After explaining my situation to a couple of different advisors, they have advised me that I need to setup a Debt Management Plan. As yet I have not missed any payments, but am not far from doing so.
My question is that would all my creditors be more agreeable with what is proposed in the DMP if I have missed some payments first, or will they not be so co-operative because as far as they are concerned I have been making payments so far?
Hi rustydatsun, a good debt management company will liaise with your creditors for you whether you're up to date or not as if you need to enter a plan and you're confident that's the solution for you then I think it's irrelevant if you're up to date or behind on payments.
When I first instigated my IVA I was up to date with payments but like you knew I could only maintain them for a couple more months.
All the best.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Well I run my own DMP and I've always found that as long as you are upfront and honest, don't try to dodge their calls and are willing to talk to them then creditors are happy to help. After all in their eyes as long as they are receiving some money every month it's better than nothing, and it proves you are at least trying to continue paying off your debts.
A lot of people (myself included) found it easier to deal with a firm for a DMP and the interest and charges were frozen immediately.
You have been extremely lucky with yours yahwob, there are a lot of creditors who won't help out if you want to do it yourself.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I have been on a dmp for 3 years in may with the cccs and interest and charges were frozen from the start. I never hear from my creditors and only 1 of mine has been sent to a debt collector however this is there own inhouse debt collector. I have at every review managed to increase my payments and am hoping to do it again in may.
I know a lot of people have had a great deal of trouble getting creditors to stop charging interest and accept payments i think I have been very lucky.
In my own situation I can say that a dmp was the best thing for me and hopefully it will carry on smoothly. I know it is going to take me a few years yet to fully repay it, but I feel a sense of pride that I am doing my best to pay back what I borrowed and will continue to do so.
It is proof that dmps can work as I have proved in my situation.
