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Additional Details
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high t | Debt management what did you do? |
We are thinking about getting a debt management plan put in place but where do we start? So many people are telling us different things but not of them have been through it! Has anyone gone through IVA and how did you find that? |
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burnt_crawfish
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I've never heard good things about companies that help you reduce debt, I have my own plan and it's workin fine. Pay your bills every month and any left over money, add that to your payment on your bill with the smallest balance, to get rid of that bill first. Start with small victories! |
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Bodhiâ„¢
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I haven't myself. |
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Carl L
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Watch out for companies that offer DMPs - Debt Management Plans. They'll offer to contact your creditors on your behalf and arrange payments at terms affordable by you. The problem is that these companies often charge a lot of money and most of your payments will actually end up as their profits.
Instead, go to http://www.payplan.com and speak to one of their advisers. They're a not-for-profit organisation who specialise in debt management plans, IVAs, Trust Deeds, bankruptcy, sequestration etc. They do not charge a penny for their services and, as far as I know, are completely independent. They are the best place to go for someone in your position because they will analyse your financial situation and suggest plans that are best for you. They also ask sensible questions about your privacy - for example, can they call you on your home phone? Does anyone else in the house know the situation? Can they pass messages on for you or would you like it kept secret, etc etc.
I hope that helps. Good luck. |
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jo :)
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Start by getting all the debt owed into one person's name if you can - or you will never get a mortgage and will find life really difficult in the future.
Next, try ringing companies and finding out if you can do anything to halt the debt / lower repayments without going to an IVA.
If you have to go to an IVA you can find a local Insolvency practitioner to do it for you.
Most important of all, don't stress - it's only money. If I had to go through it again, I would view it as impersonal and a business transaction - which to all your creditors, it is.
If you can finish up with a roof of sorts, food on your table and hope for the future from lessons learnt, then you should be happy.
Good luck. |
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Sugar and Spice ♥♀
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If you allowed emails from other users I could send you details of a company that's helping 2 members of my family. But because you don't allow emails I'll just stick some of the details on here. They're called DMA and they're based in York. Search the Internet for details, but make sure you get the right one. They're very helpful people. |
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mclachlan4321
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Try someone like Pay plan or Myvesta. They offer great impartial advice and are very approachable.
i have been in touch with www.myvesta.org.uk and they were great.
Also try www.iva.co.uk and look through the forum. There are some great and very helpful people on there.
Dont go for the tv advertised companies offering all sorts of help, generally, they are rubbish.
In the end, I filed for Bankruptcy, but I know that I did it having found out all of the information from these various sites and organisations, and therefore made an informed decision. |
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Gem Gem
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Don't go down the IVA route - my brother is suffering for it now. He can't get a house, car, credit card, mobile.
If you have debt of less than your home is worth, get a good financial advisor - many offer a free service to begin with.
I'm 37,000 in debt, I do not own a house and I only earn 23,000 a year, and I'm still here, there are loads of different ways to help yourself, but having the guidance of someone impartial is priceless. |
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dukeofspace
 |
Maybe it's best to formulate your own plan if you can. I just took out a consolidation loan to clear everything, and cut up all my cards.
Good Luck!! |
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Barton
 |
Hi,
You should leave it to a professional to handle it for good results. Check out http://financeguru.consumerspot.info for some useful info and tips on proper debt management. Good luck! |
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pollywallydoodle
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With a dmp it depends on the amount you have avaliable. remember it gives no protection from creditors they do not have to freeze interest so you can be paying for years and years and get nowhere. An iva should never be taken lightly it is a way of paying an affordable amount for five years and at the end the rest of the debt is written off, but you are expected to pay all you can to it ,so after living expenses , the rest will go to the iva. You will need an Insolvency practitioner to prepare your proposal, it then goes to creditors and 75% have to agree for it to be accepted. You may have to release equity if you own property and overtime and bonuses are usually taken on top at 50%. If you won the lottery or inherited or any type of windfall you would be expected to pay the full debt plus IP fees plus interest at about 8, if enough or the full amount of the windfall if less.. All this sound daunting but not so if you are really struggling with debt this ios a good way to clear it ,by giving back what you can but in the knowledge that in 5 years you are debt free. You can have no credit with out your IP's permission during an iva, but who would want it anyway. it takes discipline, living to a budget, but once agreed creditors cannot contact you anymore. A dmp they can change their mind at any time, and the other option bankrupcy you may lose your car and your home depending on value and equity.
Look at iva.co.uk the forum gives great advice from IP's to those in debt and in iva's. You will get honest opinions and will never be judged so have a look.
You can also look at iva.com they give reviews on different companys, you can always enquire they do not charge for advice.
All the best |
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bidhutnet
 |
Well I don't have any experience with a debt management company but I dont think they are needed. Heres what to do:
Sit down with all your bills. Add up a month worth of bills including, rent, electric, gas, food, etc. Figure with the minium payment on each of your cc bills. Figure up how much you make a month. However much extra you have after paying everything pay the extra to the credit card or debt with the highest balance. (this may depend on what the interest rates are if you have one card with a real high rate and the others are lower pay to the highest interest rate card first.
Live frugal and watch what you spend. Carry a list with you everyday and write down when you spend money. See how much you spend a month and it will amaze you how much you spend on the little itmes thats are needed.
Once you have paid off some of your debt, take the amount you where paying to it and add it to your next debt.
The main thing is NEVER make alate payment on any of your accounts.
Once you debt is gone then start saving that money you where paying to debt. You will be used to not spending that money therefor you should be able to save it easier.
Good luck |
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simonhilary
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Most IVA's are known to fail, and most companies (especially if you have any form of asset) will then make you bankrupt. If you need a debt management programme contact your local CAB, they will come up with a payment plan for you and will contact your creditors on your behalf and say what they think you can aford. Take it from there. You can also contact the credit council association who will do the same. |
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Johnny
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If you think you can clear your debts in less than about 6 years then consider a dmp. Longer than that you you should seriously consider bankruptcy unless you have reasons to avoid it (e.g. assets such as a property or a career that might be affected) in which case think about an IVA.
You can only choose a provider by speaking to several and making an informed choice. |
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four feet six
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http://www.crown.org/
These people have excellent, proven methods to get out of debt.
Do not let the fact that it is a Christian organization stop you from seeking their advice.
They offer books, on-line help, radio programs, and seminars held in many cities through the year.
Their program suggests little steps that can be followed to attain financial freedom.
Best Wishes. |
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