Wouldn't know where to start really Andy. About a year ago I was in debt and really strugglin to meet payments, basically from living beyond my means and trying to support my partner at the time going through nurse training. I knew nothing of IVA's or DMP's and was totally naive. I was making at the time about 800.00 in payments and could nowhere near manage. I made a few on line enquiries and was absolutely inundated with phone calls from IVA firms all giving me differing advice which I found confusing. Anyway Debtmaters rang me said they worked with alot of people in the NHS (I am a nurse!)so I trusted them really. It all seemed really easy and I was desperate, they asked me to name my affordable sum really it was silly when I look at peoples dvice on hear. They almost made up my income and expenditure, said I had 2 cars when I only had 1, issues like that really. I accepted 350.00 a month just because it was so much better than I payed then. I never ever met my IP, just had phone contact.
Anyway 2 months into my IVA I split with my partner and obviously couldn't cope. I rang to ask for a holiday or to reduce my payments, put in new income and expenditure forms and constantly rang for help as it was worrying me sick, but never did I get an answer. After 7 months , and in this time I made some very reduced payments sometimes only 50.00, I got a letter demanding I recommence 350.00 a month, this by the way equated to 45p in the pound. I wrote back stating I could only afford 220.00 a month and was told this had reduced the dividend to 17p which I could understand as the maths just didn't seem to work out. I mean 45p to 17p when I had only reduced the payment by a third but the dividend almost went down by two - thirds.
So i wrote back saying at a real push ( this meant cancelling my contents insurance) I could afford 235.00 a month the letter I then recieved from dentmatters then said that if I extend my IVA by 24 months to 84 months and pay 240.00 , this would equate to 19,200 being payed back of a 26,000 debt. Debtmatters though said that preparing papers would incur extra costs and the extra 2 years would mean much more costs. With all this taken into account they said thatif I raised the payment to 240-00 then it would mean a dividend of 23.44p in the pound and that they would then take this to creditors on my behalf and let them ' peruse my proposal '.
Obviously I am stressed and confused - I don't want to go Bankrupt even though I have no assets and my regulating body the NMC and my union UNISON have said Bankruptcy won't affect my career. I just feel an obligation to pay back what I can and that at least my creditors will be getting something. What does worry me though is that 3 years ago I had an MI at 33 and know that stress isn't good for me or my health.
Recently I have took advice left right and centre, from Churchwood, Payplan and others and what I am leaning towards is doing a DMP until SIVA's appear and then attempting that , just hope my creditors haven't grown tired and bored of me by then!!!!!!!!!
Overall I have to say I have found Debtmatters , elusive, rude at times, patronising, unrealistic and a complete profit making company with their interests at the centre of it's ethos as opposed to the clients.
Sorry for being so long in my reply Andy!!
Good to get these things of your chest though.
Chris
