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

Thank you for this, I have just found your channel and it is super helpful and it has made me feel super relieved!!! Thank you!!

You are top man my friend u explain it real nice clearly

I have been on a DMP for a number of years due to only making low payments, now i am in a better position to make much higher payments my plan with complete in 4 years, i just hope i can keep up the payments until then. Every year in my financial review they try to persuade me to go for an IVA, and i always say no way. When a DMP is completed that is it, the only issue is that your credit rating will stay low for 6 years. IVA's can continue after the due date if you own a property, so my advice is avoid them.

We need more people like you

@MoneyNerd

2 жыл бұрын

Thank you for the support. That's super motivating :)

Currently, we are working with banks to receive same benefits (lower interest rate) and clients can work directly with the lender. In return, avoid DMP monthly fees/setup fee and creditors paying 4-7% of monthly payment to non-profit agencies. An average DMP can cost a client 4-7k in hidden fees and our goal is to provide such savings to actual clients and remove the middle person (CCCS agencies)!

Ive been enrolled in one since 2018 im forecasted to have it paid off by the end of this year technically 1 yea earlier then what my 5 year plan entailed. I make one giant payment every year interest free. It doesnt stay on your credit report as long as say a bankruptcy or a consumer proposal so its a win win situation in my mind

@MoneyNerd

3 жыл бұрын

nice one! Good luck with it all

Does it affect your creed it rating brcude I work in financial services don’t wsnt itv to affect my job prospects

Does DMPaffects new job application or new visa application or visa extension?

I started a DMP due to Furlough last year no special arrangements were marked on my credit file all lenders defaulted me and marked on my credit file as Defaults - I regret this decision

@MoneyNerd

2 жыл бұрын

Thanks for sharing. Good point, there's nothing stopping creditors from reporting a default even of you are on a DMP

@TGIF82

2 жыл бұрын

Interestingly, I only had two creditors, one put payment arrangements and the other DMP. I was out of work for 8 months due to travel restrictions. First I had a payment holidays with them, I thought the governement announced that they will not sanction us for taking it. I just paid my DMP all off after 9 months on It and I am trying to build my credit as much as I can. It’s ridicilous that they can put default if you seeked help and show them u want to pay it off. I also regret my decision, but in that panic it sounded good, little did I know but at least I am out now. It was so upset because these are creditors I was with for years, they could see my commitments and that this is affecting people big time. It was the hardest two years I had due to pandemic and financial hardship so far, hopefully worse will avoid us all. I hope u will be coming out of it stronger.

Hi thanks for the info really helped me think it could be an option instead of an Iva. I’m in 35k debt with around 12 creditors and hoping I can get into a dmp on around £150 pm plus bulk payments of £1-2k p.a do you think it’s possible or iva is the only option? Thanks again

@MoneyNerd

3 жыл бұрын

Hi Faisal, I'm not legally allowed to give individual advice, but a debt charity like StepChange would do a great job at assessing yoru situation and letting you know your options. Good luck with it all!

@vloggbysaif

2 жыл бұрын

I.V.A Would Be Good Option For you Because Majority Portion Of Your Debts Will Be Write Off And Intrest Will Be frozen Down And in The Minimum Payment Of £ 150 You Can Cover It

As it looks if I go through DMP will take me over 10 years to clear my debts.. thinking just to go through IVA . Any advice ?

@MoneyNerd

2 жыл бұрын

It's hard to say without knowing your circumstances. An IVA is a form of insolvency and tends to be more serious than a DMP. The National Debt Line website has some great fact sheets on each solution.

I went on a debt management plan nearly three years ago age my debts are no longer with my original creditors. I was told to default on these in order to get going with the process. This was nearly three years ago as I mentioned. Because I'm repaying this already, is there a way that it can become statute barred, if not, do I have any other options? Thanks.