IVA or DMP

Mimi_Arc_en_ciel

10past6 wrote: »

Who's arguing?

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

CAB NDH and DFD but DFD gets fee so ignored them lol still waitin on other responses

10past6

mommyme wrote: »

CAB NDH and DFD but DFD gets fee so ignored them lol still waitin on other responses

Hummm, interesting, but thx

doelani

Hi Twinkle

You mention debt free direct, have you spoken to any of the debt charities?

An IVA is usually for people who have assets or a job to protect. IVA factories like any business can make something sound very appealing but you yourself has said that your surplus income is £109 and DFD says £204. That alone should ring alarm bells.

Please speak to CCCS or Payplan and get their advice, an IVA is not a quick solution, 5 years is a along time to be restrciked to £XXX amount every month and if your income was to fall you could end up bankrupt anyway.

Do not sign anything until you find out other options

p.s. if you look at my signature you will see I have had an IVA , it was right for me because I had a home and a job to protect, does not mean I would reccommend it to everyone.

xgingerx

mommyme wrote: »

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

Hi how do you work out that you would pay back 28k over 5 years by paying 109 / month, think you have made a slight error

60 months x 109 = 6540

twinkle75

doelani wrote: »

Hi Twinkle


An IVA is usually for people who have assets or a job to protect.
.

I do not wish to go into details, but I do have a job to protect.

Was not impressed with Payplan, but may give CCCS a try tomorrow. I just want this all over with asap, and I feel I do need the help of an organisation to help represent me.

twinkle75

xgingerx wrote: »

Hi how do you work out that you would pay back 28k over 5 years by paying 109 / month, think you have made a slight error

60 months x 109 = 6540

That had me puzzled too

doelani

twinkle75 wrote: »

I do not wish to go into details, but I do have a job to protect.

Was not impressed with Payplan, but may give CCCS a try tomorrow. I just want this all over with asap, and I feel I do need the help of an organisation to help represent me.

Yes contact CCCS and see what they say, I knw the feeling about wanting it all over believe me but just do not rush into anything without checking all the options.

Mimi_Arc_en_ciel

twinkle75 wrote: »

That had me puzzled too

i stuffed it lol i did it weekly for some strange reason (was watching the tele, typing on laptop, drinking coffee and pondering what to eat - im not good at multi-taking lol)

twinkle75

Decided to cccs DMP for now. Still not convinced that I wouldn'tbe better off with an IVA, but as there is a bit of a question mark at the moment, I would rather take the less serious option and give it a few months to see what the score is.

Deep_In_Debt

Sorry, have not read all the posts totally, am tired had a long day!

I'm sure an IVA is not right. I looked into it (Payplan being one of the companies that recommended it) and it is not right for me. I'm 5 years away from paying off my mortgage which is manageable and if I had to remortgage to release equity, would be tied in for another 20 years and well into my retirement (yes, I am that old!) and as I am on my own not suitable. CCCS put me on a DMP which 6 months ago, advised I'd be debt free in 9 years. However, since finding this forum and cutting back on my DMP now I could be debt free in 6 years and intend to better that. DMP's are more flexible imo.

Obviously, it;s your choice but do be check it out very carefully.

Good luck in whatever you decide.