I started with debts of around £60000 half of which is pure interest, i have been on a DMP for over two years. Although only paying around £90 per month, this eased my problems massively. My problem is i have a bit more money available to offer, but the debt has increased and will continue to increase as all interest has not been stopped. Where do i go now as bankruptcy is not an option. I am with the CCCS.
Hi & welcome, have you spoke to anyone regarding an IVA,,you will need more than £90 a month desposable income though.Why isnt BR an option?
You need to speak to an IP, give one or two a call.
How much more would i need for an IVA ? I will be speaking to CCCS regarding this, but they use a third party for IVAs. Regarding BR i dont want to lose house, pension etc etc.
Hi
This can often be a problem with some DMPs, if interest is not reduced or frozen you can end up further into debt. It is so important to choose a debt management company that will actively work with your creditors to freeze interest. Some people will choose a provider because they are "free" but sometimes by choosing a commercial company that manages to freeze all interest will mean that you will save the cost of your DMP [typically 15-20% of your monthly payment] many times over each and every month.
A question for the CCCS......do you actively look to have interest frozen on a DMP ?
To answer your specific question I would speak to several experts/companies and look at the possibility of an IVA. All interest will stop once an IVA is agreed
Regards
Maybe i was nieve when it all started as i used Spectrum for the first 12 months, but as they were taking half of what i paid i thought i would be better off using the CCCS as the creditors would receive all my money.
