www.iva.co.uk

I started with debts of around £60000 half of which is pure interest, i have been on a DMP for over two years. Although only paying around £90 per month, this eased my problems massively. My problem is i have a bit more money available, but the debt has increased and will continue to increase as all interest has not been stopped. Where do i go now as bankruptcy is not an option. I am with the CCCS.

You should speak to an IP firm as you currently not even treading water and will never be debtfree. It may seem a relief but is only temporary and creditors are not going to accept minimal payments forever.

Depending on your circumstances there are options available but realistically the current repayment plan is not doing anyone any good. If you own a property, creditors may have already moved to secure their debt, and if you do not own a property is there any reason why you have not petitioned for bankruptcy?

Hi Harry
It is certainly worth looking into alternative options to give you a more fixed timeline to clear your debts. An IVA may be an option and is certainly worth looking into.

Thanks

Out of interest, with your change in circumstances how much can you now afford?

Interesting also to read of another case where creditors have refused to freeze interest through one of their recommended "charities"

Regards.

Size 5 you may be interested to learn that in the Sammaritan work my husband does he came up against creditors and CCCS with one client- none of the creditors froze interest. The volunteer solicitor wrote to all the client's creditors - as a result they all froze interest providing the payments are made through her firm by "solicitors' undertaking" which she is prepared to do. J

Thanks for that elv5.

Increasingly it seems to me that you get what you pay for, though obviously I will qualify that by saying that you only rarely hear of the success stories, you tend to hear far more of the cases where things do not work out.

Regards.

Why is bankruptcy not an option for you?