www.iva.co.uk

I have been in a dept management plan since 2008 and paid a considerable amount into my plan, however they have gone into liquidation and I have lost thousands and my dept level is higher than when I started! I am very anxious about what to do (understandably because of my previous experience). I am getting alot of conflicting advice and different agencies ringing me up and giving advice. Johnson geddes have put together an IVA proposal to my creditors, but I am worried this will impact on my professional life and have adverse affect on my life in general. Will people know about my situation eg employer? Could I lose my home? A very anxious, confused lady!

I am sorry to hear of your experiences and I can understand your confusion. Unfortunately you are unlikely to recoup any losses and as you have found your debts have not gone away.

It is a shame that you are now having to do an IVA which may have been the correct solution in 2008 but this may be the best option for you. If a proposal has been drafted it is usually accepted but how this will impact on you is difficult to say without knowing your circumstances. If you are still confused go back to the IP firm and ask for full explanations or get a second opinion from a different firm.

In an IVA your home is usually safe but there is a danger that in the six years that you have been in a DMP, there have been charges registered against it by creditors. Personally I would do a search before I proceeded with any IVA.

Hi

I would expect client money to be ring fenced so even though the DMP company is in liquidation money for your creditors should be safe
Who are you with ?

Regards

Here is my guess Andy.

http://www.mirror.co.uk/news/uk-news/wh ... sk-3802115

As you can see the money is lost and the company was not regulated. There were a number of trading names so this could even get worse!

I bet we won't see our government bailing out these people who had made steps to pay off their debts only to be defrauded. It's not as if they are bankers is it. These poor people must be devastated.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Susand0774

I have been in a dept management plan since 2008 and paid a considerable amount into my plan, however they have gone into liquidation and I have lost thousands and my dept level is higher than when I started! I am very anxious about what to do (understandably because of my previous experience). I am getting alot of conflicting advice and different agencies ringing me up and giving advice. Johnson geddes have put together an IVA proposal to my creditors, but I am worried this will impact on my professional life and have adverse affect on my life in general. Will people know about my situation eg employer? Could I lose my home? A very anxious, confused lady!

Did you know you can set up and run your own DMP?

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Susand0774

I have been in a dept management plan since 2008 and paid a considerable amount into my plan, however they have gone into liquidation and I have lost thousands and my dept level is higher than when I started! I am very anxious about what to do (understandably because of my previous experience). I am getting alot of conflicting advice and different agencies ringing me up and giving advice. Johnson geddes have put together an IVA proposal to my creditors, but I am worried this will impact on my professional life and have adverse affect on my life in general. Will people know about my situation eg employer? Could I lose my home? A very anxious, confused lady!

Or if you want go to one of the debt charities, Step Change (there are others) and get them to set up a DMP for you. It's free and they wont do a runner with your money or charge "fees" the people on here will most likely point you towards an IVA, It's their bread and butter!

I would advise you to have a chat with a couple of firms to compare advice and to see where you stand.

Another DMP might be appropriate, in which case StepChange would be a good call. If an IVA is the way to go, I would avoid the "charity" firms, purely on the basis that you are one in a sea of tens of thousands of cases dealt with by one or two IP's. Whereas the likes of McCambridge Duffy and Melanie Giles have half a dozen IP's dealing with hundreds of cases.

If you do not have too many creditors to deal with you can, as suggested above, run your own DMP -- however, this is only practicable with co-operative creditors.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy

I would advise you to have a chat with a couple of firms to compare advice and to see where you stand.

Another DMP might be appropriate, in which case StepChange would be a good call. If an IVA is the way to go, I would avoid the "charity" firms, purely on the basis that you are one in a sea of tens of thousands of cases dealt with by one or two IP's. Whereas the likes of McCambridge Duffy and Melanie Giles have half a dozen IP's dealing with hundreds of cases.

If you do not have too many creditors to deal with you can, as suggested above, run your own DMP -- however, this is only practicable with co-operative creditors.

Creditors have to co-operate if you propose a reasonabale payment plan on a self run DMP. They would not dare take anyone to court, if they could show that they were making every effort to pay off their debt.

Maybe so, iamfubb2, but they do not have to stop charges and interest, nor do they have to desist from placing charging orders on property or, indeed, take any other legal recovery action available to them. "Reasonable" is too ethereal a thing to be playing with. At the end of the day, it could be argued, it is also reasonable for the creditor to be paid whatever they are contractually due -- even if it takes forever !!!