DebtHelpCharity.com - any good for IVAs?

nik_k

I have been looking on the Net for information regarding IVAs, have read Martin's IVA guide, and understand different places charge differing fees for their IVA services.

Whilst looking, I stumbled across DebtHelpCharity.com and was attracted by their zero fees policy. However, their site mentions DMPs, but not IVAs. Can anyone confirm whether they do offer IVAs?

Also, am I correct in thinking that the (main) difference between a DMP and an IVA is that DMPs are not legally binding, and are therefore less attractive to creditors?

Numpty_Monkey

Hi
Not sure about the site you come across

but these are the proper debt charities
Non-profit Debt Counsellors' List
I would speak to them first (in my linky thing)
The other point is a valid one, but there are other differences aswell

MrsTinks

If you definitely want to go the IVA route then go through one of the recognised charities in my signature. An IVA should NOT be lightly considered! and not everyone qualifies. It would take 75% of your creditors to agree to the proposed IVA but it is legally binding on BOTH sides - it also takes into account any assests you may have including your house.
If you go through people like CAP, CCCS and payplan then there is no reason why a creditor should not accept a DMP.
There is a great FAQ on the CCCS website and the other two I have mentioned - read them and then contact one of those charities for advise on what suits your situation best

poorandindenial

Here is also Martin's guide to IVAs

http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf

Please do take the great advice from Mrs TIne and Numpty, the debt charities will tell you honestly if an IVA is likely to be the right solution (or even an option) for you

All the best

GeorgeUK

An IVA is legally binding and if you fail to meet your payments on this, you may be made bankrupt.

A DMP allows you to negotiate payments for unsecured debts with your creditors. CCCS and payplan should be the ones to talk to - that company you mention talk about DIY DMP's - CCCS and Payplan will go through the process and arrange payments with the creditors for free.

IVA's are only advised for a very small % of people. I'd take professional advice before trying to go down the IVA route.