hi, we were on the stage of drafting an IVA proposal for me and my husband, unfortunately, my husband loss his job. We have an unsecured debt of around £54k between us and we got no property at all. Initially, it should be around £386 but now he lost his job, our outgoings are higher than incomings. We are still continuing paying all our creditors token payments of £5 each month since June 2009. Another option for us is bankruptcy but really don't wanna do that. So our account wiht Melanie is on hold at the moment until situation improves. We are receiving alot of calls and letters threatening legal actions from creditors and debt collectors and they already paid us 3 home visits. fortunately, no one is at home.I am doing alot of overtime, maybe around £200-£250 a month if lucky, can a DMP be better for us before IVA until situation improves. CAn an IVA company of Melanie can do DMP or I need to go to another company like payplan. Because with IVA proposal, there are few allowances so we won't really struggle, like the food and grocery etc. I tried to modify the figures which shows our actual expenses ( as we are really keeping our expenses to minimum), I ended up just over £100 extra per month. Or I stick with the original incoming/outgoings and show creditors my budget and offer them to receive token payment until situation improves?can a DMP be set up temporarily? and do I need to let my creditors know that iVA is on hold then I am planning for a DMP temporarily. pls advice as I am getting so stressed and depressed.
...THE BORROWER BECOMES THE LENDER'S SLAVE. PROVERBS 22:7
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Finally, I got the courage to face my debt problem.
I am one of the least knowledgable members on here but would recommend the following.
Trust Melanie to give you the right advice and dont be afraid to ask her advice.
Im sure shell see you right.
So sorry to hear of your husbands job loss,and I hope he finds another one soon.
In the meantime, if you really don't want to do bankruptcy, then a DMP would be a good idea. Mel's company don't do them, but you could try Vincent Bond - Andy Davie works for them and you can find his contact details under the expert link on the left hand side.
The DMP should keep the creditors away - the threatening letters etc are not nice. Speak to Mel first though - she'll advise you what is best for you.
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
Hi
You have the choice to carry on with token payments or set up a DMP short term. If you are receiving house visits I would set up the DMP.
Melanie doesn't have her own DMP company but I am sure that she will be able to recommend someone to you.
You also have the option of bankruptcy and as you have no assets this should be considered a sensible solution given your circumstances
Regards
A DMP is a good solution for you in the meantime, if you don't want to consider bankruptcy proceedings. If you give me a call at the office, we can suggest a couple of DMP firms for you to try based on your current circumstances.
thank you so much for all your replies, kallis3, andy,marky and melanie. Now, I know, what to do now, Melanie,I will be calling you, hopefully this Thursday for your suggestion which DMP company can you recommend. Let me know, again, thank you so much for being so helpful. Hopefully, all this phone calls,letters,and visits will finish soon as they really driving me nuts!
...THE BORROWER BECOMES THE LENDER'S SLAVE. PROVERBS 22:7
________________________
Finally, I got the courage to face my debt problem.
