iva accepted in dec 2009 advice please

Claret40

Thanks for the advise above Forever and Charco. I do feel my current DMP company are pushing the IVA but I have my doubts and also the fact it is to take so long but it is a rather large debt so 5 years does seem better for me. I will do as you say and ring a couple of companies to find out the options

Claret40

Sorry Choo Choo missed you post. Based on your calculations above it would leave me with £17k equity but that is based on the market value however current offers are putting this down to £4k - big difference. So based on these figures if I accepted the highest amount being offered the creditors would probably not take a lump sum? By the way I do want to sell, firstly to try and clear debts but also to down size and move closer to work

Charco_2

Not surprised it's your DMP company pushing the IVA... they take you on, collect a few large set-up/admin fees (£700-£1000 over three months perhaps) then when it cools off a little and they're only making 17.5% of your monthly repayments they decide to SELL you on to an IVA company for another £700-£1000. Basically cash in on you!

Could they not have advised an IVA at the time they convinced you to take a DMP? Who knows!

If you're looking to sell the house anyway - as in you actually WANT to sell and move closer to work - have you thought about bankruptcy? I'm a fan of IVAs and all, but in their right context! I dont think anyone on here could actually diagnose or prescribe which debt solution is best for you... we can all give our opinions! (15+ years in a DMP is a prison sentence though - if you killed your bank manager you'd be out sooner!)

It's going to depend on how much equity you have however, big difference in £4k and £17k. Rememeber there'll be estate agents fees, solicitors fees, relocation costs - £4k won't cover it and even £17k is not going to have much left over for your creditors.

Contact a few IPs until you feel happy - who SHOULD dicuss all your options with you. I'm sure the good people on here could recommend (or steer you clear) of the companies they used. I think someone might already have mentioned this but DONT PAY FOR ADVICE.

If the IP recommends IVA, ask him why not a BR (rememebr the choice will be yours anyway). They should be willing to list he pros and cons of all your options anyway. And you can aways come back on here to "fact check" - see if any of the companies are spinning you a yarn to land your work!

Claret40

Thanks Everyone. I am planning to do alot of ringing round next week and asking lots of questions! Never thought about BR but will get the facts from the professionals.
Will let you know next week if I make a decision or back to ask more dumb questions to you all