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DMP or IVA?? Questions, questions, questions!!
Good god this is confusing!!
Me and my husband have got approx £50,000 (majority in his name but both our debt) of unsecured debt on loans and credit cards and no equity in the house. We both work and just managing to pay everything but left with nothing for food and have had to borrow off his parents to feed the kids!
Doesn't look as though an IVA is an option for us now as we didn't realise that there are two types of IVAs protocol and non-protocol and the non-protocol our home would be at risk. Also that we'd have to take out individual IVAs and that you need a minimum of £15k of debt - not a problem for hubby but I'm not quite there (£12k)!
Right I'll get to the point 'cos I'm just wittering now.....
On a DMP what happens to the interest and charges? Are they frozen only to be unfrozen or wiped off completely?
Could my husband sign the house over to me (it's joint at the mo') even though they wouldn't of given me a mortgage in the first place due to low income but I am able to afford the payments (interest only)? If that is possible, would he then be able to do vol bankrupcy and the house be safe?
Can't believe it's come to this! Seems to be if you want to work and have a family it bites you on the !!!!
Sorry rant over
Thanks
Me and my husband have got approx £50,000 (majority in his name but both our debt) of unsecured debt on loans and credit cards and no equity in the house. We both work and just managing to pay everything but left with nothing for food and have had to borrow off his parents to feed the kids!
Doesn't look as though an IVA is an option for us now as we didn't realise that there are two types of IVAs protocol and non-protocol and the non-protocol our home would be at risk. Also that we'd have to take out individual IVAs and that you need a minimum of £15k of debt - not a problem for hubby but I'm not quite there (£12k)!
Right I'll get to the point 'cos I'm just wittering now.....
On a DMP what happens to the interest and charges? Are they frozen only to be unfrozen or wiped off completely?
Could my husband sign the house over to me (it's joint at the mo') even though they wouldn't of given me a mortgage in the first place due to low income but I am able to afford the payments (interest only)? If that is possible, would he then be able to do vol bankrupcy and the house be safe?
Can't believe it's come to this! Seems to be if you want to work and have a family it bites you on the !!!!
Sorry rant over
Thanks 0
Comments
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Hi, first of all have you take advice from any of the debt charities, CAB, CCCS or National debtline. Secondly if you have, have you considered the other option being bankruptcy.
ok, The DMP is not a formal type of insolvency that means that they could stop the interest and charges but they could also change theur mind later. Usually DMP's are usefull for short term drops in income where the income is likely to increase again later.
How much could you afford to pay towards a dmp if you cut as much as possible of your expenses and how long would that take you to pay of your debt even without interest and charges.Hi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
Thanks debtinfo, we've been speaking with National Debtline and hubby has spoken again to them and cleared stuff up - we can have joint IVAs depending on who you use and the same with DMPs, it all depends who you go with whether the interest is frozen or not.
Anyway, we are now going to apply for an IVA!!
Thanks again0
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