Quite simply petrified

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bat31
Posts: 6
by bat31 » Tue Jan 19, 2010 8:23 pm
Hi there, this is the first time i have used a forum. I am currently going into a DMP which i know is not the same as an IVA but i was so impressed by the friendliness and support displayed on this site that i felt i had to post as i am feeling quite isolated. I have done the income and expenditure with a company called Gregory Pennington. This revealed that i would be making payments of £450 a month towards a debt of around £28k for the next six years. Is this figure likely to be accepted by my creditors? I dont know anyone thats been in this situation before.
I have never been in financial trouble before and have been feeling ill with worry and stress.

 

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Skippy
Posts: 20717
by Skippy » Tue Jan 19, 2010 8:25 pm
Hi Bat31 and welcome to the forum.

Don't worry about not being in an IVA, you'll get a lot of advice and support from the posters on the forum.

I'm sorry I can't answer your questions as I know very little about DMPs, but I'm sure someone will be along soon to help you x

 

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Skippy
Posts: 20717
by Skippy » Tue Jan 19, 2010 8:26 pm
I meant to ask, is there any reason that you've chosen a DMP over an IVA?

 

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bat31
Posts: 6
by bat31 » Tue Jan 19, 2010 8:27 pm
I'm not sure this makes any diff but i live in Scotland. Also was informed that this was the best option for me.

 

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Skippy
Posts: 20717
by Skippy » Tue Jan 19, 2010 8:36 pm
Hopefully one of the experts who know about DMPs and debt in Scotland will be along shortly to help you x

 

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bat31
Posts: 6
by bat31 » Tue Jan 19, 2010 8:37 pm
Thanks. I realised its not the same thing but good to get contact with someone! :)

 

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Skippy
Posts: 20717
by Skippy » Tue Jan 19, 2010 8:39 pm
It always helps to talk to people, and even if the procedures are different the feelings are still the same!

 

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bat31
Posts: 6
by bat31 » Tue Jan 19, 2010 8:42 pm
Good to hear. I know its similar in the respect that each creditor has to agree to the proposal within 4-6 weeks so i have my fingers crossed. Been so stressed about it all. many thanks

 

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Skippy
Posts: 20717
by Skippy » Tue Jan 19, 2010 8:45 pm
Most of us have been there, so you'll get plenty of support here - I can still remember how stressful everything was!

 

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Shining
Posts: 27023
by Shining » Tue Jan 19, 2010 9:17 pm
Hi and a very warm welcome to the forum from myself too, we're all here to offer any support/advice as needed.

I think it's a Trust Deed in Scotland isn't it? I'm sure a professional poster will be along soon to reply to your post.

 

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bat31
Posts: 6
by bat31 » Tue Jan 19, 2010 9:21 pm
Thanks for the welcome, its great to be able to talk to people about this.
I havent been advised to go for the trust deed as this may cause a problem with my employement being in law.

 

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Shining
Posts: 27023
by Shining » Tue Jan 19, 2010 9:28 pm
You're part of a very friendly forum here and you can be sure a great welcome and some excellent advice.

A professional will be along soon as they will have the knowledge to answer your questions without doubt.

 

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MelanieGiles
Industry Expert
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by MelanieGiles » Wed Jan 20, 2010 2:32 am
I am not sure why you have been advised that an uncertain payment plan over an estimated six years is better than a Trust Deed which would only take you three years to repay. Did your chosen firm discuss the option of a Trust Deed with you, and if not I recommend that you contact an insolvency practitioner operating in Scotland for further advice before committing.
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