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jtomo64

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Post by jtomo64 » Tue May 25, 2010 9:45 am
I think that at DMP is the most suitable for your needs, but you need to make enquries and speak with experts in this field.
I would suggest giving a few companies a call soon before the debts esculate further.
Take a look at www.iva.com for a list of companies and customer reviews. Speak to more than one if needed and only move forward when you are happy to do so.
 
 

Michael Peoples

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Post by Michael Peoples » Tue May 25, 2010 9:54 am
Given the number of creditors and the interest being charged it may be worth using a DMP company as they may be able to have the interest and charges stopped easier than you could. Certainly ring around for some free advice and pick a company you feel happy with.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

wannabedj

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Post by wannabedj » Tue May 25, 2010 10:01 am
My bank originally said no also. My credit was non existant at the time and my actual bank score (different than credit score) was also low because I spent all my wages every week. I went in there and begged them to help me. Tears work a treat also.
If Football was meant to have been played in the air then God would have put Grass in the Sky
 
 

Adam Davies

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Post by Adam Davies » Tue May 25, 2010 10:02 am
Hi
A 'full and final programme' where you pay 700 pounds over 9 months ?? on a debt of 10K. It certainly is not a legally binding solution such as an IVA and I would be very interested to know what it is and more importantly what guarantees you have been given.
Also what costs are involved ?
A DMP sounds a far more sensible solution for you
Regards
Andam Davies
 
 

essex_jim

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Post by essex_jim » Tue May 25, 2010 10:08 am
Jtomo you’ve recommended the IVA website, but surely that’s what I’ve been advised to avoid (an IVA) and go for a DMP? I’ve googled some DMPs but also read some reviews and some people have said they’re no more than scam companies?! Confusing. I’m just very scared if I cancel my direct debits to all these companies and put my wages into another account, the charges will rocket on the outstanding debt and my problem will be even worse.

Sorry if I sound very naive to this. I’m genuinely grateful for all of your advice.
 
 

kallis3

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Post by kallis3 » Tue May 25, 2010 10:13 am
If you visit iva.com then a lot of the companies on there will also help you out with a DMP.

The companies on there are not scam companies and several of them post on here.
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
 
 

essex_jim

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Post by essex_jim » Tue May 25, 2010 10:15 am
Andy Davie, the company said they would take the first 3 payments and make a token payment of a pound to all the firms. The remaining 6 months payments would be saved up by them and then offered to all of the companies in the 9th month. So in essence out of the £6200 or so I pay in 9 months, only around £4k would be used against the debts.
 
 

kallis3

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Post by kallis3 » Tue May 25, 2010 10:24 am
I really can't see that working and I've not heard of that before.

I also don't think that would be classed as an IVA as that is a legally binding agreement and you make set payments per month, not make token payments and then pay a lump sum at the end.

I so stand to be corrected though.
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
 
 

essex_jim

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Post by essex_jim » Tue May 25, 2010 10:30 am
That’s fine, I think this advice has helped massively and I plan to cancel the agreement I had with the company I first mentioned. They said they would send a courier to me tomorrow to sign the documents. I felt that was a bit strange as it doesn’t give me time to read them properly. I still plan to set up a new bank account. Out of interest if I contacted a DMP today, how quickly do you think they could set something up. My next payday is the 21st of June so I’d like to have something set up by then.
 
 

MelanieGiles

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Post by MelanieGiles » Tue May 25, 2010 10:34 am
Professionally I think that that is a dreadful piece of advice to you - and can I suggest that you contact Andy Davie directly who can talk you through the merits of entering into a DMP properly.

Andy can set one of these up for you in probably 48 hours.
Regards, Melanie Giles, Insolvency Practitioner
 
 

essex_jim

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Post by essex_jim » Tue May 25, 2010 10:56 am
Just spoken to Andy Davie, very helpful and the plan seems far more realistic, achievable and I’m very happy with it. I will cancel my involvement with the other firm immediately. Thankyou all so much for your advice.
 
 

Michael Peoples

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Post by Michael Peoples » Tue May 25, 2010 10:57 am
Good to see everything sorted now. You are certainly in much safer hands with Andy.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

kallis3

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Post by kallis3 » Tue May 25, 2010 11:26 am
Glad you are sorted, you will be in much better hands with Andy.

Make sure that your bank account is not with a creditor.

The Co-op comes highly recommended.
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
 
 

Adam Davies

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Post by Adam Davies » Tue May 25, 2010 12:03 pm
Hi
The company that essex jim was talking to were proposing to make token payments only to creditors over six months and then a lump sum full and final offer.
They were going to charge 2100 pounds in fees and then offer approx 4k against a 10k debt after a further six months.
Given that the client can repay all his debts in less than two years under a debt management plan this type of " full and final solution" will give our industry a bad name making it harder for bona fida companies to operate.
I have come across this before and wonder if it is the next "unenforceable credit agreement" style operation.
Regards
Andam Davies
 
 

kallis3

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Post by kallis3 » Tue May 25, 2010 1:15 pm
That's appalling! What a lot of money to charge, and I do wonder how many people will try and go down this road.

Far better using a decent company and get good advice and a workable solution.
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
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