i have got help with my debts and have been advised on applying for an IVA.i have been put on a DMP to start with, while the IVA is being sorted.My problem is that i have now missed 2 payments on my managed loan and HSBC are already threatening legal action. What do i do?
Last edited by nobby2009 on Sun Feb 08, 2009 12:39 pm, edited 1 time in total.
hi nobby and welcome-is your managed loan in your DMP ?
if so contact whoever is managing that for you and let them know that you have been threatened with legal action.
in the meantime please keep posting for help n support [:)]
dont fret-easier said than done but dont it is sortable.
i would call or email your DMP place tomorrow morning-they can contact your creditor on your behalf
if its only just started up it does take time for the info to filter through.
have your DMP people given you any template letters to send to your creditors informing them of your DMP ?
I was not given any template letters to send to my creditors.They said they would be in contact with my creditors straight away.I'll call them tomorrow and see what the situation is.Cheers for the advice FERGIEDOGGY.
when i did my iva my lovely ip sent me some template letters which i made copies of and sent to my creditors
along the lines of
i am informing you of my intention to enter into an involuntary arrangement.
i would be grateful if you could direct all future correspondence to XXXX.
you could do the same-just a short letter informing them of your DMP-the name of your company and number/fax for them to contact them. but still call your company tomorrow they may have a set letter for you to send/they send.
well done for making a start on stuff and please keep posting we're here for you x
If you are in the process of applying for an IVA, I am wondering why you have been put on a DMP in the meantime?
Usually you can get an IVA approved within 8 weeks without the need for anything inbetween.
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
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
Why were you advised nobby2009 to go on intitially a DMP rather than straight on an IVA?
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
That may be the case, but this hardly matters over the short period that an IVA takes to set up. The cynic in me thinks that this may be just another way of your IP firm getting additional fees!
Thanks for your reply's.when i speak to them tomorrow i will be asking them these questions to see what they have to say!! As i said from the start of the thread, all i'm worried about at the moment is the letter from HSBC regarding the 2 missed payments,which they are now threatening legal action.
try not to fret.
i say this because i have recieved similar mail pre-iva
what my lovely friends on here have helped me to realise is that the threat of legal action is just that. in reality it will cost them loads to do that. its normally a scare tactic to get you to pay up pronto. dont worry enjoy your afternoon ok
you will get answers tommorow. in the meantime if you need us we're here ok [:)]
