www.iva.co.uk

Dear Forum

Hope you are all well!

I have just received quite a scary card through the post today from Co-operative Fiancial Services saying that:

"We have instructed Power 2 Contact to visit you at your home address within the next 10 days to discuss the arrears on the above account. In order to avoid them missing you and incurring additional costs, please telephone blah blah blah to arrange a mutually convenient date and time for them to visit."

What should I do?! I don't want them to visit, and I don't really want to speak with them! Should I call them up? Should I call the Co-operative? Should I make a token payment to keep them off my back whilst I decide what to do about my debts?

What can they do to me on this visit?

I have now missed 2 payments to all my creditors. Initially I offered them all a £10 each token gesture, and then last month I stopped paying them altogether.

I am still not sure which option is best for me - IVA / DMP / BR but it looks like it's starting to get messy now.

If I was to give the 'go ahead' for an IVA or a DMP now would this keep them off my back? Or, if I were to inform them of my intention to go BR would this stop them also?

Any help / advice would be much appreciated!!!

Cheers!!

Snowman, that's not good.

I have had similar cards before from Halifax, and no one ever called, but of course you can't be 100% sure that they won't.

You really need to talk to and IP and sort out what you are going to do as things do sound as though they are going from bad to worse and you won't be able to hang on much longer.

It won't hurt you to phone them and perhaps make a token payment. You can tell them that you are taking advice and will be doing something positive shortly.

You really are going to have to make a decision because it's not going to go away and all your other creditors will be beating a path to your door (figurativly speaking that is!)

Hey snowman, like Kallis, I've had the same sort of card from Halifax in the past, I DID call them and they didn't send anyone. However, a debt collector on behalf of barclaycard did call the other day. They will not stop trying to get their money back even if you are in the process of setting up a repayment plan. The only way to stop them is to be protected by a formal arrangement. Hope you're ok. X

Snowman - given that I know some of your background, you should not enter into an IVA with the uncertainty of your travel arrangements, but a DMP would help to stop these actions against you. I feel that you really have to decide what to do about your debts soon, as this sort of letter is only going to increase as the debts continue to be unserviced.

With regard to this particular debt - I would give them a call to see if you could make some ongoing payments in the meantime.

I had dealing with power2contact a few weeks ago and they are right ar*y. Whatever you do don't phone their call centre, they are arrogant and unproffessional. They have a website that you can use to email them.

chris.g wrote:

I had dealing with power2contact a few weeks ago and they are right ar*y. Whatever you do don't phone their call centre, they are arrogant and unproffessional. They have a website that you can use to email them.

Was it arty???

Do they were french berets and go to lots of galleries???[8D]

That'll be it plastic[:D].[:D]

Hi!

Thanks everyone for your replies and your support!

Yes I agree - I really do need to do something about it now - it's getting a bit nasty! It's not that I am trying to avoid it or pretend it's not happening, I ma just mad busy at work at the moment and have a lot of stuff going on and I'm finding it hard to think clearly about the whole situation. I don't want to make the wrong decision.

I agree that an IVA is probably not right for me. I have a couple of questions re. DMP's:

1. How long does a DMP take to set up and is it more flexible than an IVA?

2. I have a little bit of money put away (£500) for my flight to Canada - someone said I would be able to keep this in a DMP - is this true?

3. Would the Creditors stop harrassing me once in a DMP?

4. Would the monthly repayment amounts be the same in a DMP as an IVA?

I am writing a letter to 'Power 2 Contact' now explaining my situation and I am going to send a token gesture payment to each of my creditors.

I still think I am going to have to go BR eventually though - I am just not ready for it yet.

Cheers for your help again!!!

A DMP can be set up almost immediately and is more flexible than an IVA. As you are not obligated to disclose your asset position to creditors under a DMP (although I would advise that this always be done to ensure transparency). If you appoint a good DMP company they will deal directly with your creditors, although there are no guarantees that this would stop the letters and calls. You ought to offer all of your disposable income to creditors in order to reduce the repayment period.

Why not have a chat with Andrew Graveson at Brightoak, who posts as an expert on the forum and also runs a successful DMP comapany - or perhaps try one of the companies funded by your creditors as an alternative.

Hi Melanie!

Thanks once again for your advice! I have been in contact with Payplan regarding a DMP - are they considered to be a good company for DMP's?

The £500 which I have in cash will either go towards BR fees (if needed), or a flight to Canada...

Hi Snowman,
I don't envy you the card, calls or letters - I nearly had a breakdown when I went through that phase. I hope you choose your right option soon to get a break from the stress the calls, etc cause.
Good luck,
Hugs,
hardonnay

Cheers!

I would love a hug right now...!!!

Hi Snowman,

My stepson is doing a DMP with Payplan and I think he is happy with them. We are doing our IVA through them. Not had any problems so far.

With Payplan, 100% of your money goes to your creditors, they do not charge you.

Ok thanks Jan.

Yeah, they seemed decent enough when I spoke to them yesterday - some of the other IP's have seemed a bit 'out on the sell' if you know what I mean? Which is fair enough I suppose...

Hi Snowman ... you always feel better once you have made a decision [:)]

Good luck ... and make sure you let us know how you get on.

Debbie