Hello all,

Thanks for taking the time to read my thread. My story is no doubt similar to many past and present, i am looking to now take control of my life and debt! After a period of tough times and illness i have started work/business again and on the road to mental well being.

Background...

40k unsecured debt

Self employed / Partner employed

Discussed circumstances with Payplan and they recommend debt management plan or IVA

I am concerned over IVA and the equity clause at year 4 as this is our nest egg, i have no pension and the property is in my spouses name but they tell me if they can prove i contribute to mortgage they could activate this clause.

Given the above i am looking towards DMP which i am happy to undertake myself hopefully with guidance from more experienced folk.

Our joint income at present covers households etc but only a minimum token payment off creditors which i am making. This will improve as i bring in more work/business and see no benefit in IVA and the negative stigma that could be viewed by being on the register trying to win contracts or endorsements by trading standards.

I am seeking advice on

1/ DIY DMP or IVA is my thinking right?

2/ Next steps to formalize one of the above

Many thanks in advance.

I would NOT do an IVA nor BK

can you list your debts please

credit type

when taken out

original creditor

defaulted date

who you pay now

how much is owing

Hi Thanks for the reply will post data requested when home in front of my PC

Hi dx100uk,

As requested

HSBC – Managed Loan 2010 - £10500

Trade UK card– 2016 -£872

Barclaycard – 2015 -£7450

MBNA Card – 2016 -£7845

NUBA Card – 2016 -£7650

Clydesdale Card– 2017 -£450

Capital One Card– 2014 -£3250

Halifax Card– 2016 -£2250

Aqua Card– 2016 -£450

All original creditors,

all paid direct,

no defaults as yet but will be within next month or so as am 3 to 4 months in arrears at present and cant make obligatory catch up payments to all creditors to bring the balances up to date.

Mortgages and utilities all up to date and no arrears.

Thanks

you need to read up on HSBC managed loans...many of those were a bit dodgy in terms of merging non CCA rerulated credit with loans/cards..

pers i'd simply be using our letters in the debt collection section

there one there that you send

it offers £x for xxMTS if they will freeze all interest & charges.

if not you send the other one

whereby they get £1PCM for life as they've failed to help you.

don't forget this is all consumer credit

and 99% of original creditors don't do court either

they'll sell it on the powerless DCA's.

don't forget PPI too?

Cheers you have been really helpful and put my mind at ease i can do this..... i may be back

do 'be back' and let your thread know how you get on

do 'be back' and let your thread know how you get on

Will do

Thanks for help to date,

Drafting letter templates do you have a downloadable/amendable/print friendly income expenditure form in your library documents, i could not find one?

Thanks

You can use this one from National Debtline, BUT, if you're doing it to send your creditors, then you should be very cautious with what information you provide them, after all, only a judge can demand you fill in an I&E form and then view it, creditors like to get above their station and think they have some sort of control over their 'customers' by demanding all sorts of nonsense.

https://tools.nationaldebtline.org/yourbudget/

Thanks for the link, i agree with some of the info on there.

I was looking for a simple word doc template easy to edit and print to send of.... may have to create one that should be fun!

look in the mortgage template forum