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steve_r
Starting Member
United Kingdom
9 Posts |
 Posted - 19 February 2009 : 16:39:21
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Has anyone tried going straight to the creditors and seeing what can be sorted out with them rather than the BR/IVA/DMP route?
I thought BR was my best option but now feel sick at the thought of it...im just considering all options! |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 19 February 2009 : 16:44:45
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You can try it Steve, but there is no saying they will agree, or freeze interest or charges. If you want to negotiate payments, you can try to do a DMP yourself.
Go to this site, and it will help you do it:
www.debthelpcharity.com.
BR is not as bad as it seems!
The glimmer gets brighter all the time
Jan
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 19 February 2009 : 16:47:41
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Hi there
Hi there Steve r
the problem in trying to deal with your creditor youself is that they will very rarely agree to anything over 3 months duration and usually charge a monthly admin fee of around �25 to your account. The reason they act like this is because they are always wary of accepting low offers or freezing interest in case you are paying other debts in full and not them! If you go through a company via a DMP they know all creditors are being dealt with the same and that they will get a pro rata share of any available funds and will by and large accept a plan put to them. I aprreciate this usually comes at a cost, but the cost of a DMP usually is far lower that the amount of interest and charges they are saving you per month.
My best advice to you is to contact an IP (there are many highly recommended on our sister site iva.co.uk) and go through the full details of your situation with them and they will advise you of the options available to you, try to chose one who will do this service free of charge OR you could look at iva.com and read reviews of the companies listed on there and contact one of them.
**Sorry, experts cannot suggest posters contact them directly**
hope this answers your query
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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Edited by - Skippy on 19 February 2009 16:54:47 |
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shirley
New Member
71 Posts |
Posted - 19 February 2009 : 17:48:30
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Steve,
I realised that my debts were overwhelming me in 2006. I decided to do something about it and contacted the CCCS. They told me that I didn't have enough disposable income for them to help and advised that I declared myself bankrupt. I decided not to at the time and with the help of a pack sent by CCCS including template letters and their ref no I contacted all my creditors explained the situation and offered them £1 a month and I also asked them to stop the interest. Although most of them declined, they did however agree to a slightly higher repayment. Some as little as £3 After a few bits of correspondence I managed to get them all to stop the interest as well. Yes they will all try after a while to get you to pay more, you just offer them what you can afford. In the end I managed for three years doing this, but after my partner left I couldn't make any repayments and was declared bankrupt this week. Just think through your options and do what is best for you.
Shirley
One day at a time |
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steve_r
Starting Member
United Kingdom
9 Posts |
Posted - 19 February 2009 : 18:18:17
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Thanks Shirley,
Ive just had a call of one of my creditors explained my position and that im considering alot of options that are available to me.
They offered me settlement on a £1600 debt...massive discount so i paid it.
Made me feel so much better just to clear one of them off.......hopefully the rest will be just as good and over the next few months clear some of the smaller debts and concerntrate on the big ones!!
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 19 February 2009 : 18:31:19
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That's good. Make sure they send you a receipt for that.
The glimmer gets brighter all the time
Jan
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pix1
Average Member
689 Posts |
Posted - 19 February 2009 : 19:33:25
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| If you can afford to settle ALL your debts that's great as long as you get full and final settlement figures preferably at least 50 to 75% below the balance and as long as they write to confirm it is ffs. Trouble is, if you only pay off some of them you might as well have gone bankrupt. |
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steve_r
Starting Member
United Kingdom
9 Posts |
Posted - 19 February 2009 : 20:24:57
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| my plan is to try and clear all the smaller debts whilst setting up DMP, then in time get something sorted for the main debts....i.e. one loan repayment |
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Going straight to the creditors
