Debt

Mummykate

My partner has run up nearly £20000 debt 3 credit cards 1 loan and overdraft he has called a place called debt advice expert who have advised for him to do an Iva he is now living at his mums has I can’t trust him is this debt advice expert a company who charge I’m unsure has he was advised to ring step change but called these instead 

Grumpelstiltskin

All IVA's cost, but is it the right solution for him?
 He must ring one of the free charities Stepchange are good.
 Don't let him sign anything until he has spoken to Stepchange.

Mummykate

Yeah I ive him to call step change do you have to have a certain amount of money left each month to do an Iva has he has over £500 when everything’s been paid 

Grumpelstiltskin

An IVA is the best option in only a few cases, mainly if you have a mortgage.
A DMP could possibly be the best option but an IVA company won't suggest that. That's why phoning Stepchange is the first action. They won't try to sell an IVA they will lay out all his options.

Mummykate

I thought for a DMP you had to have less than £100 spare every month ?

fatbelly

Mummykate said:

I thought for a DMP you had to have less than £100 spare every month ?

No, there is no maximum. DMP  companies may have a minimum - I believe stepchange is £5 per creditor per month.

sourcrates

Fee charging debt management companies usually recommend the option that makes them the most money, not what is best for the client, that`s because they are not really debt advice companies, they are sales companies, pure and simple, they hide under the guise of debt advice, but really they are trying to sell you something, just like any other vendor.

You should only take debt advice from someone who is not trying to sell you anything, National Debtline is the only truly impartial service out there, but stepchange and payplan are trusted seconds.

epg200

If you have assets to protect and IVA is probably better than bankruptcy. However if you are in a situation to get out of it quicker then something like a DMP might be better. As a general guide...
IVA
Debt comparison

helpyhelper

Citizens Advice and debt camel also have good information