Should I go for an IVA or a DMP? Or neither?

Charco_2

That's interesting. Have you seen CCCS' accounts? Have you any idea what this charity turns over every year? Where their money comes from?

CCCS makes a fortune from the banks recommending DMPs to their clients. The banks dont like IVAs because they are forced to write off the debts in their accounts, DMPs on the other hand don't have to be written off. This is good news when the bank goes reporting to "the City" about it's share prices... Money makes thew world go round, the world go round, the world go round...

GLYNRICHARDSON

I would go on a DM plan, IVA will not accept debt from family reletives etc, best bet is DP and chip away at the debt ans see what gives in 6-12 months time

regards

g r

Roger_Moore_007

Thanks for all of the advice.

I ended up going through CCCS and getting a DMP. I'm paying £94 a month, which is very manageable. It will take me just over seven years to complete the plan, although I would hope to clear it in the next couple of years if my wife can get a job.

I have to say that CCCS have been very helpful. I thought it would take a few months to set up, but when I spoke to CCCS they basically said that my creditors would have to accept the payments that CCCS had deemed appropriate! I did receive a letter from NatWest grudgingly saying they would accept reduced payments for a limited time, in other words they have to as long as my finances remain the same.

Life is suddenly a lot less stressful.

Charco_2

That's great.

Keep an eye on your balances as best you can - i know that's what CCCS are there for, but it can't hurt to have you watching too - keep the pressure on your creditors to freeze interest and charges otherwise your debts can rise.

Nargleblast

Good luck 007, you can always review the situation after a few months and see where you are at. Your challenge will be to bring that debtfree day closer.