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| mst |
Posted - 20 June 2008 : 10:50:16
Hello everyone,
Just heard back from my first creditor regarding the Budget forms I sent out last week indicating that I am not longer able to afford their minimum payments. A very polite lady from Cahoot called me back to say that Cahoot were going to put a hold on my account for 1 month. They also said they would only consider a DMP that was set up by a 3rd party and recommended the CCCS.
Does anybody have any advice on here for the best way of setting up a DMP that would be accepted by all my creditors? Also could somebody please advise if there is any legislation with a DMP that says that if over 75% of the credotrs agree then all must agree as is the case with IVA??
I am willing to enter a DMP as opposed to BR but only if I have a "reasonable" amount to live off and a date in the future when I will be debt free. I am not going to live of £30 a week in a job in the City where it costs £5 just to get a sandwich, packet of crisps and a drink from M&S.
Disgruntled mst |
| 6 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 21 June 2008 : 14:25:07
Hi Mst,
In addition, Gemstone Financial Management also do excellent work in this area.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| melanie_giles |
Posted - 20 June 2008 : 23:42:09
I can recommend Brightoak if you are looking for a quality DMP provider. The owner of this company is Andrew Graveson who is a regular forum poster on the sister site - iva.co.uk and could also be worth a call.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| mst |
Posted - 20 June 2008 : 17:14:34
Apologies for not replying sooner only I have had a manic day at work.
Also had a letter from Northern Rock enquiring why I have cancelled my direct debit. Again they seemed only willing to deal with a 3rd party created DMP rather than an informal arrangement with me. I think BR is the only way forward, I am just still a little daunted by the prospect.
I keep reading peoples posts about the BR experience but I still feel scared. I have sought advice from Gregory Pennington (who wanted me to enter a DMP where I pay them large amounts on fees), I've seen the cab twoce (once an advisor and once a debt specialist) - they told me that all options were open to me but no one option stands out as the best option for me. I am seeing a guy from England, Jackman etc on Monday evening.
As of Monday I should have a better idea. |
| JulianDonnelly |
Posted - 20 June 2008 : 11:41:54
Hi Suzanne,
I believe he has sought professional advice.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| Suzanne |
Posted - 20 June 2008 : 11:30:22
Hi Mst
Have you sought any formal advice yet on how to deal with the debt?
DMP or Bankruptcy are not the only options available, and there may be a better one out there.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
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| JulianDonnelly |
Posted - 20 June 2008 : 10:58:08
Hi Mst,
DMP's can be a very useful tool, but only as a "holding pattern" for a more permanent solution. The good thing about them is that they are an informal arrangement with your creditors, so it keeps everything away from the courts. However, there is no legal requirement for the creditors to accept DMP payments or freeze interest, so you could go into a DMP for 10 years end end up owing far more than you did when you started.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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