New Dmp Mutal Support Thread

Scottishmummy

http://forums.moneysavingexpert.com/forumdisplay.html?f=33
hope this works

lonely_2

For those of you wondering what an IVA has to do with equity in your house, I feel that I may be able to help a bit. It was one of the main reasons I didn't go for an IVA.

An IVA works pretty much on the same principle that a DMP does - you do an income and expenditure, and the surplus is what you pay your creditors. However, IVA fees will also come out of this surplus (average is about £8K in total), the IVA will usually last for 5 years max, and everything is legally binding so charges/interest automatically stops. If you have equity in your home, and during the term of the IVA you will have paid less than the full amount you owe, you will usually be forced to free up a percentage of the equity on your home by remortgaging. This is usually done as a condition of the IVA, normally in the fourth year (obviously with house price rises it is likely they will get more money this way - the b******s).

Apart from this, the reason I didn't do an IVA is because on your credit file it is considered worse than defaulting and the consequences are more severe.

yellowmonkey

Hi
Many thanks for the link Scottishmummy. Excellent. Nice to get a reply at last to one of my posts:rolleyes:

YM

Scottishmummy

yellowmonkey wrote: »

Hi
Many thanks for the link Scottishmummy. Excellent. Nice to get a reply at last to one of my posts:rolleyes:

YM

Glad I could help. I've replied to previous ones too:p

yellowmonkey

Hi

Thanks realise that but I am just feeling a bit sorry for myself today. I do apologise:o

YM

Scottishmummy

Apology accepted. Anything we can help with?

daysieblue

yellowmonkey wrote: »

Hi

Thanks realise that but I am just feeling a bit sorry for myself today. I do apologise:o

YM

Sorry Should have replied too, but been caught up in work a bit. Especially about the Old Style boards, I have discovered them and love them. I not too good at adding links though.

DO you have anything you want to get off your chest, I'm here for another hour if I can help

db xx

yellowmonkey

Hi

Not really. Just a bit fed up as I have not heard from Payplan yet. Ie nothing through the post as regards paperwork. Nice to have the cheque today but I have now got stamps on the envolope's ready to send to creditors. If i am honest I am panicking a bit regarding their response. I know I am strong and I can handle it but there is a little nagging doubt. Also spent a night shift reading about the new powers Bailliff's may have in the future and I suppose I am just looking at the worst case scenario.

Nothing really but it has been nice talking about what to do but now I have to send letters.

Just being silly really as I know that everbody on here has gone through this,or is about too, and I know i can come back here for support.

Also nobody has posted yet who is older than me:rotfl: :rotfl: :rotfl:

Many thanks

YM

yellowmonkey

Hi

Mind you I may be the eldest but I have a younger partner to keep me company and who is very supportive:p

YM

daysieblue

yellowmonkey wrote: »

Hi
Also nobody has posted yet who is older than me:rotfl: :rotfl: :rotfl:

:rotfl: :j :rotfl: :j :rotfl: :j :rotfl: :j :rotfl: :j :rotfl: :j :rotfl: :j :rotfl: :j