I'm pretty much petrified and first time i've posted.

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bat31
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by bat31 » Tue Jan 19, 2010 9:41 pm
Not an IVA i think but a DMP i am in the process of setting up. Have had a read at a lot of posts and have been overwhelmed by the support and friendly posts, I'm pretty much petrified and first time i've posted. I have completed the review of income expenditure and have been told to relax by the company gregory pennington. However i cant and am having trouble sleeping and eating.I will be paying out £450 a month on a debt of approx £28000. Are creditors likely to accept this kind of amount?

 

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Adam Davies
Posts: 14596
by Adam Davies » Tue Jan 19, 2010 10:29 pm
Hi
If you are actually in a DMP then it is more of a process and there is no actual voting as in an IVA. Given the figures quoted your plan is likely to be accepted by your creditors, however check on what happens to the interest on your debts, this needs to be frozen or reduced otherwise you may be going backwards
Regards

 

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size5
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by size5 » Tue Jan 19, 2010 11:14 pm
Whilst I would hesitate to cast aspersions on the advice given by GP, I would recommend that you take 2 or 3 opinions before you make your next move.

From the information that you have given, if you can afford £450 per month, then an IVA is almost certainly inappropriate. However, it may be that a DMP may also be the wrong way as well. I often find that a few small changes to the budget can avoid any type of debt solution being necessary at all.

Get a second, or even third, opinion before you go any further.

Regards.

 

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size5
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by size5 » Tue Jan 19, 2010 11:49 pm
I have just seen your other post, which intimates you live in Scotland.

A PTD may be more appropriate, but if not, for example due to your employment, then a chat with your local Money Advice Shop may be more in order than paying a DMP company in England.

Regards.
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