Advice please DMP vs IVA

chocolatebutterbean

Hi

I currently have around 35,000 of unsecured debt which is being administered by CCCS (who are fab:D)

Creditors have been ok by and large however about 10,000 of this is credit card debt and despite being asked they are refusing to suspend or reduce interest on these.

For every 45.00 I pay off these there is only 1.38 coming off the debt and i guess it is going to take me 130 years to pay this off.

It is no one else's fault that I am in this situation and I would like to pay off my debts in full as soon as possible but I just can't see this ever happening if things carry on the way they are.

Would i be better trying to get an IVA so that interest would be stopped or should i just plod on with this.

I would really appreciate any advise.

chocolatebutterbean

Hi

Natwest are one of the culprits.
I am married, no kids left at home, mortgage and second mortgage and no equity in property currently.

Both my husband and I work full time but we are paying 631 a month to CCCs and really struggling

When I spoke to CCCs they said that as my debts would be paid off in less than 5 years I was on the best plan for me. This however relies on the creditors suspending interest which they are clearly not all willing to do.

chocolatebutterbean

Hi Jazzy

What do you mean 'who they are'
Natwest have been helpful however they don't seem to be keen on reducing or stopping interest charges.
Vanquis seem to be charging less interest although they are still charging some.
As I said previously I don't want to wriggle out of paying my dues I would just like some help.
What do you think about IVAs?