IVA questions

greenbrucelee

Hi

I am not sure if the same people visit this section or not as I am a newbie. So aplogies if I am trolling a bit.

Why would payplan suggest an IVA if I have no assets?

https://forums.moneysavingexpert.com/discussion/3525557

milliemonster

I don't know the level of your debts, but possibly if it will take you longer than 5 years to pay them off in a DMP (and remember in a DMP there is no guarantee that interest and charges will be frozen for its duration) then this is why payplan may have recommended an IVA, it's not always just for people who have assets to protect

dbt3mummy

We have no assessts and have made our final IVA payment.

An IVA can be very stressful and you will have a tight budget to live to.

A DMP could take a lot longer for you to pay off possibly it resulting in affecting your credit rating for much longer.

Don't take the option of an IVA lightly, make sure you fully understand what you are signing into.

greenbrucelee

Thanks both.

I dont think it can get any more stressful than it already is.