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IVA or DMP

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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.
Regards, Arnie

Comments

  • 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?
    Aqua card - £250 Limit up to date, Jd Williams £150 limit up to date, Argos store card £400 limit up to date, Next £300 limit up to date.:beer:
  • thewad
    thewad Posts: 348 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    But what's the difference between them.
    Are IVA more restrictive.

    John
    If God didn't want us to eat animals, why did he make them out of meat. :beer::beer:
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