DMP. I now owe significantly more and have had enough. I am looking for advice

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by wesley » Sat Mar 18, 2017 10:40 am
debt management.

Originally with 123 Debt Solutions in Merseyside, and paying �50.00.
Debt then was �2401.00.

Changed to G.W. Financial Solutions Limited, paying �70.00, and �4.94 of the payment, is for a management fee.
Paying this since January, and now the debt is �5131.18.
I have made 53 payments, and the debt is not going down.

I have had enough.

I would like to discuss this further.
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by Foggy » Sat Mar 18, 2017 11:09 am
Hi -- the debt is really on the low side for an IVA, and, it would seem, your disposable income is too high for a DRO.

If the debt in increasing it is due to management charges coming out of what is already a modest repayment as well as the possibility that the creditors are not stopping / reducing interest charges.

I would have a chat to a couple of firms to see what they think they can do -- Payplan and Stepchange, being largely funded by the creditors, do not charge management fees for DMP's.

If you only have one or two creditors you might be able to broker a deal with them yourself.
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by kallis3 » Sat Mar 18, 2017 11:13 am

Please speak to another company for some free advice as a different solution may be better for you. Vincent Bond can be contacted for free advice as can a number of companies which post on here.

I am sure there is a better solution out there.
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Michael Peoples
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by Michael Peoples » Mon Mar 20, 2017 8:57 am
Try your local CAB as it may be possible to bring your disposable income level down and a DRO could be an option.
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Lisa Thomas
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by Lisa Thomas » Wed Mar 22, 2017 1:12 pm
The problem with DLAs is they usually have to be paid back in full and interest and fees continue to apply.

Do you have any family/friends that might be willing to loan you £5k to clear it and then you can pay them back?
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