i have gone with a DMP plan and thought everything was going great until i started to recieve letters again from creditors telling me that i have gone into arrears and over my limit when i was no where near my limit when i started the dmp. i have rang the card services and they informed me that no plan has been in place since november. the letters now state that court action will be taken, i feel let down by the company that i am with and i am in more debt now than i was before i went onto this plan. can someone advise me please on what action i should take. would i break my contract if i tried to pay some people myself whilst still with the dmp plan?? getting desparate now
On the basis of those facts, I think you are in the right process, but perhaps not with the right company. You need to use a firm who is prepared to take your case to the creditors and get them to stop the charges and interest mounting.
This sight recommends three DMP companies, all of whom I have personal knowledge of and would not hesitate to recommend. It may be worth giving them a call to see if they would be happy to take your case on, as it is a very simple process to hop from one DMP firm to another.
Hi Andi - I think Melanie meant to say that is the downside of the DMP process!
With the figures you have mentioned it would be worth speaking to one or two professionals to go over your income and expenditure again to see if an IVA could be viable.
If you have done any research you will know the pitfalls you have come across in your DMP would not happen with an IVa as it is legally binding and has to be watertight. I am not surprised you feel let down.
Get some advice straight away so you can see what your options are and to allow an interim order to be in place to protect you if legal action is imminent.
You've some to the right place for help so no need to feel desprate anymore.
regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
...so as not to confuse you, I am saying an IVA might be viable as it may be that the company who have been looking after you (and not very well by what you describe) may not have worked out your budget correctly and therefore in reality you may have less to afford each month that you currently pay.
If, on the other hand you can afford the £300 each month without problem and not rely on anymore credit alongside it, then as Mel says, a DMP sounds like it is still the best option for you but maybe with a better company.
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
Tina S wrote:
...so as not to confuse you, I am saying an IVA might be viable as it may be that the company who have been looking after you (and not very well by what you describe) may not have worked out your budget correctly and therefore in reality you may have less to afford each month that you currently pay.
If, on the other hand you can afford the £300 each month without problem and not rely on anymore credit alongside it, then as Mel says, a DMP sounds like it is still the best option for you but maybe with a better company.
Hi
I think you can make extra payments but it may confuse the situation. Maybe better to speak with your existing company and find out what is happening.
The most important part of a DMP is what is happening to the interest charged, for the reasons shown above.
Regards
I would certainly think of using a different company. There are one or two who post on here that come highly recommended.
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 - do you know why the dmp is no longer in place? I would consider looking at one or two other companies to compare their advice to what you have already received. It sounds like you may be able to do a little better! X
The DMP probably still is in place - there is nothing to stop creditors contacting you or continuing to put interest and charges in place.
I used a fee paying company and received excellent service and interest and charges were frozen from day one. We used to get a letter every six months asking if anything had changed. We told them it hadn't and they went away quite happily.
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
The card services said that - doesn't necessarily follow that there isn't one.
The OP needs to speak to the company they are using to find out for definite.
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
