deeppockets wrote:
Melanie
M D & Credit
I found them just by using internet some site which directed them to me i think, everything seemed to happen so quick,within a week forms signed and meeting within a month,i almost feel like ive missed out on some thing by not speaking to others like yourself, still too late now into month 2.
Did they explain all about alternatives such as bankruptcy and/or a debt management plan?
As with Melanie I try and speak to all my clients (not always possible) but one of my experience members of my team can handle this on my behalf and if a client wishes to have a chat I am available and can normally get back to him/her within a few hours.
To answer specifically your original questions deeppockets:
1. Yes - but if your overall expenditure has gone up then only the balance (if any) would need to be paid over
2. ditto
3. Whatever the bill is should be divided by 12 and that is the monthly allowance.
Good luck - although it is a pity that you did not shop around and speak to 1 or more other providers, but MD&C aremembers of the DRF and if you have any problems you can contact me (I am currently the Chairman of the DRF).
Last edited by David Mond on Sat May 23, 2009 5:49 am, edited 1 time in total.
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.
Thanks David
Water rates are £ 413 so £ 20 still on low side
Never mentioned DMP until paperwork arrived that said these had been explained,also got a letter to sign saying i had been advised bankruptcy, i wouldnt sign that has i hadnt recieved this information, what would criteria have been for DMP just curious really
A DMP just means that your agreement with your creditors is informal and there is no guarantee that interest and charges will be frozen and it may take years and years to pay off.
On the plus side, the 'allowances' are a lot more generous and you would certainly have been allowed to claim exactly what you are paying for utilities.
I don't like MDC as they refused to even look at an IVA for us when we rang up, we were never advised about a DMP and we were told that we should sell our car and go bankrupty, it was our only option. No way when I have equity in the house!
If they propose IVA's with ridiculously low allowances, there is a good chance that it may fail. I sincerely hope that this doesn't happen to you DP.
When it comes to your review, insist that the correct utility payments are put in. There is no right or wrong figure for these and don't let them tell you otherwise.
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
jan read your comment on these a while ago but by then i was allready tied,they stated that creditors wanted to drop other utilities g and e by £ 20 at meeting but i then faxed them my last years bills and it then got approved ,i certainly get the feeling that they were pushing for acceptance more for there benefit than mine.
I think you could be right. Whilst you can economise on other things, utilities have a set price for you and you have to pay them, no matter what.
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
It is very sad that some companies are pushing through IVAs which are five year commitments for people with such ridiculous I&Es and not properly advising their clients. Surely there should be some legal recourse for companies such as these?
No doubt you will be taking these matters up with your fellow DRF member David? What vetting of firms procedures is actually done by you before allowing a firm to become a member? Surely the fact that this firm have not advised on either DMP or bankruptcy to their client gives you some cause for concern?
We have taken the view to allow all firms to join and who have signed up to the DRF Standards and Conditions which are hard and onerous and some might say OTT. We start regulation of them through the IPA starting in July and when we get the OFT seal of approval and regulation of DMP's we will be well placed for policing the industry and if there are complaints about a members firm we have a Complaints Committee and procedure to deal with same.
Last edited by David Mond on Sat May 23, 2009 7:16 pm, edited 1 time in total.
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.
Glad to hear it. I would not have thought that the IP profession would need more regulation, but with some of the complaints that we persistently hear about on the forum it is clear that some firms do.
more should be done to regulate firms who push and take advantage of clients by persuading them to take on an IVA claiming its something they can afford to maintain, when in reality people are in such desperate states that they will accept anything & anyone just to get a break from the debt problems.
its sad to see this. whats the difference between creditors and IPs who are both hungry for a piece of the pie.
EVERYTHING HAPPENS FOR A REASON................
[IVA JUST ACCEPTED!!]
