If you need legal advice about your debt, here's the link to the trial for the online solicitor: justanswer.9pctbx.net/c/2873512/1147978/9320?sharedid=youtube-debt

@Barbarapape

2 жыл бұрын

All forms of debt solutions have good and bad points. You need to take advice from several sources before making a final decision. I am on a DMP, and having seen what has happened to others in an IVA, i am glad that i chose a DMP. There is no easy way out of debt, you can't wave a magic wand and hope it will just go away, but that is what some companies will have you believe.

Thanks for your videos. I was about to get into an IVA but just before the creditors meeting I pulled out and I am so glad I did. The 37 pages proposal they sent was scary to read and just put me off.

@MoneyNerd

2 жыл бұрын

Yup, that's 37 pages you need to agree to for the next 5 years! Thanks for the support

I feel like your credit rating is buggered regardless of the approach. Don't pay the debt = get a default on your credit report. Get a DMP = still get a negative hit on your credit report. Negotiate smaller payments with your debtor = still get a negative hit on your credit report lol.

i've been in a DMP for 9 years and currently going through a remortgage for debt consolidation and extra borrowing, my credit score is 964 / 999 and high street lenders and building societys won't touch it because im in a DMP. Now although this is extremely annoying i'm currently in talks with a high street lender that will only consider my application if i come out of my DMP (obvioulsy i'll be getting assurances in writing from this lender that a remortgage will be given once the hard search is done) otherwise that could be disastourous!! While in a DMP i've got a van on finance at a really good rate, a credit card and a paypal account that i continue to manage seperately and all is fine. Just something to be aware of though when entering into any sort of plan whether it be DMP, IVA, DRO or bankruptcy if you're working in finance or any type of accounting role as you could lose your job and also if you're looking to get qualifications in that field as they might decline you because of adverse credit.

Is there any way of understanding how much my credit score would be effected? I have a score of 740/1000 with no missed payments - how much harm could I expect it to cause if I was to go down the DMP route? Approx £9000 debt with various different lendors.