www.iva.co.uk

Hi, I am new to this forum, (been reading for a few weeks), and i just wanted to say thank you. I'm about to start DMP with Vincent Bond.

I have found this forum priceless!! The information i have got from reading all the posts has really helped me to stay positive, so i thought it was only fair that i posted a bit of information about myself.

I'm married with two children under 4, my wife is not working but will be soon. My job, while fairly secure, does not provide a standard wage. For various reasons i decided a DMP would be best for us. I have approx £65K debt, with HSBC, MBNA, Tesco, Mint, Barclays, and Abbey.
I am just about to send all the paperwork to VB, so will keep you all posted

Once again thank you,

Jon

Hi there and welcome to the forum

Lots of people with non-standard income propose IVAs as well as DMPs - how much will you be paying each month into the DMP and have you worked out how long it will take you to repay your debts in full?

How long will your DMP take to pay off? If it's more than 5 or 6 years I would definitely look into an IVA. I would speak to VB, and also take advice from a couple of IPs.

Good luck x

Hi there,

I think it works out at about 17 years with my current proposal, however i am hopeful that my full debt will be paid off considerably sooner than that, ideally i would like to pay back all that i owe. The reason i am hopeful of this is my wife returning to work and my job having pay scales that will mean in a year or so the level of disposable income we have would mean some companies would not consider an IVA as it would show we could pay back in full in under 5 years,

I have spoken to quite a few people and again i must say how helpful people are. Most people i spoke with thought DMP would be best for us, not sure if i am explaining my circumstances very well, but hope you get the jist

Thanks
Jon

Good luck with the DMP,was there a reason you choose a fee paying company rather than one of the ones that dont charge??

At the end of the day, so long as you understand all of the options available to you, and have evaluated the advantages, disadvantages and implications of each one, you should be satisfied that you have chosen the right option.

Best of luck jaygee.

I'm sure Vincent Bond will do a really good job on your behalf.

Good luck from me too. Sounds like you have taken plenty of advice and have chosen the option best suited for you and your family. Also, if your situation changes, you still have the option of an IVA and creditors do look favourably on IVAs from those who have already tried a DMP.

Thanks for the good wishes

The reason i chose Vincent Bond was purely because i felt they offered the best service for me. I spoke with payplan and was very impressed, however for burning questions it proved easier to speak with people at fee paying companies. I am hopeful that i will be paying less a month with Vincent Bond, even if some of what i pay is going to them. I also like the fact that they are being paid by me, and not the creditors. There is a lot to be said for who you feel comfortable talking to.

Hope that makes sense

Jon

Technically, if you use Payplan and CCCS, you are paying them as the money the creditors pay to them comes from your payments.

you have done exactly the right thing by going who you feel comfortable with. The advantage of a dmp is that if you feel afterwards that the company you have chosen is not right for you then you can change a lot easier than in an IVA. Best of luck and hope you can become debt free as soon as you possibly can