Any help, suggestions, experiences, please help + advice needed

mum2one

I've had lighbulb moments before in the past, been there done that with SOA etc etc, currently just keeping head above water, but theres a strong possibility that theres going to be a massive drop in income from July, and if that happens I'm going to be very much up the creek without a paddle.

At a rough estimate my debts are about 22k to 26k,(haven't looked properly) - spread over credit cards, loan, overdraft. (not all spends a fair wack of interest).

I can't do DRO as I owe over 15k, I can't go down the bankruptcy route, for many reasons, which for personal reasons can't go into. So it looks like my only option will be a debt management plan, I have made feelers into a DMP, and it looks like it will be the way that I would have to go (subject to all creditors agreeing), not 100% how an IVA works, so obviously that may be a more suitable option.

What I'm asking, is for peoples experiences, whether that be good, bad or inbetween.

If I went for a DMP is there a set time they last, or is it all dependant on your debts and available repayments?

Ditto for a IVA - for both is there a minimum and maximum amount that you must have free at the end of the month?

Sorry for all the questions, just looking at all options before I have to hang the hand up and shout help!!

Thank you all in advance.x

glimmerofhope

Hi Mum2one
Have you looked at the free debt charity sites such as payplan and CCCS. CCCS have a set of questions and then tell you the best solution ie IVA or DMP

mum2one

glimmerofhope wrote: »

Hi Mum2one
Have you looked at the free debt charity sites such as payplan and CCCS. CCCS have a set of questions and then tell you the best solution ie IVA or DMP

hi, I.ve had a quick look, but this sounds so silly, it makes it more real and then have to admit defeat,

mum2one

Just been brave and been on the online section throwing some figures around, it first suggested bankruptcy or dmp. i really want to aim at a dmp, but will need to finalise figures and get a corret income /outcome as designed by them.

x

glimmerofhope

Hi Mum2one
Just thought I would drop you a line and see if you moved forward with your DMP
This board is great and has lots of support:j

GeorgieFTB

mum2one wrote: »

hi, I.ve had a quick look, but this sounds so silly, it makes it more real and then have to admit defeat,

OK first things first, it is not defeat!!! It is expert help! If you had broken your leg, would you be 'admitting defeat' if you went to the hospital to get a plaster? Carrying on with the analogy, others have had to go to the docs, get an x-ray and been told they have only sprained their ankle...

Well done for pulling your head out of the sand!!!

From what I understand... an IVA is bankrupsy-lite, it is more formal than a DMP but not as wide ranging as BR. A DMP is an informal agreement between you and your creditors that CCCS, or whoever , mediate. There are no easy ways to wipe off debts you just need to plod along and pay it back, just remember you didn't get the debt over night, you won't pay it off over night.

Welcome to the board
Gx

mum2one

Thank you, its just that not knowing whats happening with m income throws everything into chaos, - the short term plan is as know where I am till mid July, is plod along, - should be ok, then if everything stays positive and no major change, hoping that I can do a dmp self managed as it should be 12months where I will be bit short, and then back to normal, if worst comes to the worst the dmp came out as 13 years!! or IVA for 5 yrs, but I run up the debt, so want to pay it back, thou its the interest that adds it all up, without that life be simple!! xx