Hi we are on a DMP with CCCS

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sallygallagher1

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Post by sallygallagher1 » Fri Jun 25, 2010 9:38 pm
Hi we are on a DMP with CCCS that is going to take us over 13 years to complete. WE have a small child and would like to clear the debt sooner so it is more manageable. We are looking into an IVA through IVA Advice Bureau but wondered if anyone knows if the IVA is NOT approved can we restart a DMP or would we have to go bankrupt?
 
 

Adam Davies

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Post by Adam Davies » Fri Jun 25, 2010 9:49 pm
Hi
Yes you can start a DMP again
I believe that CCCs will not restart a DMP was it has been defaulted on so you will probably need to use a commercial company.
However if Melanie feels that an IVA is possible for you it is very unlikely to be rejected
Regards
Andam Davies
 
 

plasticdaft

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Post by plasticdaft » Fri Jun 25, 2010 10:29 pm
How long have you been on the DMP and what did cccs say about your options to start with? A 13 year dmp is a rather big commitment!!!
Do you have equity in property that you were trying to protect by doing a dmp??

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

sallygallagher1

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Post by sallygallagher1 » Sat Jun 26, 2010 12:40 am
plasticdaft wrote:

How long have you been on the DMP and what did cccs say about your options to start with? A 13 year dmp is a rather big commitment!!!
Do you have equity in property that you were trying to protect by doing a dmp??

Paul
We started the DMP in Sept 2009 but MBNA are threatening CCJ's and also had to reduce income. On DMP as CCCS said it was the best option for us. No equity in the house at present.
 
 

plasticdaft

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Post by plasticdaft » Sat Jun 26, 2010 9:41 am
I cant understand why cccs would want you on a dmp for 13 years when a 5 year IVA would get you back on track. If the IVA bureau suggest an IVA,which is dependant on a few things,then I would follow that course of action. How much do you pay into your DMP per month?

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

MelanieGiles

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Post by MelanieGiles » Sat Jun 26, 2010 2:48 pm
I wonder why they said that to you Sally? I will be reviewing your case this weekend, so let's see what options there are for you and which one you feel is the best.

And as for them not starting a DMP if a previous one has defaulted - is that actually right Andy, as I do wonder why the creditors preferred choice of debt management providers would have such an attitude?
Regards, Melanie Giles, Insolvency Practitioner
 
 

plasticdaft

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Post by plasticdaft » Sat Jun 26, 2010 4:40 pm
Mel are you ever in a position when you take on a client to ask why another company has had them take on a ridiculously long DMP effectively doing nothing to reduce their debts??

Doesnt it get you angry that so many people get incorrect advice in the 1st place??

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Skippy

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Post by Skippy » Sat Jun 26, 2010 6:05 pm
It does seem very strange advice from the CCCS. You're in good hands now Sally so I'm sure you'll be fine x
 
 

sallygallagher1

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Post by sallygallagher1 » Sat Jun 26, 2010 8:10 pm
Thank you everyone. I feel myself that an IVA would be more suitable and I know from all the reviews that we are in good hands now.

Melanie, thank you for replying and reviewing our case. I am sure we will speak soon; however if an IVA is not approved can you (in your experience) go back on to a DMP?
 
 

kallis3

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Post by kallis3 » Sat Jun 26, 2010 8:56 pm
You should be able to do another DMP. I cancelled mine prior to proposing an IVA and was told that if I had been rejected then I could do another DMP and then try again for an IVA further down the line.
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
 
 

MelanieGiles

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Post by MelanieGiles » Sun Jun 27, 2010 12:25 am
In the unlikely event that an IVA application fails, or the IVA subsequently fails due to a change in circumstances, it is very likely that a DMP could be a workable solution.

To answer Paul - I get extremely angry about bad advice which is given in both my profession and the wider debt relief industry - but do feel that people should make their own decisions about what solution to follow and not be square-pegged into doing something that a firm may tell them for purely commercial reasons.
Regards, Melanie Giles, Insolvency Practitioner
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