www.iva.co.uk

Hi I'm new to the forum although having been reading for ages and get so much reassurance from posts. I have been doing my own DMP for 30 months now and have never reduced payments to date. However, my poor old car has died and I need to buy a new one to get to work and back. The only way I can do this is to take a payment holiday with all my 25 creditors. I obviously intend to tell this this - not just stop paying for a month. Has anyone else done this and how successful has it been?? Do they start hounding you with letters and calls again?

Thanks and be gentle on this new member[:I]

Hi there - when is your DMP targeted to conclude, and with so many creditors has every one of them agreed to freeze interest and charges?

Hi Fudgelover and welcome to the Forum from me too![:)]

Hi Fudgelover ... lover the name as well!

Not too sure about DMPs ... but just wanted to welcome you to the Forum ... keep posting, your own experiences will be invalauable to others [:)]

Debbie

Hey fudgelover, welcome from me too. [:)] X

MelanieGiles wrote:

Hi there - when is your DMP targeted to conclude, and with so many creditors has every one of them agreed to freeze interest and charges?

About 8 years to go Melanie just feel that I got myself into this mess and should repay everything - I do constantly have to battle to get interest frozen but at the mo I think it all is - just need some ready cash so want to have a payment holiday and then resume payments - what do you think?

I take my hat off to you for paying your creditors back over an 11 year period - especially if you are still having to battle with them to freeze interest. You have obviously looked at the options of a much shorter repayment period - ie IVA or bankruptcy, and decided that DMP is the right route for you. One advantage of a DMP is that you can take payment holidays, but this could be viewed as you not keeping your side of the bargain, so do be careful in case all of that interest and charges starts winging its way back onto your accounts again.

Thanks Melanie as I said before I would really like to repay all that I owe but I am starting to realise that there may be better otpions for me out there such as IVA or Bankruptcy ( although the thought of the latter just brings me out in a cold sweat!!). At the time I started on this road I was so ashamed I didn't feel that I could talk to anyone about it but I have to say that reading through the forum each night ( which I found quite by accident) it is so nice to know that that there are genuine people such as yourselves who help those of us who have got ourselves into debt. I am going to try with the payment holiday as I would like to stand by my offer to repay in full but if the creditors do start to get nasty I may call on you for help.

Thank you all for all your words of welcome - you would not believe what a comfort it has been to me to find this site and discover I am not the only one to get myself in a mess - you are all so positive so thank you again

Hi Fudgelover

I have just started on a dmp that is due too last about 7 years. As of yet it is going ok except one that has gone for a ccj. Have all your debts stayed with the original creditors or have some of them been outsourced to debt collection agencies and if so have they been reasonable or have they given you a hard time constantly ringing and writing.

reagrds

hopefull

hi hopefull

Yes some have gone to debt collection agencies and initially they did bother us with phone calls but after we made several payments they backed off and only phone now when it is due for review. One thing I have found is that even though we have asked repeatedly for them to contact us in writing only they still phone which I do find really stressful especially as we still have a daughter at home and I don't want her knowing our problems!! But C'est la vie. What happens with a CCJ?

Fudgelover