Debt management

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moira717
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by moira717 » Tue Sep 26, 2017 12:49 pm
Hi, thanks for all your advice re my husband's situation. He went online to stepchange however they have suggested a dump rather than the iva route. He doesn't really want to do a dmp as worried about interest still being charged. He wanted to sort now before he gets in the mess I did so is going to have a think on things. Was reading post earlier from someone worried about going into an iva . I was terrified of doing it for years and kept putting it off. Although I am still in early days of mine I can honestly say is best decision I have made. It is not always easy however for first time in years I feel I have control back over my life. I can sleep at night and am happy again. I know there will be ups and downs but I dread to think what my life would have been like now without the option of an iva. :D
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moira717
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by moira717 » Tue Sep 26, 2017 12:50 pm
Sorry I meant a dmp not a dump! :lol:
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Foggy
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by Foggy » Tue Sep 26, 2017 12:56 pm
I would suggest a chat with another firm or two -- in the past a DMP has been advised, only for them to say, several years down the line, that an IVA is now better !! Depending on the amount of debt and intended payment, sometimes a DMP is the way to go and it makes less of a dent on the credit rating in the short term.
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Foggy
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by Foggy » Tue Sep 26, 2017 12:56 pm
PS -- I will refrain from any comment on them suggesting a dump !!
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moira717
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by moira717 » Tue Sep 26, 2017 1:07 pm
Lol! That's what he's worried about as thinks a dmp would eventually turn into an iva. Have told him to ring round a few companies. He feels a bit in limbo as at the moment is managing payments but creditors can see his finances are stretched and have stopped all the good interest deals and he is unable to find a 0% that he is accepted for. Therefore he is paying mostly interest and as I found out it's a slippery slope. I know how hard it is making that initial decision
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Foggy
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by Foggy » Tue Sep 26, 2017 1:12 pm
moira717 wrote:
Lol! That's what he's worried about as thinks a dmp would eventually turn into an iva. Have told him to ring round a few companies. He feels a bit in limbo as at the moment is managing payments but creditors can see his finances are stretched and have stopped all the good interest deals and he is unable to find a 0% that he is accepted for. Therefore he is paying mostly interest and as I found out it's a slippery slope. I know how hard it is making that initial decision



I was making my scheduled payments up until I decided to jump before I was pushed --- but, right at the end, I was taking money out of one credit card to pay to another -- and getting close to maxxing them out! Yes, that initial decision is a hard one, but, I think you would find, most of us wish we had done it sooner !
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Keith White
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by Keith White » Tue Sep 26, 2017 1:17 pm
I agree completely with Foggy - get your husband to talk to 1 or 2 other companies to get further advice. If a DMP is recommended then it's important that your husband understands why it, rather than an IVA is being suggested. Similarly if another company comes up with an IVA as a suggested route - your husband needs to understand the reasons why. Its his decision - and its important he is fully aware of pros/cons of each. Take the good advice and dump the rest!
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moira717
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by moira717 » Tue Sep 26, 2017 6:13 pm
Think as debts on 2 credit cards he is going to ring both and ask them to freeze interest for next 12 months. Fingers crossed!
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sheraz.butt
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by sheraz.butt » Tue Sep 26, 2017 7:20 pm
I agree with the above and would definitely suggest speaking to a couple of other companies just so you are getting enough information to make the best decision for yourselves.

Also speaking to the creditors directly to see what they are willing to do to to help you with your situation.
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