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| The independent answer to your debt problems | login join |
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Sososad
| 17-10-2009 03:38 PM |
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Joined: 17 Oct 2009 Posts: 1 | Hi there i hope someone can answer my questions, last year i entered into a Trust Deed, although it failed to become protected, to be honest i was a bit nieve to it all and when it failed to become protected i thought i had no choice other than to go into a DMP which i told my IP this is what i was going to do, he said thats okay although creditors can still do diligence against me. One week after the IP sent me all my paperwork back (shares etc) and sent me a letter which was copied to creditors saying he had resigned, does this mean that i am not in a Trust Deed? I have not paid anything into the Trust Deed apart from he first 2 payments which he said was his fees for setting the Trust Deed up. Also i have been in a DMP from March of this year. My head is buzzing with all of this and really just want some clarification as i am too scared to ask the IP in case i upset them. Thanks |
| paladin | 17-10-2009 10:49 PM |
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Joined: 06 Jun 2007 Posts: 240 My Profile | Have a look at George's advice in a previous post. "Debt management companies should only be used as a short term solution. In your case if the interest rates were frozen it would take you about 4 years to pay off the debt. So losing 17.5% of that and interest building on your account means that it would take a lot longer to pay back your debts. I don't see a problem with these DM companies charging but if you can get the same service for nothing then that's got to be good. Have you looked any further into DAS, here's a link. Many local authorities and CAB's have DAS councillors who don't charge anything for their services, interest rates are frozen and legal action by creditors (diligence) is stopped." |
