Is IVA for me?

[MrsR]

I echo the above. I was initially going to go with Payplan as I'd been informed about them through the CAB, but thought I'd get a second company opinion, and in all honesty both were great. I decided to go with Mel Giles' company in the end as I have spoken to both her and Tina from her team, and they made me feel like an individual through fab customer service amongst other things.

It is your decision and nobody else's , but naturally everyone will probably want to help by letting you know who we have all gone with.

[CarlH82]

Would it be worth me contacting all my creditors/ debt collectors for a full balance on my accounts and account numbers? Reason I ask is I have no letters from any of them to forward to an IP when I've chosen one.

I know this info will be required eventually so should I get a head start and get it all sorted now?

[kallis3]

You will need to get figures for your IP - statements for credit cards will be ok but you will need details from other creditors.

[MrsR]

It's vest to get the balances in writing, and if you can't, then speak to the IP you go with, as they may accept an email stating the first and last name of who you spoke to and the balance, but each IP has different guides with regards to this.

[kallis3]

I had to get all of mine in writing, together with a mortgage redemption statement and a current balance for my secured loan.

[CarlH82]

Had a chat with Mel today to explain a few things. It turns out my debts are not near what I first thought and she was very good to tell me that there are a couple of companies that will do a DMP for free.

Just popping on to say a huge thanks to Mel for pointing me the right way. Ofcourse many other firms would want me to stay with them or take me on just for the fees, but Mel didn't suggest it at all.

Payplan are contacting me tomorrow for a rundown of my situation and maybe propose a plan. Due to the time of year of course I would like to wait until the new year to get things started. Hopefully this will be ok.

Anyway I will keep posting to let you know how things go and a timeline of how long it will take to be debt free.

Thanks again Mel

[MrsR]

Wishing you luck Carl !!

[melanie.n]

Only too happy to have been of help to you Carl - I pride myself on the fact that anyone who approaches me for help, receives information and has access to all the options available to them - I am not there just to make a 'client' - if I think there is a more appropriate solution available for that client - then that is the advice I give - in your particular situation a DMP via one of the 'charity based' companies such as CCCS or Payplan was the sensible solution, and was only too happy to give you that advice.

I hope everything works out for you, and thanks you for getting back in touch, Melanie N

[kallis3]

Glad Mel has pointed you in the right direction Carl. Let us know how you get on.

[Foggy]

Best of luck, Carl.

The advice Mel gave you is what puts "our" experts head and shoulders above many. All of the firms that post on here do so in an effort to help us all find the best path and to assist where possible with the journey.

[Tina Shortland]

Really glad you have got to a point of knowing your way forward Carl. I know sometimes when you have already spoken to a couple of companies it can seem an effort to go through it again however this just shows the benefit in doing that so you don't end up down the wrong path from the start.

Best wishes and do let us know how things are going for you once you have some things in place.

Regards,

[Adam Davies]

Hi
Good to see that you have had all solutions explained to you and that you have made an informed decision

Keep an eye on what is happening to interest and late charges from your creditors in your DMP, this is the most important aspect of any DMP in my opinion
Regards

[CarlH82]

Aahh Andy i'm glad you brought up the interest and charges. I had a call yesterday froma company who ofcourse wanted me to go with them for the DMP. They explained that charity companies are funded by the creditor and will not fight too much to get these frozen?? If this is the case, what is the likelihood of getting this debt cleared at all?

The only reason i ask is, if i pay a certain amount a month, the charges might be equivilent to that payment or maybe more.

If anyone can shine any ligt on this that would be great
Thanks

[kallis3]

Have a word with Payplan and see what they say. They may well be able to get the interest and fees frozen.

I did a paid for DMP prior to my IVA and the fees weren't that bad and my interest was frozen. I wouldn't go with a company that callem me up anyway - always best to sort things out yourself.

It may be that you can do a DMP for a while and then, if your circumstances change, move onto an IVA.