Thank You! Just about to start DMP

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jaygee

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Post by jaygee » Sun Jul 19, 2009 7:44 pm
Hi, I am new to this forum, (been reading for a few weeks), and i just wanted to say thank you. I'm about to start DMP with Vincent Bond.

I have found this forum priceless!! The information i have got from reading all the posts has really helped me to stay positive, so i thought it was only fair that i posted a bit of information about myself.

I'm married with two children under 4, my wife is not working but will be soon. My job, while fairly secure, does not provide a standard wage. For various reasons i decided a DMP would be best for us. I have approx £65K debt, with HSBC, MBNA, Tesco, Mint, Barclays, and Abbey.
I am just about to send all the paperwork to VB, so will keep you all posted

Once again thank you,

Jon
 
 

MelanieGiles

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Post by MelanieGiles » Sun Jul 19, 2009 8:05 pm
Hi there and welcome to the forum

Lots of people with non-standard income propose IVAs as well as DMPs - how much will you be paying each month into the DMP and have you worked out how long it will take you to repay your debts in full?
Last edited by MelanieGiles on Sun Jul 19, 2009 8:05 pm, edited 1 time in total.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Skippy

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Post by Skippy » Sun Jul 19, 2009 8:12 pm
How long will your DMP take to pay off? If it's more than 5 or 6 years I would definitely look into an IVA. I would speak to VB, and also take advice from a couple of IPs.

Good luck x
 
 

jaygee

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Post by jaygee » Sun Jul 19, 2009 8:32 pm
Hi there,

I think it works out at about 17 years with my current proposal, however i am hopeful that my full debt will be paid off considerably sooner than that, ideally i would like to pay back all that i owe. The reason i am hopeful of this is my wife returning to work and my job having pay scales that will mean in a year or so the level of disposable income we have would mean some companies would not consider an IVA as it would show we could pay back in full in under 5 years,

I have spoken to quite a few people and again i must say how helpful people are. Most people i spoke with thought DMP would be best for us, not sure if i am explaining my circumstances very well, but hope you get the jist

Thanks
Jon
 
 

plasticdaft

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Post by plasticdaft » Sun Jul 19, 2009 10:01 pm
Good luck with the DMP,was there a reason you choose a fee paying company rather than one of the ones that dont charge??
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

MelanieGiles

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Post by MelanieGiles » Sun Jul 19, 2009 10:07 pm
At the end of the day, so long as you understand all of the options available to you, and have evaluated the advantages, disadvantages and implications of each one, you should be satisfied that you have chosen the right option.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Andrew Graveson

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Post by Andrew Graveson » Mon Jul 20, 2009 9:37 am
Best of luck jaygee.

I'm sure Vincent Bond will do a really good job on your behalf.
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
 
 

Michael Peoples

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Post by Michael Peoples » Mon Jul 20, 2009 9:57 am
Good luck from me too. Sounds like you have taken plenty of advice and have chosen the option best suited for you and your family. Also, if your situation changes, you still have the option of an IVA and creditors do look favourably on IVAs from those who have already tried a DMP.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

jaygee

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Post by jaygee » Mon Jul 20, 2009 8:16 pm
Thanks for the good wishes

The reason i chose Vincent Bond was purely because i felt they offered the best service for me. I spoke with payplan and was very impressed, however for burning questions it proved easier to speak with people at fee paying companies. I am hopeful that i will be paying less a month with Vincent Bond, even if some of what i pay is going to them. I also like the fact that they are being paid by me, and not the creditors. There is a lot to be said for who you feel comfortable talking to.

Hope that makes sense

Jon
 
 

kallis3

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Post by kallis3 » Mon Jul 20, 2009 8:37 pm
Technically, if you use Payplan and CCCS, you are paying them as the money the creditors pay to them comes from your payments.
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.
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ivas4us

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Post by ivas4us » Mon Jul 20, 2009 8:44 pm
you have done exactly the right thing by going who you feel comfortable with. The advantage of a dmp is that if you feel afterwards that the company you have chosen is not right for you then you can change a lot easier than in an IVA. Best of luck and hope you can become debt free as soon as you possibly can
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
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