IVA or DMP

twinkle75

I owe nearly 20,000

I have 2 creditors

My spare income, after rent, utilities and food, according to CCCs is 109.00 a month... according to debt free direst 204.00 a month.

I am on the verge of an IVA, because as far as I see it, I have no assetts and it will be done and dusted after 5 years.

But people seem to be trying to talk me out of it, and I cannot see the disadvantage of an IVA over a DMP which will take about 14 years to pay iff. I cannot see that my circs are going to change a great deal over the few years, and wondering what the hell to do.

Mimi_Arc_en_ciel

an IVA is just one step up from being bankrupt and they last for 6 years on your credit file but MAY have to be declared for life if they ask "have you ever . . " rather than "in the last ** years" if you go for a mortgage they tend to ask if you have ever had one and it needs to be declared.

Also, if your paying 109 a month for 5 years you will pay back 28,000+ if your debts only 20,000 on a dmp it will be paid back over the same amount, if not less, time. you wont benefit from an IVA

twinkle75

but that doesn't take into account the interest over that 5 years

Mimi_Arc_en_ciel

twinkle75 wrote: »

but that doesn't take into account the interest over that 5 years

if you went on a dmp and started paying it back can they not lower the interest or get it frozen for a while?

10past6

Hi twinkle

twinkle75 wrote: »

after rent

Huh, are you renting, if so, then an IVA is not for you.

IVAs are only applicable in a very, very, small % of cases, one being those with assests to protect, do you have any assets? house / car / savings, etc, etc?

Mimi_Arc_en_ciel

10past6 wrote: »

Hi twinkle


Huh, are you renting, if so, then an IVA is not for you.

IVAs are only applicable in a very, very, small % of cases, one being those with assests to protect, do you have any assets? house / car / savings, etc, etc?

my OH been told to have an IVA and he has no assets either - made him call nationa debt tho and he's got appointment coming up. Think it used to be a small number of ppl but things changed - may be wrong tho

10past6

mommyme wrote: »

my OH been told to have an IVA and he has no assets either

An IVA is only applicable to those with assets to protect, if one has no assets, then an IVA is not the way to go, there are many, many threads on here from members who have been mis sold an IVA.

Take a look here on what "MaArtin" says about IVAs PAY ATTENTION TO THE HEADING "WHO CAN TAKE OUT AN IVA" look at the 3rd paragraph.

Mimi_Arc_en_ciel

10past6 wrote: »

An IVA is only applicable to those with assets to protect, if one has no assets, then an IVA is not the way to go, there are many, many threads on here from members who have been mis sold an IVA.

Take a look here on what "MaArtin" says about IVAs PAY ATTENTION TO THE HEADING "WHO CAN TAKE OUT AN IVA" look at the 3rd paragraph.

i get what your saying and i agree and IVA is not right for the OP but i was getting to the point that she probably has been advised an IVA but personally i would go fo DMP (see my 1st post)

10past6

mommyme wrote: »

i get what your saying and i agree and IVA is not right for the OP but i was getting to the point that she probably has been advised an IVA but personally i would go fo DMP (see my 1st post)

If someone has NO assets, it's very, very unlikely any of the debt charities will advise on an IVA, however, what a fee charging debt management company recommend may well be the opposite for the very sole reason, the fees they can make.

Mimi_Arc_en_ciel

10past6 wrote: »

If someone has NO assets, it's very, very unlikely any of the debt charities will advise on an IVA, however, what a fee charging debt management company recommend may well be the opposite for the very sole reason, the fees they can make.

well all i am doing is telling you what they told me. He does't have ANY assets and has over £30k debts so i wont argue with you about whether or not he has been advised that because i know he has. I dont know who the OP has spoken to about their debts but there is a chance they have been told to take an IVA - and again, if you read my FIRST post you will see i dont like IVA's either when there is another way around them.

10past6

mommyme wrote: »

well all i am doing is telling you what they told me. He does't have ANY assets and has over £30k debts so i wont argue with you about whether or not he has been advised that because i know he has.

Who's arguing?

Just out of curiosity, who advised your OH an IVA was suitable for him?