IVA or debt management plan

bayley84 · 16 July 2009 at 8:45PM

Hi. I think its about time i come to my senses and deal with a few 'issues' i have before its too late. Ive spoken to an IVA company today, (Zebra money management) who had told me that they can spread my debt of approx £9k over 5 years. setup fee would be £70 and monthly payments over 5 years would be £150, making it clear that this is not set and the option is available to pay more to clear debt sooner, interest would be stopped along with any further charges to loans and credit cards etc. If i do go for an IVA, and i come into some money, (hundreds and not thousands) would this go to them along with any savings accounts, or would that be mine as long as i pay them the agreed amount?

What im wondering is if this is the best option or would a debt management plan be better, or is it the same? I need some help because its getting to the stage where i darent check the post lol.

Any advice would be greatly appreciated.

Thanks guys n gals.

Deep_In_Debt · 16 July 2009 at 8:52PM

Hi and welcome

For a start, I suspect Zebra (whoever they are) are ripping you off! IVA's are only usually suitable if you have at least 15k of debt with at least 3 creditors and can afford £250 per month.

Why not check out CCCS, Payplan or CAB who will only recommend an IVA if it's suitable for you which by the sounds of things, it's not. A dmp may be more suitable or BR but they will recommend these to you. DMP's with the charities I've mentioned don;t charge a fee, so all your money goes to paying your debts off so you could be debt free sooner than 5 years!

Good luck.

Deep_In_Debt · 16 July 2009 at 8:53PM

Zebra have not been very black and white...tried to resist, but couldn't...sorry!

bayley84 · 16 July 2009 at 8:56PM

lol thanks for the reply. Im guessing it is an IVA they have offered but reading up a few things on the net i think it may be a DMP. not sure. just remembered too, they would reclaim bank charges back through solicitor??

RAS · 16 July 2009 at 9:19PM

You can reclaim charges back from credit cards, bank account etc yourself anytime, BUT is has the potential to aggravate your creditors in this situation.

You can also get a free DMP by contacting any of these organisations or Payplan http://www.moneysavingexpert.com/loans/debt-help-plan#help

ignore companies that charge you for things you can get free.

Deep_In_Debt · 16 July 2009 at 9:40PM

Just to second RAS - check out the link. The charities don't charge you so therefore all of your money goes to paying your debts and not lining the pockets of "sharks" making money out of vulnerable people.

Why not check out the CCCS website and do their Debt remedy online and see what it recommends to give you some idea. Its free...

www.cccs.co.uk

Sorry, am rubbish at links.

RAS · 16 July 2009 at 9:58PM

maybe, but you know your stuff.

Deep_In_Debt · 16 July 2009 at 10:08PM

Thanks RAS. I'm not too good with links n stuff...took a while to work that one out! Tend to crash websites rather than be productive with them.

Used to work for a large company and I was told that I was the only person who had managed to "freeze" their mainframe...took ages for IT to sort it out!

I was very embarrassed for a long time but at least I will never be forgotten...as I keep being told by my friends there so I'm quite proud of it now...!!!

IVA or debt management plan

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