Iva Or Debt Management

TightTone

I have been incontact with payplan today and they suggested a DMP (but then I realised I missed one creditor off which is quite a large debt, so this may change tommorow when they call back).

I then spoke to someone from Thomas Charles who sugested that an IVA is the best way forward.

As anyone heard of Thomas Charles and Co Ltd? Are they any good?

What are people experiences and opinions of the two options which should I do?

God I am really worried and confused.

rog2

Beware of 'jumping into an IVA' - I have not heard of 'Thomas Charles', but it certainly sounds as if he is, or works for, one of the many companies who are currently trying to 'sell' IVAs, as they can earn high fees from an IVA - often up to £8k. People like this are ONLY in it for what they can earn and most do not give a monkey's about you.
Wait until you speak with payplan again. Tell them about the missed creditor and see if this alters their advice to you.
IF, and only if, Payplan reccomend an IVA, rather than a DMP, then ask Payplan to reccomend a suitable Insolvency Practitioner.

rayday2

I would only take it as a good course of action for an IVA if an independant charity recommended it. Someone selling it will always say its a good idea it pays there mortgage! Looking at there website I would say they are making there money out of sellind debt products, DMPs, loans etc

If you get no joy from Payplan tomorrow why don't you speak to CCCS too see which fills you with the most confidence.

RAS

You need to be aware of the impact of an IVA if you have any equity in a property and to make sure that you understand the outcome of the IVA fails, as apprarently 80% of them do at the moment.

fermi

Please please listen to rog2, rayday and RAS. The independent charitable advice agencies will advise you as to your best interests, and not on the basis of how much of a fee they can get.

Furthermore 'Thomas Charles' or associated names are not listed on www.iva.com as either an IP or an IVA company. You should be EXTREMELY wary of going with someone who is not listed on that site even if an IVA is recommended as your best advice by one of the free advice organisations.

TallGirl

I know that Payplan do both IVA's and DMPs so once you have told them about the latest debt they can advice you on what is most suitable. Good luck on what ever you decide and do come back to this board for support.