DMP VS IVA - Help needed please!!

katkins7

Hi, Can you help??
I have been in a DMP with CCCS for 2 years, i was made redundant last year and luckily found another job within a month but the salary is less and am travelling further. I now pay £116 per month off my debts of over £26,000.
On a recent call with CCCS i was advised that as my debts will take 20 years to clear, which is too long to be in a DMP, i should consider taking a IVA as it is more suitable.
My questions are - is there a time limit to a DMP? I wasnt aware of this.
- Is an IVA better for me? I am in a shared ownership property and only have 30% share (about £40,000 of £159,00 property - no equity). I have a charge against the house of £5000 from one creditor.
I have already been made redundant once, it is not unbeleiveable that it could happen again.
What are my best options??
Thank you

tigerfeet2006

If you post over on the IVA board they will be able to go through the pros and cons with you.

sniggings

ask on the IVA board but the little I know I dont think an IVA would accept £116 a month,I was told before I went BR that IVA plans like quite a large weekly payment,as you say you could go into an IVA and still have to go BR if you loose your job or cant pay it if it is set to high,I would ask CCCS how a BR would affect your house and if going BR and still keeping your house was possible I would think that may be a good option to think about.