Re: Baby steps to get out of debt, help
Thank you, I was think along these lines. Is it worth sending "Prove it Letters" to DCAs?
Originally posted by andy58
View Post
I think you may have done this already, but if not , you need to do a spreadsheet with all you income and outgoings on it, include all your incidental essential expenses, travel costs hair cuts etc., then see what you disposable income is.
You can then phone your provider, I generally recommend payplan, but i understand that step change are equally as good if not better.
They will try and talk you into a IVA, personally I would not touch one with a barge pole, they tie you into an arrangement and there is no guarantee that the debt will be expunged after the term no matter what they say.
With a DMP once set up you can review your repayments up or down as your available income alters. so I would stick with a DMP. Usually they will give you a reference number on your first cal and arrange for a case worker to ring you back for your financial details, when you get the number you can ring your bankDCA and tell them that you are suspending payment and that they will be receiving an arrangement plan from the DMP supplier, they should give you 30 days breathing space before they bother you further.
You can then phone your provider, I generally recommend payplan, but i understand that step change are equally as good if not better.
They will try and talk you into a IVA, personally I would not touch one with a barge pole, they tie you into an arrangement and there is no guarantee that the debt will be expunged after the term no matter what they say.
With a DMP once set up you can review your repayments up or down as your available income alters. so I would stick with a DMP. Usually they will give you a reference number on your first cal and arrange for a case worker to ring you back for your financial details, when you get the number you can ring your bankDCA and tell them that you are suspending payment and that they will be receiving an arrangement plan from the DMP supplier, they should give you 30 days breathing space before they bother you further.
Thank you, I was think along these lines. Is it worth sending "Prove it Letters" to DCAs?
Comment