Paying off your debts

digiman97

I spoke to someone at work who's daughter was in debt,she said something about a government plan that wanted to pay off peoples debts to help them carry on there life normally.
It was something like they clear or reduce the interest,so you pay the rest,i know this is vague but the lady at work was also.
Has anyone heard of this ?

immoral_angeluk

Sounds like she's talking about either a debt management plan (dmp) or an IVA.

Check out these links for more info.
http://www.payplan.com/frequently-asked-questions/debt-management-plans.php
http://www.payplan.com/individual-voluntary-arrangements.php

Hope that helps!

Crown

Hi Digiman,

I think what your talking about is an IVA.
There will be some people here who can offer you more advice of whats involved but I would suggest contacting the CCCS or look at there webpage to get a outline of what they do and whats involved in the proccess https://www.cccs.co.uk

misspoppy

Hi

It sounds like the info that the IVA firms use in their ads, most people would recomend you stay away from these firms as they charge huge fees and your creditors get hardly any of the money you pay the firm each month. If you are in trouble you have a couple of options.

1. post a Statement of affairs on this site and people will make suggestions of ways to save you money
2. contact a debt charity eg CAB, Payplan or CCCS who will advise you on the best route to manage your finances, this might include a debt management plan, where you pay a sum to the charity each month and they send it to your creditors, they will not charge you any fees unlike one of the companies advertising on the telly, or they may in some circumstances advise you to declare bankrupt.

Good luck