DMP or IVA??

Utility_Saver

Hi All

My wife was made redundant a while ago; at that time we had been trying to invest in property, so it didn't help when then the property market went bang either! Soon, we were living off credit cards to survive. To cut a long sob story short, we now owe a staggering £72k in unsecured debt. Our property is in negative equity and we have no savings etc to speak of.

At first, someone suggested going bankrupt - but that would mean losing all our property, even though it;s in negative equity.

Then we were directed down the path of the IVA. . My wife has just found employment, thank the lord; now we have been advised that a DMP may be the better route since we have more disposable income.

Also, I've heard of people trying to have credit card debt reduced by looking at the original CCA to see if they're enforceable. Do you think I should be doing this? Or should I just take it on the chin, and pay what I can?

Help, it's all too much to take in!

Nargleblast

Contact one of the debt counselling firms recommended on here, such as CCCS or Payplan. Get all your income and expenditure figures together, together with details of all your debts (how much, to whom, percentage rate charged, monthly repayments) then they can advise you which solution is right for your case. If you use the Statement of Affairs link (Sticky at top of forum, marked SOA calculator) this will help you collate your figures. You can also post it on here if you wish, and people can advise where you can cut costs or increase income. Debt management plans, IVAs and bankruptcy are all solutions to debt crises, they each have their advantages and disadvantages, and only you can decide which one to choose - but do it after getting professional advice from one of the firms mentioned. Good luck and keep posting to let us know how you are getting on.

That-Guy

I have just started a DMP with CCCS and they were VERY helpful. Give them a call and im sure they will point you in the right direction

Numpty_Monkey

Well done on your OH getting a job:T:j
Its very rare that an IVA works or is suitable
Sometimes a DMP is a viable answer
speak to these Non-profit Debt Counsellors' List :money:

Sometimes its just a rejig of your budget that is needed;)
Post your SOA, lets see what we can do
use this link
http://www.makesenseofcards.com/soacalc.html

Deep_In_Debt

As others have said, try CCCS, Payplan or CAB who will advise in your interests and not in theirs.

CCCS website had a debt remedy on line tool that you can do whenever you wish (if you have your debt details to hand) and it will recommend the best course for you immediately.