Author Topic: Dept Management Plan - Help!  (Read 5094 times)

victoryV

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Dept Management Plan - Help!
« on: Nov 04, 2009, 11:21:37 AM »
My husband is currently looking into a DMP. He has several debts, loans, CC's etc. Before this wasn't a problem as my wages covered the repayments but i've just had my hours significantly reduced and therefore i can no longer afford to pay.

He has been told that as we are married we would both need to enter the DMP. As we both pay towards the mortgage and bills etc...Is this the case even through i have very little debt myself?

Please help.

xstacie-mariex

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Re: Dept Management Plan - Help!
« Reply #1 on: Nov 14, 2009, 07:39:55 PM »
I went into an IVA which is the next step up from a debt management plan and even though they were all my debts my wives income was taken into consideration as like yourselves we paid everything together.
After my wife feel pregnant her wage went from 1100 a month to just 400 (maternity) and we did try to keep to the payment plan but failed due to the major change in income. Yet the debt company wouldn't adjust the payment plan so we could magange therefore causing it to fail. They also charged us 5000 for the privilage so if ur able to sort it out yourself continue with that, or got to an organisation such as CAB who arrange debt plans for nothing. Hope this helps

Re: Dept Management Plan - Help!
« Reply #2 on: Nov 17, 2009, 03:05:37 PM »
If you expect that your financial standing would improve during the course of the next 12 months, then a Debt management plan could be the correct answer for yourself and your husband, although if you do not expect that it would improve within that time frame, a better solution could be either a Debt consolidation loan, or maybe even an IVA (subject to the levels of debt incurred)
<a href="http://www.chasesaunders.co.uk">Debt Mana

bankruptcy.co.uk

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Re: Dept Management Plan - Help!
« Reply #3 on: Dec 09, 2009, 10:32:43 AM »
If your husband has less than £15,000 of debt. He should consider a debt relief order. Google this, it is new government legislation that wipes away your debts for as little as £90 payable to the CAB. All you need to do is ask for an "approved intermediary" at the CAB and they can discuss it with you.

Alternatively if his debt level is over £15,000 then he should consider either an IVA, Bankruptcy or Debt Management.
 
Frankly debt management takes YEARS to pay off, and unless you can see your situation changing in the near future it is utterly pointless. I see it like parking a car of debt in a car park. You can forget that the car exists for a while (i.e stress management) but its still parked there and aint moving.
 
IVA - This is a bankruptcy with asset insurance. Therefore, this is the right option for your partner if he has assets he needs to protect such as a house in positive equity, a powerboat, or some stocks/shares/premium bonds/ investments/savings.
 
Bankruptcy - This is exactly the same as an IVA as they are both insolvency solutions except for people that have NO real assets, they have NOTHING to lose!!! Why pay 5 years worth of payments to insure your assets from your creditors when you have none?
 
Good luck with this case, I hope this helped. For any information on Debt Management, Bankruptcy or Debt Relief Orders [** sorry, no personal contact invitations allowed **]. For any advice on IVA's there are plenty of companies that will sell you this highly profitable debt solution.
Raphael Gilbert
Head of Insolvency Divison www.ban

ramy09

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Six Crucial Concepts you need to Know About Debt Management Plans
« Reply #4 on: Dec 12, 2009, 10:49:44 PM »
Hi,

The following six points of information may help you make the appropriate decision to guard your finance future.

1. Collect all your bureaucracy and bills in one place. It is important to grasp the massive picture of what you really owe and might consider putting into a debt management plan. It may be an unpleasant task to see the total but it is an essential place to begin. You cannot make a successful journey if you do not know where you're starting.

2. Find an organization that you are happy with and that has the resources to help. A few of these firms can basically get your lenders to cut the amount that you owe so pick conscientiously and ask about their average reduction. Choose a company that will customise a plan in particular for you.

3. Line up an appointment or telephone call to see what type of plan they would recommend. Be certain they customise their options to meet your needs. be ready be ready to just include the unsecured debt that you want to pay off.

4. The action plan will permit you to pay down your debts with one payment every month to them instead of all your creditors. It's possible because they're employed with your lenders to cut back your payments and limit charges. This can pay less and you may start to get traction on clearing your debt. A financial company like this knows ways to work with creditors.

5. There'll be a charge for the corporation's services in negotiating the reduction of your balances and a new payment schedule. The money company knows the way in which the medical billers and Visa card companies work. If you need legal advice, it might be best to contact an attorney.

6. Eventually , you'll be wanting to do everything possible to stick with the new plan. If you find that you have some additional money, send it in and you'll be out of debt even quicker. Almost all of the time you can clear the debt thru one of these programs in just a matter of months.

So, that is how it works. Your pathway to a healthy monetary future can be secured thru a debt management plan. If it is acceptable for your current position, and if you're willing to stay with the plan, you can lose debts in a matter of a few months. That would feel so good and would really be the decent thing for you and your family. Take the first step by getting the real affairs of your finances and then making the call.


Thanks

spiky

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Re: Dept Management Plan - Help!
« Reply #5 on: Dec 13, 2009, 04:37:58 AM »
If your husband has less than £15,000 of debt. He should consider a debt relief order. Google this, it is new government legislation that wipes away your debts for as little as £90 payable to the CAB. All you need to do is ask for an "approved intermediary" at the CAB and they can discuss it with you.

Alternatively if his debt level is over £15,000 then he should consider either an IVA, Bankruptcy or Debt Management.
 
Frankly debt management takes YEARS to pay off, and unless you can see your situation changing in the near future it is utterly pointless. I see it like parking a car of debt in a car park. You can forget that the car exists for a while (i.e stress management) but its still parked there and aint moving.
 
IVA - This is a bankruptcy with asset insurance. Therefore, this is the right option for your partner if he has assets he needs to protect such as a house in positive equity, a powerboat, or some stocks/shares/premium bonds/ investments/savings.
 
Bankruptcy - This is exactly the same as an IVA as they are both insolvency solutions except for people that have NO real assets, they have NOTHING to lose!!! Why pay 5 years worth of payments to insure your assets from your creditors when you have none?
 
Good luck with this case, I hope this helped. For any information on Debt Management, Bankruptcy or Debt Relief Orders [** sorry, no personal contact invitations allowed **]. For any advice on IVA's there are plenty of companies that will sell you this highly profitable debt solution.

This is really very helpful information. I was trying to find out whether the government has any new plans for debt relief and I think this could just come in handy. Are there any other plans that might work if debt relief order has issues? I am fairly new to bankruptcy and want to be prepared as I fear the worse for my family.
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gillian12shaw

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Re: Dept Management Plan - Help!
« Reply #6 on: Jul 19, 2010, 06:15:18 AM »
Thanks for the tips. I generally use these brushes for all my last time edits. Keep them coming.
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Steven Jackson

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Re: Dept Management Plan - Help!
« Reply #7 on: Jul 19, 2010, 11:37:01 AM »
Hello Victory V
 
Some interesting point have already been raised by the other posters.
 
To answer your first question, if your husband does a debt management plan, there is absolutely no reason for you to do one to as well. He can do a dmp and you keep your debts totally seperate and keep paying them as normal.
 
The way you work out what he can afford to pay into the plan will really depand on how you both manage your money. If you put everything together, the best thing to do would be a joint income and expenditure statement but remember to add an item into the monthly living expenses to cover your debt repayments.
Debt Expert
ivainformation.com

Steven Jackson

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Re: Dept Management Plan - Help!
« Reply #8 on: Sep 09, 2010, 01:58:53 PM »
I fully agree with your there Tammy
 
Well done to all the regular posters on this site who are really helping to make a difference to people who are suffering with debt problems.
Debt Expert
ivainformation.com