Hi all, i posted a question yesterday about bankcr

[suei]

Hi all, i posted a question yesterday about bankcruptcy, however i have decided not to go down this route too long to explain. What i need to know is this, my heads banging with all the phonecalls to variuos companies giving good but different davice. My main income is made up from benefits and i have for the past 4 years been on a repayment plan made between my creditors and myself and i have kept this up fine although a struggle. I pay each of my creditors this - 6 of them £75.00 per month - and 2 - 102.00 per month. However what i cant seem to arrange with them is to freeze the interest so my debt just keeps getting bigger and then i get 12.00 over limit charge even though i never use cards. Is there anyway i can do a debt management plan whilst on benefits, some say yes some say no. I really am grasping in the dark here, i am already stressed with having to be a full time carer and i seem to be getting no where with creditors. Thankyou to all who posted me about bankcruptcy but it is just not viable for me at the moment. Many thanks.

i first rang several companies for iva solution, but was told as my main income is benefits ie full time carer i could not have one. Is this correct i currently pay 8 credit card unsercured a total of 500.00 per month and havent missed payment for 5 years? Very confused..please help

[MelanieGiles]

It is not correct to tell you that you cannot have an IVA - that is a decision for creditors to make and not an IP - although some may decline to act for you. I do not share this view, as although you would not be accepted under the terms of the recently introduced IVA Protocol, it is just as easy to present a non-Protocol based proposal.

Can you tell me how much you owe in total on the accounts, and whether you are a property owner with equity.

You could also propose a DMP if you felt that this was a better solution for you.

[Skippy]

I would recommend that you give Melanie a call. She will be able to give you the best advice so you can find a solution.

If you do decide a DMP is the best way forward, Brightoak come highly recommended - Andrew Graveson posts on this site and had some very positive feedback a couple of days ago.

Good luck x

[kallis3]

I totally agree with Skippy. You can do worse than speak to Melanie. She will give you sound advice and help you to decide the correct route for you to go down.

[David Mond]

Many practitioners, and I am the same and share Melanies view and a non protocol compliant IVA might be appropriate for you. Visit www.iva.com for reviews on practitioners that could possible help you - their advice will be free.

[Andrew Graveson]

Hello suei,

In terms of your original question there is no reason why you should not do a Debt Management Plan based in part on benefit income.

The key to this, as with any other kind of debt solution, is to be certain in your own mind first that you'll be left with sufficient money to live reasonably after your DMP/IVA contribution.

How much do you owe suei? Just wondering how much debt you're managing to clear each month after interest has been added by your creditors.

Best of luck with everything.

[David Mond]

But she could also do an IVA as well if that is the most appropriate solution as enunciated here by Melanie and myself.

Obviously it depends on her total debt and DI - this is why she must seek advice - the sooner the better.