You will always owe the full amount to your creditors, plus IP fees.
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
John's circumstances would tend to lean more towards the flexibility of a DMP rather than an IVA - and if you need professional support Andy Davie is the man to contact.
hi john i was on a dmp plan they will freze intrest only in some cases for only 6 months and your creditors will ring up day and night and ring your works and nasty letters your creditors can come in for the full amount of that debt of yours at anytime and you will have calling collection centres phoneing you up for money and if you pay some money over to one of your creditors and one of the other creditors find out the will reject your dmp plan and will want the money in full .
in a dmp plan your creditors dont know if they will get there money back while in a iva they do
Rubbish! A DMP works very well for many people and this is just scaremongering. Many companies will be able to get the interest frozen and I agree with Melanie that Andy would be a good person to help you.
That is too much of a sweeping statement John - and you should be careful when posting on the forum if your experience is limited to your own case.
There are around 700,000 active DMPs in the UK at present, where the vast majority of creditors have frozen interest for a number of years. I accept that this doesn't always happen - and it is a shame that this did not happen in your own case - but try not to paint too bleak a picture to forum members of a process which firmly has a place in the world of debt relief.
Keepingmyheadabovewater wrote:
hi john i was on a dmp plan they will freze intrest only in some cases for only 6 months and your creditors will ring up day and night and ring your works and nasty letters your creditors can come in for the full amount of that debt of yours at anytime and you will have calling collection centres phoneing you up for money and if you pay some money over to one of your creditors and one of the other creditors find out the will reject your dmp plan and will want the money in full .
in a dmp plan your creditors dont know if they will get there money back while in a iva they do
If it wasn't for this inheritance than I agree that an IVA would be a no brainer, but Murphy's law says that the inheritance will come 59 months down the line with 5 years worth of interest to add to my current debt.
So if I were to enter an official DMP and most creditors agree to a reduced return I might still settle early, would this be beneficial over just taking the flack and carrying on as I am?
No worries - and to John.mx, only you can decide which route is the best to follow - but a chat with Andy or any other DMP company would not do you any harm. Most commercial companies have a great record in getting interest frozen for the duration.
I did a DMP for 18 months. My interest and charges were frozen from day one and I had no nasty calls or letters from the creditors included in that.
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 kallis3.jan i am more than willing to speak direct to you i wont be able to post this in the forum.if you speak to admin i will give them permission to email me direct
