Any advice gratefully recieved on IVA/DMP

formidablelady

I am so confused. I have debts of £45000 including 2 loans, 2 overdrafts and credit cards. Currently trying to repay £1140 a month. I have been late with the last few payments and got a couple of defaults. I have no option but to do either a DMP or an IVA. One of my credit cards put me onto Kesington finance and she just gave me some figures £770 a month over 5 years with a DMP and £740 a month on an IVA. I thought the IVA figure was quite high but she says she has maxed out our allowances on food etc. Does this sound right to you? According to that we would be paying around £40200 back for an IVA of £45000. She says its because we are on high incomes. My husband earns around £2500 after tax and myself around £2200. This will go down as he is about to lose a car allowance of £400 in July. Oh the fees for the company are 1st payment and then £70 a month.

judojub

Hi. Perhaps you should post on the IVA thread (just below the bankruptcy thread) You will get lots of help and advice. I am just applying for IVA myself so new to it too but I think anyone on here will tell you to avoid any company that asks for payments up front!

formidablelady

Thank-you I didn't notice that. I will try there.:)

judojub

You are welcome

hisandhers1978

Contact one of the FREE debt carities, we used cccs for our DMP and they do it for free and arrange all the payments and deal with the creditors on your behalf.

This Kensington company you are dealling with will not be government funded and be no doubt making a fortune out of you and your situation.

hope this helps