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About Tenzin421

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  1. The most likely truth is that Bankruptcy or an alternative debt solution has been recommended for this person in the past (unless the person owns a mortgaged property, in which case they would not usually recommend BR) but this person has refused to go down an alternate route and has carried on paying a nominal amount. Or the person has refused to complete an account review in the past five years. The fact of the matter is, if your budget is so tight that you can only afford a nominal amount to pay your debts, and your estimated time to repay is tens or hundreds of years, you have to ask the question; can this plan realistically get me debt free before I die? If the answer to that question is no, then any company would be doing you a disservice by taking that money from you, as it's not going to get you out of debt anyway. Companies like payplan exist to provide a debt solution, not to take a small amount of money off you to stop creditors sending you letters. The FCA enforces them as such, as soon it will be against their regulation to keep people in debt plans that do not get them anywhere. OP do you own your own property? Do you own a car worth more than £3000 or any other assets that you cannot afford to lose? If the answer is no, then go to the government website, and go bankrupt. 12 months from now, you'll be glad you left your dmp.
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