www.iva.co.uk

Hi - I'm new to the forum and currently in the early stages of setting up a dmp but have picked up so many useful bits of info from the forum that thought I'd see if it was ok to join in? We are at the stage of phone calls everyday from some creditors (which I can generally ignore) but it's the letters which are getting me down. One example - First Direct are one of our main creditors and were one of the first to say they accepted our reduced payment but we are still getting letters demanding repayment of the total amount owed etc...I will pass them on to the company dealing for us but should I be worried?

Thanks for your help.

Hi, and welcome to the forum. Anyone is welcome to join and we are here for all technical advise and moral support at any time.

Can I ask why you are going for a dmp and not an IVA? Is this not an option for you?

A dmp does not mean that interest and charges will be frozen, and there is no guarantee that creditors will accept it. Of course you do pay off the whole of your debt, but over a much longer time usually.

You will get the letters and the phone calls. I would just keep on patiently writing back to them and explaining your position.

Meanwhile, why not give another couple of companies a ring to see if they can give you different advice? Visit www.iva.com for a list of companies.

Hi there and a warm welcome to the forum

Just get the company you have appointed to help you with the DMP deal with the creditor claims. A DMP ought to be able to be set up within 7 to 14 days, so I am sure all will be sorted out for you soon.

Hi Lainey05, welcome to the forum, I've emailed you. [;)]

Your DMP company should offer the appropriate advice and if its a DMP they should be able to get things moving quickly. Did they suggest an IVA?

hey lainey welcome !
this is a warm friendly site. everyone here is lovely
post whenever you want-its brilliant for moral support and practical advice
they listen to my junk all day long ! [:p][:D]

Thanks for the welcome everyone. We did initially think about an iva but as we could pay back our debts in less than 5 years on a dmp we were advised by two different companies that this was the best route to take.

I guess I just get a bit wobbly when "official" letters arrive. Like most of you on the forum, we just want to get out of the mess we're in and accept that we need to have a complete change of mentality with money to do that. Must admit I feel quite chuffed when I realise that I haven't used a credit card since early November and all I'm spending is "real" money!

A DMP is definately the best option for you if you can pay out within that timescale, and get creditors to stop charging you interest in the meantime.

Thanks Melanie - I do feel confident with the path we've taken...hopefully the next few years will fly by!!

Great - have creditors agreed to stop all interest charges?

Some have but not all yet. Viki is hard at work on that I think![:)]

Keep us all advised - be useful to know and to keep track of your DMP over the next 5 years.