www.iva.co.uk

I have been in a DMP for 2years & one of the creditors has started charging £12p/m admin charge, they say it a late payment charge, yet for 2yrs the payment has been sent same date & they receive £12.93 payment. We have never missed a monthly payment to the firm dealing with our DMP & I have asked them to deal, but neither of us are having any luck. What would you suggest?

Hi there and welcome to the forum

This is the problem with DMP type arrangements, in that there is nothing to stop creditors charging you interest or collection charges. If you are with a DMP company, they ought to be able to help you to sort this out.

Over what length of time do you expect to pay your DMP over, and how much do you pay on a monthly basis. Obviously if they are only going to receive 93p by way of capital reduction, then you will probably never clear this debt, so it is everyone's interests to sort this out asap.

Thanks Melanie, started DMP 2006, estimated end 2014 @ 300pm. I will go back to DMP company again. The mail order firm passed it over to NDR a few months ago and it is since then that I have been charged. I send my payment 1st monthly but of course it takes longer for creditors to get it when the Company distributes it, but it has been same for 2years which the frustrating bit. Hopefully will get it stopped.

MelanieGiles wrote:

Hi there and welcome to the forum

This is the problem with DMP type arrangements, in that there is nothing to stop creditors charging you interest or collection charges. If you are with a DMP company, they ought to be able to help you to sort this out.

Over what length of time do you expect to pay your DMP over, and how much do you pay on a monthly basis. Obviously if they are only going to receive 93p by way of capital reduction, then you will probably never clear this debt, so it is everyone's interests to sort this out asap.

How much do you owe in total to your creditors? Perhaps an IVA would be a better option for you now, especially if creditors are not going to keep their side of the bargain.

Considered IVA but owe 22K jointly with husband (16.5 in my name 5.5 in his) so don't think we can as cant do joint IVA can you? (so neither of us owe enough in criteria then do we?) The DMP done on joint debts & joint income.

You are borderline - but your hubby does not meet IVA criteria unfortunately.