DMP to IVA

Homegrown_Idiot

I'm on a DMP with CCCS and recently had a review. The lady on the phone told me that CCCS has recently set up an IVA arm of their services and recommended I switch to that as my DMP will be ongoing for 8 years, whereas the IVA will be cleared in 5 years.

I asked her what drawbacks there would be with an IVA vs a DMP and she said none - but surely there must be, otherwise everyone would be on an IVA?

Any ideas on IVA's anyone?

Thanks.:D

Deep_In_Debt

Hi
An IVA is a good idea if you have assets to protect such as property therefore are only suitable for a small percentage of people. Some can result in Bankruptcy if you miss payments. You are stripped back to the bare minimum to live on for 5 years.

I had a similar discussions with CCCS but have decided to stick with my dmp and I'm glad I have as I've been made redundant and would be unable to keep up the IVA payments whereas dmps are a lot more flexible. I've already managed to reduce my dmp from 9 years to just over 6 years in a few months.

Sorry, if I've gone on. I'm not a big fan of IVA's.