New to IVA

lottie38

My husband will hit the roof if we have to sell the timeshare. Wonder if there's a way round it. It's maintenance fees not credit. Would that make a difference?

lottie38

I'm wondering now if it's worth going ahead with the IVA. Should I do a DMP to reduce debt in the short term so I can get some money together to enable me to clear my debts completely? Is that an option?

Ids61

Hi I Know what its like being in debt I probally wont sleep tonight very well.I am not an expert so please look into this thoroughly The time share will probally not create to much of an issue with creditors.In fact I have been take to court for debt recovery taking my budget sheet with me.I expected to grilled but they didn,t even look at it.
In reality though with your situation I would think bancruptcy would be a better option have you spoken to citizens advice,cccs,national debtline they would certainly give you the best option.At least you could start a new life with all the debt gone.

Loubylou2

It is really confusing isn't it? We are 3 months down the line of a DMP. Its not easy even now as we still havent' got all our creditors on board. But it is still SO much better being back in control (well as far as possible) We live in our means now and just wished we had had our LBM much sooner.

I am certainly no expert in fact i'm learning all the time. but when we put our details in on line on the Payplan site it came out that an IVA was more suitable for us. We started along that route but were put off by the fact that near the end of the IVA the creditors would look at equity in our house. Although we have no equity at the moment that concerned us and taking all things into account we went down the DMP route.

We are currently happy with our choice although I worry about things like charging orders all the time. However whatever you decide it will be the begining of a route to a debt free life.

What we need is a crystal ball to know what the best decision is. Good luck:)

lottie38

I have spoken to payplan this morning regarding the time share and we would be forced to sell it by the creditors. Having re-examined our situation and because of the possibility for increased income and bonuses, we have finally decided to go with a DMP instead of the IVA. I personally think that with the measures I have put in place for econimising that we could pay the DMP off quicker than the anticipated 6-7 years. Thankfully this decision has eased my mind somewhat. I was petrified by an IVA.

Thanks for all your comments

pool-hustler

A debt management plan through the gov run organisations is the way to go if the debt is less than £20k.
Considering you have no equity an IVA is not a bad option.
I have one. The debt was nearly £70k. By next year (the end) I will have paid off around £20k. £40k odd written off! it is a pain with getting bank accounts and phone deals but it is well worth it.I even defaulted by a good few months and they reviewed and knocked off a feww moe quid :-)