Originally with 123 Debt Solutions in Merseyside, and paying �50.00.
Debt then was �2401.00.
Changed to G.W. Financial Solutions Limited, paying �70.00, and �4.94 of the payment, is for a management fee.
Paying this since January, and now the debt is �5131.18.
I have made 53 payments, and the debt is not going down.
Hi -- the debt is really on the low side for an IVA, and, it would seem, your disposable income is too high for a DRO.
If the debt in increasing it is due to management charges coming out of what is already a modest repayment as well as the possibility that the creditors are not stopping / reducing interest charges.
I would have a chat to a couple of firms to see what they think they can do -- Payplan and Stepchange, being largely funded by the creditors, do not charge management fees for DMP's.
If you only have one or two creditors you might be able to broker a deal with them yourself.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Please speak to another company for some free advice as a different solution may be better for you. Vincent Bond can be contacted for free advice as can a number of companies which post on here.
I am sure there is a better solution out there.
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
