I'm not making a special case of Insolvency Practitioners. I wouldn't expect to get truly impartial advice from ANYONE with a vested interest, and that includes DMP companies and the likes of CCCS. Also, it's not as simple as being 'impartial' in advice. I expect Insolvency Practioners spend a lot o...

That is true, up to a point. However I would not expect to get totally impartial advice from someone who had a vested interest in selling me something. The C.A.B and National Debtlines only concern is the wellbeing of the client.

Best Regards

I would suggest contacting your local Citizens Advice as soon as possible, or failing that National Debtline.

The important thing is to get your situation under control and know where you are going with it.

Best Regards

Lisa,

If you don't have any equity you would NOT lose your house in bankruptcy and it would not affect your mortgage.

I'm surprised no-one has told you that yet.

Best Regards

I agree with Jan that there may be limited flexibility, but if the loss of income is permanent, the IVA will fail. And for anyone who does not get overtime and bonuses (which will be an awful lot of people), the contribution remains at 100%. A stopgap DMP or token payments might well be a good idea,...

Don't forget also that an IVA represents a massive commitment - you will be required to pay 100% of your disposable income into the plan over at least a five year period and even then you will probably lose most of any equity you have in property. It is also pretty inflexible and does not cope well ...

To quote yourself Jan

'It all comes down to what the individual is happy with'

Best Regards

No it won't always work. But if you have a number of creditors it may work with at least some of them, so your overall volume of calls and pester letters may reduce.

I am told that some companies who do this are finding the letters increasingly ineffective and are stopping using them, which is probably a good thing for everybody.

It always amuses me that these firms (and other debt companies) make up posh sounding names to make them sound like a firm of solicitors. Their aim of course is to get people out of an IVA by making them bankrupt, and charge a hefty fee for doing so, though for the life of me I don't see where someo...

Sometimes it can help keep creditors off your back, but for a short time (less than a month or so) it probably isn't worth it.

cccs do suggest paying creditors a token amount - it would have to be as I couldn't afford to pay them as well as the £725 to cccs, anybody been in a similar situation with their dmp hi skint, it sounded from this as though you were intending to pay some creditors via the DMP and others token amoun...

Hi Hull Try to have a word with your local Citizens Advice if you can. They will make sure you are getting all the benefits you are entitled to, and can also advise about your debts. If you have no income other that benefits they can help with getting your debts written off, and advise on bankruptcy...

Hi rock As Melanie says bankruptcy may well be a good option for you, especially if you don't own a property or you have low or even negative equity. Any ongoing payments you have to make last for three years and not five and are a lot less onerous than in an IVA. Try posting your story on the bankr...

Essentially yes. I can see that (with Viki) you are looking at it from a slightly different viewpoint , ie I would argue that whether the creditors consider they have received 100% of the debt or not is basically an internal accounting matter. The end result is the same. In respect of interest and c...