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
Don't get me wrong, I am eternally grateful for the work my IP put in to get me an IVA and I dread to think where I would have ended up without them.
I just don't like the attitude of some when it comes to their creditors. I am very thankful that my creditors agreed to an IVA in the first place and even more grateful that they allowed me a 12 month payment break when my financial situation took another unexpected nosedive. When all is said and done, the only ones who lose out in an IVA are the creditors! I think some people should cut them a bit of slack and show a bit of gratitude, as they very often lose a small fortune thanks to the likes of me and others in IVAs.
I'm grateful they agreed, but their attitudes (well the call centres!) leaves a lot to be desired and puts pressure on people already stressed out.
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
The thing I disliked when my IVA was set up was the first company I spoke to who took a fee of £300 to pas me on to someone else. I didnt know any better then and was just greatful to be taking control of my situation.
The fees I pay were explained to me and I agreed to them as I couldnt have had the time or expertese to do the papeerwork myself.
As for paying back to my creditors I would have loved to have payed back 100% but it was the interest rates that crippled me. When the bank charged 7.5% the credit cards were charging 39%, big difference.
I am living, breathing proof that F&F IVA's CAN be done, and will always be grateful to Melanie and her team for having arranged mine for me, and giving me a new start in life.
[:)]
I would need to dig all the paperwork out to get the exact figure, but from memory, as it was well over a year ago now, it was somewhere around 21p/£ I think.
If you are able to set up and run your own DMP it is clearly a better route. However, not everyone can deal with the calls, reviews etc and creditors will often be quicker to freeze interest where a DMP company is involved. It is great your own DMP is going well but many people do need the assistance of a DMP company.
I offered my creditors a private DMP arrangement which they refused so had to go the IVA route or bankruptcy.
The IVA has just been agreed but payments are around £40 per month less than offered via DMP.
Admittedly dealing with the review calls coming in was a bit stressful at first but they all seemed to have settled into a six monthly cycle now and as the monthly payments are being made by direct debit to a large degree there is nothing to worry about.
Funnily enough I received a review call from Blair Oliver yesterday but it all went smoothly.
I know it's not for everyone but it seemed to make more sense to me that my £350 a month was going direct to my creditors and my debt rather than a middleman who would take some off himself.
A DMP is a great way of paying your debts if it doesn't take too long.
For me it was 19 years - I may very well be pushing up the daisies by that point!
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
That's a much more realistic timeline and I hope it does go to plan.
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
