IVA or DMP

marklunn3602

Hi

Some of you may have read my thread yesterday on the discovery of my OH depts and I received some great advise and comments from all those who replied, so many thanks to you all.

My question today is on peoples opinions and experiences of IVA's & DMP's.

Personally I's swaying towards an IVA and will be speaking with Payplan tomorrow and CCCS on Monday.

Regards

Mark

Numpty_Monkey

I think you have done the right thing in phoning both payplan and CCCS, i think it was Ras that said IVA's have a high failure rate and are not suitable for everybody
You will get the best advice for you when you call them and help you make the best judgement you can

good luck

symesd

Hi - I did an IVA which we successfully completed in 1998, it was a struggle, but long term it was not the best route, yes we got out of debt, but our credit rating was spoilt, for good reason, for years, it still shows its ugly head now and then.

The reason I say no to IVA, although it got us out of a hole at the time, long term it did not teach us anything ... we got in debt again.

With CCCS it has made us budget, question every penny we spend, we discuss our money and make decisions together. We are now sticking to a budget, have set up a savings plan (credit union direct from salary), we are making an effort to sell stuff we do not need or use to add to the savings so we can at some point make some full & final payment offers. We are being sensible with money for the first time in our life. We are getting childcare paid through work saving £70 a month in tax & NI.

If we see something we want in a shop now, we do not buy it, we go home have a think about it - do we really need it r will it just be another item to gather dust in the back of a cupboard. We are me mending stuff, recycling stuff, giveing stuff to charity which is in good nick but not good enough to sell, the kids are sharing their toys, they are sharing their clothes, they are even saving their pocket money in school savings club (credit union).

Infact despite being really heavily in debt we are now better off than we have been for a long time. We are spending money each week on food not bunging it on a credit card. Our debt is being managed through CCCS each month - no stress for us, they do all the hard work, we just send them the money each month.

We have a bank account for all the priority debts - we do not touch this now all Direct Debits & standing orders go out, any money left before next pay day & after the next direct debits due gets swept into the savings account.
we have a seperate account for food & petrol, bus fares etc which is only sed for everyday stuff, again if anything left on tuesday night sweep it into savings ready for new money coming in on wednesday from our weekly standing order from the main account.

We are better off, arguments about money have stopped, we are eating better as we are not rying to buy the shop out with perishables we get only what we need with tuesday being treat night if we have been good.

All thanks to this site, we are finally getting our life, money and everything back on track and changing all those bad habbits which have got s into this position in the first place

There I have gone on for a bit now. .....LOL