We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
DMP vs IVA
Options
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
0
Comments
-
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 25 No 49
PB Win 21 £225, 22 £275, 23 £900, 24 £750 Balance Dec 25 £32.7K
Plan to move to Denmark for FIRE by Autumn 2025 “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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards