how do i get an informal repayment plan?

[s1173]

how do i get an informal repayment plan?

[MelanieGiles]

Hi s1173 and welcome to the forum

If you mean a Debt Management Plan, you need to contact a company who specialises in these types of arrangement. Some will charge for their services, others appear to do them free of charge - so do shop around.

There is also nothing to stop you trying to offer a settelement to them directly at no cost at all. Work out what your disposable income is - by deducting your normal household and personal expenditure from your salary and any other income, and then divide this up into payments for each creditor pro-rata to the amount that you owe them.

I have to say, hwoever, that is it the arrangements which are managed externally which seem to have more credibility with creditors.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[iva_squirrel]

Good evening,

I agree with Melanie that, it would be easier to arrange a debt management plan with the help of a company which is specialised in this.

For many people the answer is to turn to one of the debt management companies busily advertising their services in newspapers and on daytime TV.

Debt management firms typically offer to reduce your payments to one “affordable monthly amount”, an attractive prospect for someone struggling to meet their existing bills.

The company will negotiate with your creditors on your behalf to try and get them to agree to lower your repayments, and sometimes freeze interest.


Kind regards,


Julia

Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

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[Chris.z]

Just interested , what is the liklihood that in a DMP interest is frozen???? Also do you still continue to get thousands of phonecalls and letters??

Chris

[MelanieGiles]

Some do Chris, some don'g. It is really hard to say, and as these types of repayment plan are unregulated there are really no rules.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk