A dmp sounds like a great idea while you are working out how the next few years will pan out for you. It has the least impact on your business and all doors are still open to you. Hope things went well today..
Hope it went well, let us know how you are and we're always here for any advice and support you may need.
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
The problems with my eyes is the retinas are detatching due to cysts growing inside my eyes. have to go back in Feb but have been told not to work or drive (could void van insurance if I have an accident) they think it should go of its own accord in 4-5 months but further tests need to be done.
On a good note went to the back this morning and they will pay both the personal and business loans as these are covered by payment protection until I can return to work.
On the down side the remaing £10,000 is still the problem as I can't work so my business will be moth balled untill further notice.
as I have already said I will contact some IP's for further advice don't want to declare bancrupt for a small amount as £10,000 so DMP is looking the best option to start then IVA if possible at a later date.
Some good news and some bad news then. I hope your eyes do sort themselves out.
A DMP does sound like a good option given the relatively low amount of debt.
Please let us know how you are doing.
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
A DMP seems the best waty to go for what, we all hope, is a temporary problem. I am sure the creditors will be as helpful as they can, given the circumstances. At the end of the day it is in their best interests to help you over this blip.
Best of luck with it Dave. Keep in touch.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Do you think under the circumstances that I may be better writting to all me creditors explaining my medical situation, I can even supply a copy of the medical sick note, and the knock on effect it will have to my finances and ask them if they can defur payment for 5-6 months and freeze the interest, think I have seen a letter on the national debtline website
If you are going to do that, then a proper DMP may be better - use a commercial firm and there is a very good chance that interest and charges will be frozen. If you try and do it yourself then you may find that you can't get this done and you will have to re-negotiate every six months.
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
To be honest, professional firms carry more weight with creditors because they know the situation has been thoroughly checked over by an independant party.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Some people have managed to do it themselves, but when I was on a DMP I used a commercial company and had no problems at all. There are a few out there and some of them come recommended on www.iva.com
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 took all your advice, thank you very much, and contacted an IP from this site(Andy Davies) I had a very informative telephone conversation with him and hopefully I will be starting a DMP shortly and possibly changing to a IVA when finances get better
Thak you for all your support it feels like a weight has been lifted if only slightly but a start is a start
Good luck Tidalwave, keep us informed as to how things are going.
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
