We have got a DMA and are dealing with a debt management company. We never failed a payment. However in 2007 we had to sell our property to survice as I lost my job but did not tell the Deb Management company we had sold the house letting them believe that we still had a mortgage. Now it has come to light after one of our creditors did a search and there was no property in our name. What kind of trouble are we in? HELP!
You will need to check the impact with the DMC. DMA's are not usually legally binding on your creditors and so you may wish to consider a formal insolvency procedure - either IVA or bankruptcy.
In the first instance, contact your DMC and see what they say.
If you sold your house then you would still have to pay rent anyway. Regardless DMPs are not legally binding and there is really nothing anyone can or will do. Had you been in an IVA it would have been different but the IVA company would have had a restriction on the property to prevent this anyway.
If you sold the property in 2007 while already in a DMP perhaps debt management was not the best option especially if you still had to sell your home. Perhaps it is time to look at an IVA or bankruptcy so seek some free advice.
A debt management plan is not legally binding, you can sell your house at any time.
If you are still struggling then you need to take expert advice. Visit www.iva.com for a list of companies and reviews. Give one or two a ring for free and impartial advice as to all the options open to you.
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
Hi m.29 - don't worry you are not in trouble. It does sound that you are still in financial difficulty though having to take this action.
as the other have said, might it be an idea to have your income and expenditure reviewed to see what the real picture is and to reconsider your options.
Whoever works with you should put you at ease and give you confidence so that you feel able to discuss any changes and ask for advice. You will definitely have to do that if you do an IVA as you are legally bound - but you should want to be honest from now on, to give yourselves peace of mind and security.
Have a chat with your DMC or call some other companies like the others have said, to go over things again if you feel you do not have the right relationship with who is looking after you at present.
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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definately give someone a call, whilst the bottom line of your disposable income is not likely to change, the advice you get from different companeis willshow you how supportive they aer likely to be.
First time I spoke to tina (above) I knew I'd chosen the right place....and never looked back...only forward to a debt free life
As others have stated you will be fine I'm sure, why not try the link above www.iva.com for a list of companies to talk to and hopefully you'll find someone you feel comfortable with and then they can act for you and discuss with you all options in respect of your finances. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
