About to start a DMP

[David Mond]

Difficult to answer you Dougie since you will be taking on a large financial commitment at a time when you are heavily in debt. How are you proposing to pay the deposit? Is it coming from your existing car by part exchange? I would not recommend you putting a deposit down by taking more credit.

If you need a car for your work then that is fine as long as the monthly payments are reasonable and under HP they will continue to be paid. Once the monthly installment finishes whatever you were paying would then be paid into your IVA or made available as extra in a DMP.

You can switch into an IVA (if that is the appropriate advice) within 3 months after starting a DMP but it does depend on who any recent loans were taken out with.

I cannot comment on the advice that Jan2410 says she received from her DMP provider above on this thread.

[Dougie]

Many thanks all for the positive comments, I am actually looking forward to getting to grips with the situation. As for the car, it is essential for work so will ensure it is on HP and the payments will kept up to.

Will report back once it all gets going next month.

Thanks again.

[bitshort]

Hi. i started a DMP last november, with Vincent Bond, and initially it is very scarey, but with the help i've had it kind of makes it easier, i owe about 40k and am paying £350 a month , i could'nt start an IVA as i'm disabled and at the time Melanie advised kpmg probably would'nt accept, so she put me in touch with VB, i have had THE PHONE CALLS, matter of fact i got one this morning from CITI, but just told them to contact my IP, as it says on thier computer screen, although they are'nt happy with that ,they do it ............I've had absolute murders with the co-op bank , but two weeks ago they actually agreed and have frozen all charges for 12 months, as have all my creditors, RBS/BARCLAYCARD/CO-OP LOAN/AND CITI....I get an e-mail Statement from Louise at VB'S every month and she always answers my questions by phone [even tho some are stupid [:)]all in all it's the best thing i've ever done, admittedly i have'nt had the car problems etc. [touch wood] And i'm finding the budgeting a challenge but kind of enjoying it, but most of all I'M SLEEPING AT NIGHT !

Can i just say all the IP'S I've spoken to are very understanding and not condescending in any way as well !

Wish i'd have done it years ago really [:I]

[David Mond]

That is good news bitshort - but how long is the interest frozen for? Is it for the duration of your DMP or is it only for 6 months?

[bitshort]

Initially CITI said 3 months , but have now agreed 12 months , as have the others.......i think the banks may just be getting the message [;)]

[kallis3]

Good news. Let's hope they continue the freeze after the 12 months is up.

[David Mond]

Hope so to - but I have my doubts.