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Hi. I am just about to speak to Thomas Charles but want to have a some idea of what I want, so just wondering do all debts have to be included in a DMP like an IVA or can I select what is included? Thanks

It is more selective though it is best if you can include them all, that way creditors know they are getting a fair deal. But if say a creditor doesnt want to play ball, you could deal with them outside of the arrangement if you wanted.

Ok thanks for that. I am feeling quite nervous about phoning Thomas Charles, don't know why. I think I just find it takes alot of energy to talk about my finances!!

Hi Mel,

In a DMP your Disposable Income (amount you can pay your creditors after deducting your monthly expenses from your income) is offered to the creditors on a pro-rata basis.

If thinking about entering a DMP, I think its best to include all your creditors as you pay one affordably monthly payment without all the stress.

Hope this information is of use

Regards. IVA Experts

Its a nightmare to begin with, but talking from my experience you will get used to dealing with it - and that includes the calls from your creditors. If you are going down the DMP route, then at least a third party will do most of the talking for you. When you get the usual numpty creditor calls (demanding payment now or you're going to court) you can tell them to contact your DMP person and you are paying as much as you can and thats it. One word of advice, never pay them more than whats arranged within the DMP or they'll expect it all the time. So be firm but fair with them. A DMP is a valid way of dealing with your financial difficulties, dont let them make you think otherwise. If you stick to your guns, you'll probably find a few months down the line they'll freeze interest and stop calling. The downside is, they can change their minds at anytime, which they cant in a IVA. But on the flip side, so can you!

Mel.d

If you do decide to go done the DMP route, then yes, you absolutely should include all of your debts. If all of your Disposable income is being used to pay the creditors in the DMP (which it should be) then how would you afford to keep paying the other creditors?

I hope your call with Thomas Charles went OK. The first step is talking to someone abou the problem and this is always the hardest thing to do

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions for over 10 years.

For more information visit www.jamesfalla.com and visit my blog at: http://jamesfalla.blogs.iva.co.uk