The Debt Resolution Forum is where Debt Management providers are agreeing to proper standards and to be regulated.More DMP firms are beginning to join.
Andrew's points by the way are 100% correct.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
If your partner emails her details to IP@blairendersby.co.uk I will pass them onto Baines & Ernst to investigate. Whilst I am unaware of the details of this particular case I do know that
a) Baines and Ernst are happy to review the affordability of monthly payments at any time
b) An annual review is carried out on every client (subject to the client's cooperation)
c) When a review takes place under a) or b) the new repayment period is discussed with the client
In answer to some of the earlier points raised I can confirm that Baines & Ernst pay hundreds of debts in full every week - on a DMP debts are cleared one at a time - and that thousands of client have successfully completed DMPs with Baines & Ernst. Those figures go some way to explaining why Baines & Ernst have been operating successful DMPs for 11 years and continue to do so.
Could you clarify the comment "on a DMP debts are cleared one at a time" please?
Surely the creditors get paid pro rata payments, over the course of the DMP so that they are all cleared at the same time, or does Bains & Ernst operate under a "snowballing" policy?
Very difficult to form a view on this. If one creditor persisted in charging high interest rates then the client would be best served by adding any additional funds that might become available in the future to the repayment of that debt.
Of course that would then result in creditors who had acted more reasonably being disadvantaged which is unfair on them and might affect their willingness to accept an arrangement.
It's relevant though because a couple of major institutions stand out as being unwilling to freeze interest in DMPs - a point openly made in the CCCS interview on IVA TV.
Perhaps something that David and the DRF already have this on their radar?
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
Which creditors are those Andrew? I am sure that David must have them on his radar, but it would be useful to know from an advisory capacity. You can e-mail me directly if you would prefer to deal with this privately.
From what has been said above, it does seem that managing a DMP requires extensive juggling and knowledge of different creditors. The idea of "self-managing" DMPs, therefore, however well-intentioned, would seem extremely difficult for a mere layman to carry out unless they are dealing with small amounts and a limited number of creditors.
