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  • #1

    What do I choose

    Hello All,

    I'm just starting on my long road to being debt free, I know it will be a long journey with many turns and ups and downs but I can't carry on like I've been and it will be nice to have a good nights sleep for once if possible.
    I owe 38k to 8 creditors which are
    Bank 4.9k overdraft
    Bank 15.2k loan
    Bank 4k credit card
    Credit card 2 3.3k
    Credit card 3 1.9k
    Credit card 4 1.4k
    Credit card 5 1.2k
    Loan 6k
    Store Card £700

    Ive been speaking to Payplan and they have said I can go for a DMP or IVA both paying £290 a month. the DMP will last for 11 years which seems like a age.
    So any advice which to go for and what to do next will be a great help
    Tags: 11 years, account, advice, bank, bank account, barclaycard, basic account, card, cards, credit, credit card, credit cards, creditors, debt, dmp, free, help, iva, money, nice, niddy, paid, payplan, providers, questions, small, suggestions, unenforceability
  • #2
    Re: What do I choose

    Hi and welcome. You will find plenty of help on this site. Don't rush into any decisions.
    Do you have a different or parachute bank account that you can use? If not you need to get a basic account that you get all your money paid into, this account must be separate from all your cards etc.
    how old are all your cards etc? Have you checked to see if they are legally enforceable?
    If any of these can be challenged, and if you want the fight, then a DMP may be better. However you will get lots of advice and suggestions from Niddy and others.
    If you read the unEnforceabilIty section you will see the diaries detailing the actions of others.
    Last edited by cymruambyth; 1 March 2012, 23:57.
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    • #3
      Re: What do I choose

      Just some answers to your questions, I now have my new bank account whichis nice and simple and I've got to change our joint account now due to credit card with nationwide

      my credit cards and approx dates I took them out are

      Nat West 2002 £4k
      Nationwide 2003 £3.3k
      SkyCard (taken over by Barclaycard)approx 2006
      Virgin 2008 i think 1.5k
      Mint 2006 1.9k

      I really cant get my head round unforceability

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      • #4
        Re: What do I choose

        I would think UE must be worth exploring. It does not preclude you from going for a DMP or an IVA with Payplan, CCCS, or maybe one of the small providers. Sorting out a DMP should not be a problem - obviously without knowing full circumstances one can't say for sure, but if Payplan can do it, then any other DMP provider should be able to.

        I'd definitely see what Niddy says, but as you're not really in a mad rush to go down one route at the minute, I'd keep your options as open as possible for the time being.

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