IVA v's DMP

Evening_Star

Have been advised that I can have an IVA or a DMP am progressing with a DMP at the moment through Payplan.

After reading some things on this site and various others I am confused over which option to take and which would be the best for me.

Am currently in debt of around £54000 this will reduce by quiet abit when I manage to cancel the PPI on my loans. This means that my debt free date would be 2016.

Can any one offer any advice as to which to go for from their own experiances?

Is a mortgage imposible on a DMP?

davek1

Evening star

I can only say am just setting out on a DMP. I have 45k of debt,with payplan cant really advise as to which is best but i'm happy with what they are doing for me

Dave

Evening_Star

davek1 wrote:

Evening star

I can only say am just setting out on a DMP. I have 45k of debt,with payplan cant really advise as to which is best but i'm happy with what they are doing for me

Dave

Thanks Dave

southernscouser

Best to wait for someone who knows what they are talking about but I get the impression that with an IVA you only pay for 6 years then the rest is wiped out, whereas with a DMP you pay it all back, unless you can agree a final settlement fee. But think with an IVA you have to meet certain criteria! Not sure what though!

I could be and probably am totally wrong though! :rotfl:

IN_LIKE_EVERYONE_ELSE!

I.V.A.'s benefit the company that organises them, the majority fail, lets have a look at your complete picture please.

Good luck

Curlyz

My son is currently organising an IVA thru a company called Blair Endersby. He owes £21,000 they have drawn up a plan which he pay £205 per month for 5 years. His creditors get roughly £7000 back and Blair Endersby get £5000. A meeting is being arranged with his creditors at the mo (I don't see them going for it at all!). They use the argument in the proposal to the creditors that the only other alternative is for him to go bankrupt which would mean they (the creditors) would get much less money back than thru the IVA.
(I know - I have emailed him this site - advised him of CCCS Payplan etc. - he refuses point balnk to listen - he is being really pig headed for some who lives rent free in my house! - so I have had to let him go his won way)

headchef

:wall:

It must be tough being a parent!

southernscouser

Curlyz wrote:

My son is currently organising an IVA thru a company called Blair Endersby. He owes £21,000 they have drawn up a plan which he pay £205 per month for 5 years. His creditors get roughly £7000 back and Blair Endersby get £5000. A meeting is being arranged with his creditors at the mo (I don't see them going for it at all!). They use the argument in the proposal to the creditors that the only other alternative is for him to go bankrupt which would mean they (the creditors) would get much less money back than thru the IVA.
(I know - I have emailed him this site - advised him of CCCS Payplan etc. - he refuses point balnk to listen - he is being really pig headed for some who lives rent free in my house! - so I have had to let him go his won way)

:eek: :eek: :eek: :eek: :eek:

You must make him listen! Tell him that Payplan and CCCS are charitys and won't charge him anything! Tell him he will be £5,000 better off! If he won't listen, kick it into him! Or come back here and tell me and I'll kick it in to him! :rotfl:

IN_LIKE_EVERYONE_ELSE!

Send him over to me after Southernscouser has roughed him up! The IVA will fail and he will be back where he started. I am surprised Xbigman is not around to give him a whack as well !

pixie1

Why do IVA's fail? Just curious.

pjala

They fail because of the general assertion that debtors get rid of their debts, then build them up again. With any debt plan you have to persist at your budget, and it's like asking an alcoholic not to drink anymore.
An IVA, just to add to the discussion, allows you to legally pay only a proportion of your debts - but credit rating wise is quite damaging for 6 years. The supervisor in this case may get a lot of money, but overall you are only still paying back just over half the debt.