if iva rejected, what is standard DMP management charge by IP

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Johng79
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by Johng79 » Mon May 08, 2017 3:52 pm
Just doing my homework to cover all bases. I know DMP pretty much guarantees nowt re freezing interest etc. Just curious what sort of fees the IP charges to administer a DMP. I know its roughly 25% of my iva monthly figure they included in my proposal.
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Foggy
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by Foggy » Mon May 08, 2017 3:56 pm
That 25% will get knocked down at the meeting -- as for DMP fees, I have no idea --- the "charity" firms don't take fees for DMP's as they are funded by the creditors for this service.
Johng79
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by Johng79 » Mon May 08, 2017 4:07 pm
Aye it was 36k knocked down to 27 after fees. Biggest concern is my biggest balance is a 6 month old loan. Everything is now with creditors so they will be fully aware of my situation. If it likely gets rejected, what happens then.. So worried about the ramifications for me in that scenario.
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kallis3
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by kallis3 » Mon May 08, 2017 4:09 pm
Agree with Foggy - I used a pay firm for my DMP but wasn't too worried as all interest were frozen. Hopefully you won't need to do that route.
Johng79
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by Johng79 » Mon May 08, 2017 4:12 pm
Be interested to know how helpful creditors are re. Freezing interest, and if it makes difference with flexibility re. Credit cards or loans
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kallis3
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by kallis3 » Mon May 08, 2017 4:17 pm
I don't think it makes any difference - it is all down to each individual creditor.
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