I came across this site and must say I am so glad I did. I am currently in a dmp and have been for the past year. The company I am with dont appear to be doing what they should, they are taking nearly 20% of my monthly payment as fees and my debts are actually going up!!!
Contacted another firm and had my first phone meeting with them yesterday. I have been advised that there might be a slight chance of now going for an IVA. Albeit a slight chance it has made me feel alot more positive. I dont want to go bankrupt as this would have an adverse affect on my career. Fingers crossed and thanks for a great site.
Hi and welcome to the forum......its great isn't it [:)]
I don't understand why debts have increased during dmp...was the interest frozen on all debts? Can you say which company you're using?
Hopefully an IVA will be for you - I know you've already had a phone interview with a company, but make sure you're comfortable with whats proposed. Talk to a couple of companies for comparison and post as many questions as you want on the forum.
I cannot stress enough how important it is to have a good IP.
Hi Lull and welcome. As Swans Girl says, its worth checking whether interest has been frozen by your creditors as it is not something they have to do in a DMP, whereas they do in an IVA. My partner is in a DMP with Baines and Ernst, which according to the paperwork she was given at outset was due to end in April this year, but when she rang up just before Xmas to check exactly how much she had left outstanding, the creditors had lumped another load of interest on, and she now has to pay it until April NEXT year - assuming they dont decide to add more interest in the meantime. Hope an IVA works out for you - a DMP suits some people, but an IVA is much more cut and dried and you know where you are in my opinion. Good luck [;)]
As said before www.iva.com is a great place for checking reviews of companies you are approaching. Take time to get this right and chat to a few before making a decision, please don't feel rushed as it is really important[:)]
I am with Melanie Giles and would highly reccomend her and her wondeful team to have a chat with as you will get good, honest advice and support[:)]
The forum will also support you through the whole thing, so keep posting if you have and questions, worrires or just need a bit of support[:)]
Good Luck
Be positive & look after yourself, there are more important things in life than debts....
It certainly sounds as though interest is still being added. This is the problem with a DMP as it is not legally binding.
I agree with what the others have said - get one or two opinions before making up your mind whether you want to try changing to an IVA.
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 thanks for the replies. My dmp is currently with Harrington Brooks (AllClear Finance) I was told by them that Barclays had agreed to the payment and that the interest would be frozen. According to Barclays they have not agreed on anything. Last week they said they hadnt heard from HB since last June!!!! despite HB telling me that they were contacting them in December. At the moment I have approx £5.80 interest being charged daily according to my default notices I received last week, as u can imagine I am not best pleased. I am now in talks with Payplan
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
I am currently in a dmp with cccs as an iva is not an appropiate route for me at the moment. All my creditors have frozen all interest and charges and have accepted my payments and i find them very helpfull I have also heard good things about payplan and it may be worthwhile speaking to either payplan or cccs as you are not happy with your current dmp company also they don't charge and fees so all your money goes to the creditors.
Let is know how you get on. I am not against paying someone too manage my debts providing they do what they are paid to do.
Just a quick update, I received my IVA proposal in the post yesterday. After reading it thoroughly last night and again this morning, I have signed it and put it in the post. I cant emphasise how good Payplan have been, very efficient at answering my phone calls and emails. I have been so down this past week but hopefully, fingers crossed, there might be a glimmer of hope at the end of the very long tunnel.
That's good lull. We've had no problems with Payplan either so far.
Shouldn't be long before you get a meeting date now.
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
Wish you luck lull, it's good that you have been given some encouragement and are feeling more pos anyway.
I'm in a similar situation in that I'm currently on a DMP and considering IVA, but I'd like to ask a general Q (i.e. not addressed to you specifically) if I may?
Why do so many people pay for a DMP service when it is provided f.o.c. by CCCS/Payplan (I think) and CAB, and poss others, esp at 20% fees?!
When hopefull says above about them 'doing what they're paid to do' - what is that exactly that can't be done for zero fees?
Sorry for the off-topic, but I'm really curious about this.
A lot of people aren't aware that you can do a DMP without paying.
Myself and hubby were originally in a DMP through a fee paying firm, and I have to say we were very happy with them.
We went to Payplan as they were recommended to us by my stepson and I wanted all of the payment to go towards my debt rather than pay fees, and it was them who got us both an IVA.
However, the majority of people will just see the fee paying companies advertising on TV, or when if they use Google, and they will normally try the first company they find.
At the end of the day, I suppose it is who you are happy with.
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
Whether paying through a commercial organisation that charges fees or using CCCS/Payplan makes not one halfpenny of difference. The creditors net receipt works out very similar:
In commercial offerings creditors receive a payment net of expenses
With CCCS/Payplan the creditors pay a percentage pf what they receive back as fees.
Consequently posters should go with any of the organisations that can offer a good service and one whom they are happy with.
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.
