www.iva.co.uk

I have just tried to open an account with Nationwide as the first step of starting my DMP, I passed the credit check but apparently they choose random new people to do further checks, does anyone know what these may be? A large proportion of my debt is with Lloyds, I've not missed a payment to them but other life essentials have been put by the wayside to do this can anyone see any problems with them accepting the dmp and freezing there charges? Thanks Tim

The problem with a DMP is that it is purely voluntary and informal. A creditor can agree to join and freeze charges this week and change their minds next week. They are also at liberty to accept the payment offered and not freeze charges at all, so the debt still actually grows. There is no protection at all from them deciding to pursue the debt themselves, or them selling on the debt and the new owners wanting nothing to do with the arrangement.


Or ... do you mean IVA ? Are you still going ahead with GW ?

Hi, we're going with Vincent bond who think that the Dmp is the right choice for us. In just so unsure about the whole thing.

As I mentioned in another post on another subject it is useful in giving you breathing space to consider all your options. Whether it is the long term solution depends upon the level of debt, co-operation of creditors and amount you pay each month. It is certainly less restrictive than an IVA ( both on you and the creditors).