IVA or DMP

arneldlayne

I have finally realised that I have some serious unsecured debts around £30k - we have a mortgage which is repayment and a fixed rate deal which recently ended but which is set to a minimum 4.24%. I think we have very little equity in the house so a consolidation loan won't be approved.

All of my savings are tied into a company share scheme which yields about £3k per year - we tend to fund our holiday with this an stuff for the kids such as school trips or clothes and presents for birthdays. Are these savings seized or will I be forced to stop contributing to them? My wife had 2 jobs but has just been laid off from one with no severance. That has lost us about £350 per month.

The CCCS have provided a DMP but now I'm wondering if an IVA would be better? I would appreciate any suggestion or advice or experiences which can outline pro's and cons. It'a difficult first step but some of he threads are very uplifting - the comments on this course of action helping us learn and prevent the patterns occuring again are most hought provoking.

All comments are most welcome.

thecableguy12

arneldlayne wrote: »

I have finally realised that I have some serious unsecured debts around £30k - we have a mortgage which is repayment and a fixed rate deal which recently ended but which is set to a minimum 4.24%. I think we have very little equity in the house so a consolidation loan won't be approved.

All of my savings are tied into a company share scheme which yields about £3k per year - we tend to fund our holiday with this an stuff for the kids such as school trips or clothes and presents for birthdays. Are these savings seized or will I be forced to stop contributing to them? My wife had 2 jobs but has just been laid off from one with no severance. That has lost us about £350 per month.

The CCCS have provided a DMP but now I'm wondering if an IVA would be better? I would appreciate any suggestion or advice or experiences which can outline pro's and cons. It'a difficult first step but some of he threads are very uplifting - the comments on this course of action helping us learn and prevent the patterns occuring again are most hought provoking.

All comments are most welcome.

well a dmp would make you pay back the full debt back over a longer paeriod a iva is better cos its only 5 years, i have a friend thats in a dmp but will be paying it back over 18 years but wont listen, an iva will strip ya credit rating for 5 years but a dmps will do it for maybe 18 to 20 years, it all depends on how much you owe and to who?

thewad

But what's the difference between them.
Are IVA more restrictive.

John