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What are your experiences with DMP and IVA
nomorebeans
Posts: 4 Newbie
Hi
After another sleepless night I am going to contact Payplan about our debt problem (60k). I had thought about secured lending but am moving away from this idea.
I would like to ask a couple of questions to anyone who has experience of taking out a dmp or IVA.
How long does it take to set up?
We have assetts of house (60k) and car (3k) would we loose these?
Are there any finance companies that people have had problems with?
Do most people also end up with ccjs?
Our mortgage has finished it's fixed period and I would like to get a better deal, do I have any chance of finding anyone who will lend to us?
Many thanks for any advice
x
After another sleepless night I am going to contact Payplan about our debt problem (60k). I had thought about secured lending but am moving away from this idea.
I would like to ask a couple of questions to anyone who has experience of taking out a dmp or IVA.
How long does it take to set up?
We have assetts of house (60k) and car (3k) would we loose these?
Are there any finance companies that people have had problems with?
Do most people also end up with ccjs?
Our mortgage has finished it's fixed period and I would like to get a better deal, do I have any chance of finding anyone who will lend to us?
Many thanks for any advice
x
0
Comments
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really, you are best advised to post a full SoA giving full financial details of your situation. then advice and experiences can be tailored to your specific situation rather than quoting generalities.
only by knowing details of your income, your essential spending (i.e. mortgage, spending other than unsecured debts) and the specifics of your debts is it possible to discss the relative merits of remortgaging, debt management or IVA
however, as far as needing to find a best deal on your mortgage you may be best to enquire now before defaulting on any debts.0 -
How long does it take to set up?
Took about 10 weeks for my IVA from the very first phone call to Payplan.
We have assetts of house (60k) and car (3k) would we loose these?
DMP no. IVA you may have to remorgage to give up any equity that you may have.
Are there any finance companies that people have had problems with?
Only go with Payplan or someone recommended by CCCS.
Do most people also end up with ccjs?
IVA def not. DMP only if you're unlucky.
Our mortgage has finished it's fixed period and I would like to get a better deal, do I have any chance of finding anyone who will lend to us?
Depends what your credit record looks like. DO you have any defaults?
This link goes through how the IVA process worked for me.
http://forums.moneysavingexpert.com/showthread.html?t=237135Debt as at 12th July 2006 - £61,345 :eek: :eek: :eek:
Debt free 21st Oct 2011.
All thanks to :money:0
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