DMP vs IVA
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terriblesaver
Posts: 213 Forumite
I am in the midst of getting rid of Baines and Ernst who make fortunes out of idiots like me but today they called and asked if I have considered going into an IVA.
They stated that my debts at the moment will take 16 years to pay off but if I took an IVA they would be written off after 5 years. Can someone explain this to me please and what the implications of it are.
Does it mean I have to pay more to them on a monthly basis - will my DMP go up . I am soooo confused.
Thank you xx
They stated that my debts at the moment will take 16 years to pay off but if I took an IVA they would be written off after 5 years. Can someone explain this to me please and what the implications of it are.
Does it mean I have to pay more to them on a monthly basis - will my DMP go up . I am soooo confused.
Thank you xx
Terriblesaver - hoping to improve!!! Unsecured debt ... £[STRIKE]57938[/STRIKE] £51453
Official DFW Nerd no 176
Reclaimed and won Capital One £224, Paragon £758, GE Capital £63 and £135
Official DFW Nerd no 176
Reclaimed and won Capital One £224, Paragon £758, GE Capital £63 and £135
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Comments
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Please take some independent advice from a non fee charging company such as CCCS or Payplan. THey will be able to explain the diferrence to you and see if you are suitable for an IVA.Save £12k in 24 No 50
PB Win 21 £225, 22 £275, 23 £900, Balance Mar £30,850 + £12K added to pension) (Wins 24 Jan £200 Feb £150 Mar £75 Apr £125 May £0)
Plan to move to Denmark for FIRE by 2028 “May your decisions reflect your hopes not your fears”
New diary aiming for fire https://forums.moneysavingexpert.com/discussion/6414795/mortgage-free-now-aiming-for-fire#latest0 -
HAve a look at https://www.payplan.co.uk which explains the difference.
As far as I am aware B&E get a bigger fee for an IVA than a DMP.. but then 16 years does seem like a long time.Debt free 4th April 2007.
New house. Bigger mortgage. MFWB after I have my buffer cash in place.0 -
How much are your debts and how much can you afford each month. do you have any assetts? if you own your house how is it worth and what is the mortgage?0
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