www.iva.co.uk

Hello everyone. Before I actually go ahead with my DMPO - Has anyone heard of, or had any dealins with the company William Goldberg? They seem to be giving me good advice but before I part with any money I'd like to know if anyone has any info? Thanks

Hi
Try IVA.com,they have reviews on most of the companies.
Regards

I think if this is the only company you have contacted and you can't find any information, you should ring at least one more.

How much are you being charged?

Its 17.5% of whatever payment I make, but I have found that I can talk to a Senior Advisor whenever I ring, and usually the one that has been dealing with my case. I know it would be preferable to have all my payments going towards my debts but I am not sure that some of the charitable organisations would really be working for me if they are funded by the banks. But then again, I dont want to get myself into deeper debt by using a company that only wants my cash.

Most DMP charging companies will charge no more than 15% so it may pay to shop around or at least get a couple of other opinions.

Hi
17.5% is a reasonable amount,some charge 15%.Does the debt management company keep the first month payments ? This is a standard procedure.
The fact that you can always talk to a Senior Advisor is a good sign
Good luck

Thanks for the replies. Just a quick question - If, once the DMP is underway, someone tries to make me bankrupt, what options do i have? I dont want to lose my house. We've only had it 6 months and its taken blood, sweat & tears to make it a home. Would I be able to take out a secured loan to pay off my creditors instead?

Hi
Under a DMP you have no protection from creditors taking legal action.
You are free to a secured loan out if you wish but you need to be careful not to prefer one creditor over another
How much are your total unsecured debts and how much are you paying a month ?

In total my unsecured debts are £25k. (I think. I have a joint mortgage, which is the NR Together, which I was told not to include on a DMP because as soon as I try that, NR will automatically tie the two together as secured. I dont want to involve my partner or my house so I am fine with this). I owe student loans 6.5k, black horse 2k, halifax card 14k & halifax overdraft 2k, next card £150. At the mo my monthy debt payments are around £500. William Goldberg have said thet £280 monthly is enough for the DMP. Is this true? We borred a total of £118k from NR. the house id now worth around £120k.

I should also add that my monthy net income is £1500. I have already changed my bank account to a Natwest Basic one, but I just darent take the plunge with a DMP. Once I do, thats it. I am toying with taking out a Personal loan I have been offered just to pay off my credit card. I know its the 'robbing peter..' thing but if i thought my house were at risk I'd rather do that.

If the advice has been not to include the unsecured element of the Together loan, how does the DMP company suggest that this be dealt with? If the advice is to carry on paying the full contractual paymentsm then does this mean that they will be preferred?

Can I include the NR loan, even if its in joint names? And that then brings the property element in, aswell as my partner (who just about earns enough to pay half the bills & mortgage himself). How risky is that with regards to the house?

Andy, further to your question, a lot of DMP providers are now charging 2 months fees instead of one so probably wise to avoid them if possible.

Hi
Interesting Size5 when you consider that in some IVAs the IP gets 4 monthly payments then 15% of each monthly payment thereafter,all inclusive of vat.When you consider the work,experience and legal issues surrounding an IVA you can quite clearly see that DMPs are more lucrative than IVAs in some instances...............are we going to see a reversal in the marker where a couple of years ago people were allegedly 'moved'into an IVA rather than debt mangaement plans but now we see the opposite happening ?
Of course this won't happen because best advice should always be the priority
Regards

Andy,

It is indeed a very fascinating point and I am looking forward to a chat about it tonight, possibly over a beer or two?