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Hi everyone!

 

I have a question which I think has been asked many times before.

Here is my situation:

I have 38K debt with 3 creditors(Natwest loan,overdraft, 2credit cards,30K, Barclays credit card 4K, Mbna 4K)

I want to sort it out ,I buried my head in sand for too long.I contacted Payplan and they went into details with my income and expenditure and said IVA best suited for me.

As it stands I got 320 pounds surplus but making a bit more sacrifices I could afford 500 a month or even more(+overtime and second job) but 500 looking 100% sure.

Also I`m selling my car so I`ll have 5-6K in a month time.

After reading a lot about debt managemen I think I would go for DMP and see how it goes and hoping all creditors freeze interest and charges.

What I read about IVA it costs money I mean Payplan is free but other fees involved.

DMP is free and could be seen by creditors I want to pay everything back.

Am I rightly thinking DMP is better in my situation?

Any answers or opinions appreciated!!!

 

Thanks!!

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yes always a free DMP

 

make sure though

 

all your debts are live!

 

i'e they show on your cra file

 

and you INSURE whomever you are thinking of paying

 

HOLDS the CORRECT legal paperwork to get money out of you

 

also as mentioned above

 

get some SAR's off

 

and investigate PENALTY charges & PPI issues

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Thanks guys!

 

Haven`t claimed any charges back(there are loads)

 

just started the process but natwest said they closing my account and default it.

 

That was over a month ago no word from them since

 

.Mbna and barclays keep calling but they just want money and not listening

 

.I have an appointment with payplan and we will go through dmp iva bankruptcy but I feel they pushing for iva .

 

At the moment my credit file shows the missed payments no default or anything.

 

I`m pretty sure they got all the original agreements but I`ll request a copy from them.

 

Thanks guys for your quick response I definitely go for DMP .

 

Whilst on DMP can I pay off one of the creditors?

 

I know on IVA you can`t.

 

Thanks again!

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payplan will not like you 'faffying' around if you go with them.

 

pers i'd do all you can yourself FIRST

 

before going with thenm, IF you have too.

 

they wont entertain reclaiming, nor you 'checking' those you owe have the right to demand money from you.

 

stay off the phone

 

everything in WRITING ONLY from now on

 

you need a paper trail.

 

as each batch of paperwork comes in

 

start a new thead in the named banks' forum.

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites
Hi everyone!

 

I have a question which I think has been asked many times before.

Here is my situation:

I have 38K debt with 3 creditors(Natwest loan,overdraft, 2credit cards,30K, Barclays credit card 4K, Mbna 4K)

I want to sort it out ,I buried my head in sand for too long.I contacted Payplan and they went into details with my income and expenditure and said IVA best suited for me.

As it stands I got 320 pounds surplus but making a bit more sacrifices I could afford 500 a month or even more(+overtime and second job) but 500 looking 100% sure.

Also I`m selling my car so I`ll have 5-6K in a month time.

After reading a lot about debt managemen I think I would go for DMP and see how it goes and hoping all creditors freeze interest and charges.

What I read about IVA it costs money I mean Payplan is free but other fees involved.

DMP is free and could be seen by creditors I want to pay everything back.

Am I rightly thinking DMP is better in my situation?

Any answers or opinions appreciated!!!

 

Thanks!!

 

Hi

 

Payplan charge for IVAs just like any other company, they are not free

 

There are thousands of IVAs that fail with people ending up worse off than when they started and very light in the pocket due to the fees involved.

 

There are many current issues surrounding IVAs where PPI is concerned including claims companies that take high percentage fees (if used)

 

Any arrangement must be affordable and sustainable at the outset and long term, this needs much thought.

 

If you own a property and there is equity then this could be at serious risk if the IVA fails - this area of an IVA also needs careful consideration as IVAs are not set up to be charitable to the debtor and never believe that they are.

 

After all that said an IVA could be an appropriate and suitable option and it would ultimately be your decisions

 

There are other IVA providers and maybe it would be worth contacting a couple more to compare if an IVA is your chosen option after full advice - watch out for any up front fees however

 

Payplans Debt Management Plans are free with all your payments going toward your debts.

 

Have you considered bankruptcy - your car may be at risk with this option

 

Bankruptcy is not always as straightforward as it perhaps used to be, so proper independent advice is vital

 

It is worth remembering that Payplan are NOT a charity, they never have been, they are a PROFIT making business (I will stand corrected on this if anybody wishes to comment)

 

If you make successful claims on PPI etc and receive a chunk so to speak then your options long term might look a little different to what they are now but this will obviously depend on your full circumstances.

 

A DMP could be a long or short term opition again depending on your full corcumstances

 

There is the option of administering your own Debt Mnagement Plan either long term or temporary, this could give you more control depending on circumstances and long term decisions.

 

Are you a homeowner?

 

Could you put up your statement of affairs?

 

Big decisions that could affect you you for a very long time, make sure you fully understand them

 

Just a guide from me only based on what you have put so far

 

In the meantime plenty of information to browse through below from the genuine charity online sites & systems

 

http://www.nationaldebtline.co.uk/

 

http://www.stepchange.org/

 

http://mymoney.nedcab.org.uk/moneyadvice/

 

http://mymoney.nedcab.org.uk/moneyadvice/dmptour.asp

 

Best Wishes

Edited by Wintry
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Thanks Wintry!

 

first I contacted stepchange but they can`t deal with me as I`m not british citizen.....

I`m not a homeowner all I have is a car which I`m selling.

I would do my own dmp but to be honest my english is not up to that level:)

I know payplan funded by banks but that could be an advantage.

Basically I tried to make a deal with natwest 80% of my debt with them to suspend payments for 6 months so I could pay off barclays and mbna and carry on paying the natwest loan as normal..

What I think is with the help of payplan they might freeze interest and charges and in 6 months time I could make a big contribution(12000) towards my debt(38000)and doing so would reduce the monthly payments to an affordable level.Even if they don`t freeze anything but I can make lower payments that would help me out for short term.

I`m starting a new business in 1-2 months time (if I can open a business account:))and got my full time job and a second job too.

.I want to pay it back as soon as I can.

I might made a mistake and should have waited as long as I could sell the car raise as much money as I could and pay off mbna and barclays and then deal with natwest.

I definitely go for dmp!

 

Thanks guys for your support and advice!It means a great deal to me!

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if all you want is a 6mts buffer

 

they should do it under your own dmp arrangement.

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites
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