I have a number of creditors and make a monthly payment of £150 and out of that they take out their management charges of £43.03 and the balance is split between 6 creditors.
I have a debt of approx. £25,000 and would like some advice on how I can get rid of that debt.
It sounds like you are in a DMP....axing that amount each month will take years to clear your debt.
Why nt speak to a few IP 's for advice on whether an IVA would be suitable...look at www.iva.com as a starting point for a group of highly recommended firms.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Sean if it is a DMP i was in one for over eight years with at least another 8 to go, nobody recommended an iva to me from my DMP firm which would of had me debt by now. It was a friend who told me about iva's. I would agree with luluj speak to some ip get advice so you can start on the path of being debt free.
Sounds to me like a DMP as well. Which company are you with? Speak to them about the possibility of switching to an IVA otherwise visit the link that luluj has posted above for some free advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
That is an awfully large management fee to be paying in comparison to the amount which is being sent to creditors - leaving you with a very long term debt solution.
An IVA would work in the same way - the fees charged by the IP would actually be a lot lower - and you would be debt free in five or six years. Does this sound like a better option?
which company is currently administering your DMP?
