Help - Letters from Creditors...

[TheMatrix]

I can only go on what I was advised, and that was to cancel my dds and standing orders once the process of my IVA was underway.

You really need to speak to a IP to decide on your options and get the ball rolling.

Creditors will chase you for payment, but once in the IVA they are not allowed to do so. Just be firm and polite and tell them to contact your IP when they do.

[Adam Davies]

Hi snowman
Quote "I am not talking a huge amount of money - probably about £2,000 maximum. What if there was no trace of this money ie it was all in cash somewhere safe, or in someone else's account? I really don't want to lose that money"

Under an IVA or bankruptcy you must declare all monies,maybe a DMP will be better for you until you return from Canada ?

[snowman365]

Hi snowman
Quote "maybe a DMP will be better for you until you return from Canada ?

Hi Andy

Thanks for your replies!

Why would a DMP be better? Does it allow for more flexibility or something?

I may end up not coming back from Canada at all...

[Adam Davies]

Hi
Your saved money will not be asked for,you can use a DMP as a holding vehicle until you decide for sure on your long term plans.
Regards

[Soulgrowth]

Andy's advice might be a good way of gettng things under control in a more 'official' capacity to trying to handle it all yourself as doing this means mistakes happen, such as the direct debit episode. I would say that you are currently in a position where your need to gain control and that it would be valuable to now have an 'expert', someone in the 'know', working alongside you. With a DMP you can always move into an IVA later if necessary when you are more settled.

My advice would be to cancel all direct debits or standing orders to creditors and pay what you can as and when you can, not preferring one creditor over another when doing so.

Then telphone Andrew Graveson of "Brightoak" who is an expert on the Forum and specialises in DMPs.

Good luck

Debbie

[snowman365]

Dear Forum

Thanks to everyone for the replies.

I have now cancelled all the SO's and DD's to my creditors. I don't think I will even offer the token payments now. I am too far gone, with £46,000 debt I need a more permanent solution. I will contact an IP this week, either for a DMP or IVA.

Thanks once again - you are all very good people!

[Viki.W]

Good luck Snowman, keep in touch with the forum and let us know how you get on. Viki X

[snowman365]

Hi Viki!

Thanks for your message! Yes, I will keep in touch!

Cheers!