IVA or Low payment DMP

fileep

I have been on the CCCS site and done the debt remedy. It advises an IVA or low payment DMP. It calculated that I would be debt free in 15,yes 15 years:eek:. IVA looks like the favourite option, does it cost to set one up? I have little to no equity in the House, but read somewhere they can claim any future equity, it also mentions someone buying your share in the house? Can someone please explain.

Many thanks in anticipation of any help or advice

miss_spooky

Hi fileep,

Welcome to the boards. I don't know a lot about IVA's but there is a sub board for IVa's where you may get more help. Just copy your post in there and I'm sure you will get some answers.

I was given the choice of a low dmp of 20yrs or Bankruptcy, it was an easy descision as I have no assets and have always rented.

Good luck in what you decide to do.

MS

Sammy3008

Hi Fileep,

We are currently on a DMP, and its going to take us 44 years to pay all our debts off, so not beneficial in the long run!!
We can't enter an IVA, as don't have enough spare surplus after we've paid everything per month, not really that up on IVA's, but do hope you can find the answers you require.

Best of luck, with whatever you decide.

tigerfeet2006

The Debt Remedy is not the best indicator on what is right for you. You would be best to ring and talk to an advisor to go through your options.

I_need_therapy

fileep wrote: »

I have been on the CCCS site and done the debt remedy. It advises an IVA or low payment DMP.

Mine said exactly the same, yet when I spoke to one of their advisors and went through it the first thing he said was bankruptcy was a better option. So as Tigerfeet says, give them a ring and go through it all, the website is just a way of them getting all the info really and is very general, it can't take certain specifics into account.

wayforward_2

the possibility of losing our house in 4 years time is what put me off an iva - no equity now but who knows in the future and i didn't want to live with it hanging over us. We did 6 months on a dmp to take the immeduate pressure off but the prospect of 15 years with them carrying on adding interest and charges meant that ultimately BR was the best option for us. Best thing we ever did.

Make sure you get good advice!

fileep

Hi Wayforward, what happened to your house, did you have to sell it?