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s_cs
IVA Novice
49 Posts |
 Posted - 09 March 2010 : 15:24:06
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hi
i am currently in a DMP but as far as i am aware the interest hasnt been stopped. my question is if i am paying my monthly payment to the organisation handling my dmp and interest isnt stopped how will i ever get out of debt as e.g payment to halifax is 4.98 but monthly overdrawn charges were 150 so surely this is adding to my debt
any advise would be appreciated
regards
stewart :) |
Stewart
DMP in progress |
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Andy Davie
Administrator
IVA completed.
10766 Posts |
Posted - 09 March 2010 : 15:28:13
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Hi
What company are you using ? Creditors will add charges and interest in the early days but this should stop once the DMP has ben agreed. How long have you been in your DMP ?
Regards |
Andy Davie, IVA.co.uk spokesperson and a Debt Advisor
If you need any help or advice about the various debt solutions available please contact me via my website at www.andydavie.com
Author of "Real life IVA stories" and Debt Counsellor of the year finalist 2010 |
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s_cs
IVA Novice
49 Posts |
Posted - 09 March 2010 : 15:29:35
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| i have had interest stopped on my abbey credit cards but halifax bank account and barclays are still charging. i have been in the dmp since september |
Stewart
DMP in progress |
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Andy Davie
Administrator
IVA completed.
10766 Posts |
Posted - 09 March 2010 : 16:00:06
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Hi
It really should be agreed by now otherwise you are actually going backwards. Have you chased your debt management provider ?
Regards |
Andy Davie, IVA.co.uk spokesperson and a Debt Advisor
If you need any help or advice about the various debt solutions available please contact me via my website at www.andydavie.com
Author of "Real life IVA stories" and Debt Counsellor of the year finalist 2010 |
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s_cs
IVA Novice
49 Posts |
Posted - 09 March 2010 : 16:02:43
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Hi andy
no i wasnt sure if i should or if it was a case of wait and see because i know DMP can never guarantee freezin of interest etc ill give them a call and see what they suggest.
thanks for your quick replies and advise :) |
Stewart
DMP in progress |
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MelanieGiles
IP
30800 Posts |
Posted - 09 March 2010 : 21:37:49
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| This is one of the major downsides to a DMP, in that there is no guarantee that interest, charges or legal action will be suspended. How much are you paying into the DMP each month and how much do you owe on an overall basis to creditors? |
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp |
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s_cs
IVA Novice
49 Posts |
Posted - 10 March 2010 : 09:27:45
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hi melanie
i owe roughly 14k and am paying 100 each month for the dmp with a rise to 150/200 in 6 months |
Stewart
DMP in progress |
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MelanieGiles
IP
30800 Posts |
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s_cs
IVA Novice
49 Posts |
Posted - 10 March 2010 : 10:17:09
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hi
yeah im going to hopefully increase my payments to 200 as soon as i paid for my car repair. i was thinking about a IVA but at the moment i need the flexibility of DMP due to financial commitments etc.
:) |
Stewart
DMP in progress |
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Andrew Graveson
Forum Expert
United Kingdom
1023 Posts |
Posted - 10 March 2010 : 10:20:29
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Hi Stewart,
Creditors do not have to freeze interest and charges in a debt management plan. However a proactive approach from a debt management company certainly makes a big difference as to whether they will or not.
The lender you mention is normally amenable to debt management plans once the account is a certain amount in arrears.
I suggest you ask your debt management company what they have done about the situation so that you can weigh up whether you are dealing with an unsympathetic lender or a debt management company that could be working a bit harder for you. |
Andrew Graveson
Bright Oak Ltd
Debt Advice & Debt Management Plans
Website: www.brightoak.co.uk
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s_cs
IVA Novice
49 Posts |
Posted - 10 March 2010 : 11:08:41
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brilliant thanks for your advise its appreciated.
i will speak to them tonight and see what they say. I dont want to get to the stage where i am worse off or the creditors are not receving much but at the same time i like the idea of IVA but need the flexibility at the moment. |
Stewart
DMP in progress |
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kallis3
Moderator
27 month\s down 33 month\s to go.
United Kingdom
35545 Posts |
Posted - 10 March 2010 : 11:16:41
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| Let us know how you get on Stewart. |
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
27 down, 33 to go.
Jan
xx
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Topic |
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DMP plus interest = HELP
