA maybe the better route for you.

Whatever you do get a new account with a bank such as Nationwide (non-linked) with no credit or overdraught facility, (this will provide a safe area for your incomming and outgoing finances) then either get advice from one of the IVA consultants on this forum or approach a body like Payplan or CCCS, who maybe able to help further.
Last edited by johnt on Mon Dec 10, 2007 12:51 am, edited 1 time in total.
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Andrew Graveson

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Post by Andrew Graveson » Mon Dec 10, 2007 12:54 am
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Hi wigchild,

Provided that your circumstances dictate that an IVA is available to you there is no reason why you could not change.

How much do you owe and to how many creditors? How much can you afford to pay each month? Are you a homeowner and if so do you have any equity?

I'd imagine that you changed banks if necessary prior to the DMP?

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
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Adam Davies

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Post by Adam Davies » Mon Dec 10, 2007 10:35 am
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Hi
A debt management company will have to charge for their services,CCCS and Payplan are financed by creditors but all other DMP companies normally make a charge of 15% of the monthly payment.
It is easy to change into an IVA but only if it is suitable for you and your creditors agree.
Please post more details
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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