Looking at an IVA

james32_uk

So far I feel that an IVA is right for me. I've worked out a plan which the National Debtline and Clear Start both seem to approve of. I have money for Rent and utilities etc plus 400 for everything else (car, groceries etc). This leaves me £375 to pay towards an IVA each month which over 5 years would cover fees plus 33% of my debts.

Anyone have any opinion on the plan?

james32_uk

...and does anyone have any idea what kind of DMP plan I would get with those sort of numbers?

donnalove

a dmp would take you a lot longer but make sure you are 100% happy and sure about the iva. read through pros and cons

good luck
x

james32_uk

Thanks everyone. Youve been most helpful!

james32_uk

Just a thought, am I right in saying that as long as I make the payments on the IVA then they are a good option? And the reason people are wary is due to them being so inflexible?

ms_london

james23_uk wrote:

So far I feel that an IVA is right for me. I've worked out a plan which the National Debtline and Clear Start both seem to approve of. I have money for Rent and utilities etc plus 400 for everything else (car, groceries etc). This leaves me £375 to pay towards an IVA each month which over 5 years would cover fees plus 33% of my debts.

Anyone have any opinion on the plan?

So you have money to pay your rent & utlities, THEN £400 for groceries and things AND £375 to go towards debts?? You're a lot more well off than a lot of people on these boards let me tell you that!!

Out of interest, how much debt do you have?

ms_london

donnalove wrote:

how do you NOT learn to budget or learn the value of money when you are in an iva.We had to, they take every bit of spare income you have.So if anything goes wrong that money has to come out of what you have got and that means cutting back elsewhere.
It isnt an easy route and it is more restricted than a dmp, but believe me you deffinately(spelling) do learn the true value of money.

james, taking on an iva is very restricted more so than a dmp and should only be used if you know you can stick to the plan for 5 or 6 years.You could put a small amount on i&e in your car budget to save for another car, you should discuss this with your ip(if you decide to go this route).

I am not saying everyone is the same, but there are some people that do end up running up debt again. And that's the same with anyone - even I could if I were stupid enough too!! It does happen! I am not attacking you personally donnalove!! Jesus!