Advise for a 27 year old in a pickle.....

craig2000

Thanks for your help everyone, I have seeked professional help, they advised me, after they did an SOA with me that a DMP or IVA was best plan.

DMP and IVA was around the same monthly payment, but the IVA would finish after 5 years and the DMP over 8+ years.

I have put in place to start an IVA. I am a little nervous I must admit as I am going into unknown ground.

Has anyone hear done a IVA and was it the right choice for you?

The only negitive for me was the lack of credit rating for 6 years, but to be fair, Im seeing that as a positive.

This way I will be debt free in 5 years, save £300 a month in bills and have no overdraft to worry about.

Does anyone think I have made a bad choice?

stoocake

Would be keen to see an SOA if you could put one up?

Hannah_10

I'm dead against the idea of taking out an IVA at this stage as you've not properly considered it.

It sounds to me the "professional help" you sought was a for-profit organisation, I suspect this because they have given you only a choice betweeen the two options profitable to a Debt Management Company and because repayment figures are being thrown about without a SOA to base them on.

Read what Martin Lewis has to say about DMC's on the main site then read the guide to IVA's , conveniently the link to that's situated just above your first post. A DMC will make at least £7,500 from you for administering an IVA or up to 1/3 for a Debt Management Plan. You can also be made bankrupt (thus losing the car, computer, etc) if your circumstances change in the next five years you're on an IVA- unless you work for your Dad can you be truly sure you wont ever get sacked? Did your "professional advice" even mention this? Read that guide.

Before you do ANYTHING you can't back out of then you need to thoroughly consider your situation, in detail. That means you'd be wise to post your SOA and even wiser to get charitable advice (who do not stand to make thousands and thousands directly from YOU). It might turn out that an IVA is the best way to go, it looks very much an option still on the table as far as I can see with the limited information here... Wouldn't you really rather know that was based on sound considered advice and on the actual numbers rather than on a best-guesstimate set of numbers or a sales-target though?