DMP's got a bit of a kickin' there where companies got slated for not advising BR as an option so they could be paid to manage peoples debts long term(and reap the profits).
Bankruptcy really seemed to get a big thumbs up as an easy option.
What did anyone else make of the program???
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Hi
A little anti debt management plans really.
As long as all solutions are clearly explained then the option that a person takes is upto them.
For the vast majority of people in debt bankruptcy will be the quickest and most cost effective option but it is not for everybody.
There is a place for good debt management companies and none for poor companies. The BBC used an example of a debt management company charging 2000 pound in fees over six months, very biased and simply poor journalism. The vast majority of companies charge a maximum of two payments to set up a DMP.
Regards
But how many DMP's actually get completed Andy? We seem to get many posters on here who try them for a period of time and then opt for an IVA.which they could often have done in the 1st place. I understand that often they are a tool to use for breathing space and also that sometimes they are the best option but they do seem to get bad press for good reason(not all companies can be tarred with the same brush and I fully agree the BBC program was distinctly anti DMP).
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
The only reason we did a DMP in the first place was because we were told an IVA wasn't an option and we should go bankrupt - not an option when you have a decent amount of equity in your house, but not enough to settle your debts.
We did one for 18 months and were more than happy with it. Only problem was that it would have taken about 20 years to clear, by which time one, or both, of us would have been pushing up the daisies.
It was only by changing to Payplan that the IVA lifeline was offered and we accepted it.
I would never knock a DMP.
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
Many people have more equity than debts so there only real choice is a debt management plan. I think they are seldom long term solutions but for many people that I talk to they are very much needed, e;g their contractual minimum payments on unsecured debts are 600 pounds a month and their disposable income is only 200 pounds so each month they are using credit to pay for credit and are getting deeper into debt each month
Regards
Yes it was, but when you haven't found this forum, are told that BR is the only option and you have too much DI for an IVA, what do you do? Losing my house was never an option.
If we hadn't have explored other options (Payplan as stepson was using them) to try and save us money on a DMP then I reckon we would still have been there.
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
I really do think more places like CAB etc should give people this forum address so they can find out if they are getting the best advice. To think that for every one person in debt who comes on here to ask a question there are probably 10 or 20 who blindly enter into an agreement that isnt best for them.
Paul
Thank god for iva.co.uk!!!
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
We are actually paying less towards an IVA than we were on a DMP. The first company we approached told us to sell the car and go bankrupt, the second said we had too much DI. I now know this was a load of rubbish, but at the time you don't know any better do 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
Very true Jan,very true indeed. Lets hope that we can help others in trouble through our own experiences and guide more people onto the correct path to debt freedom.
I am sure that with the likes of Andy and Mel and the other professionals we can succeed in making a better life for many people.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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
I found that the pro gramme was far too biased towards bankruptcy and totally against DMP but did not mention IVAs at all.
The case of the biker who had an income but a large amount of debt was told to go bankrupt, he faced losing his bike which was his pride and joy and he was very upset about this but as he had an income and only rented his house then surely an IVA was an option for him but it wasn't even mentioned, same for the trainee solicitor....
Considering that this was about debts and how to deal with them I feel that the advice that was given was incomplete.
Andy - it certainly does! We had an advisor come to the house who told us that he was 93% certain we would get an IVA yet when the office phoned back she told us we had too much DI and was trying to 'hide' £200 a month! She was the one who put us in touch with the DMP company, and to be fair they were excellent.
You do grab at the first lifeline offered to you. I wish I had found this forum before I did, I may well have been coming up to four years in rather than almost halfway!
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
