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Which way
Approx £80,000 unsecured credit card debt, no other debt.
£2,050 regular monthly income between us.
£90,000 equity in house.
Need about £1,600 to live on essentials only.
Run a business which even in these times brings in approx £1000 per month and it will eventually rise to about £2,500 - £3,000 when the economy gets better and I get myself out posting flyers promoting it.
Two questions, because I am struggling to pay the CC's at the moment.
If I had to, would I go for a DMP or an IVA?
How would they calculate my payments when the monthly income from the business is so up and down i.e. 1 month it might be only £800 and the next month £1,400?
Am I right in thinking there are less restrictions with a DMP?
I could afford I reckon to pay about £600 a month at the moment and hopefully more once the recession lifts so which way to go if it comes down to it??
John
£2,050 regular monthly income between us.
£90,000 equity in house.
Need about £1,600 to live on essentials only.
Run a business which even in these times brings in approx £1000 per month and it will eventually rise to about £2,500 - £3,000 when the economy gets better and I get myself out posting flyers promoting it.
Two questions, because I am struggling to pay the CC's at the moment.
If I had to, would I go for a DMP or an IVA?
How would they calculate my payments when the monthly income from the business is so up and down i.e. 1 month it might be only £800 and the next month £1,400?
Am I right in thinking there are less restrictions with a DMP?
I could afford I reckon to pay about £600 a month at the moment and hopefully more once the recession lifts so which way to go if it comes down to it??
John
If God didn't want us to eat animals, why did he make them out of meat. :beer::beer:
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Comments
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well an iva would save you alot of money, in regards to the increase and decrease of wages just employ a good accountant to work it out to they way you need it to work. or go dmp and pay it of for 20 years its up to youAqua 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:0
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What's the main differences restriction wise between them?
IVA seems very restrictive.
JohnIf God didn't want us to eat animals, why did he make them out of meat. :beer::beer:0
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