Best iva company

GentleGiant01

sourcrates said:

Noto83

Hello. I literally have about £3K debt to pay. I am not a homeowner. Im looking into other options than the IVA thanks for the advise I really appreciate it 

3k, Three Thousand Pounds, is that correct ?

Seriously, stay away from IVA`s, or any form of insolvency, a 3k debt can be repaid either by better budgeting, or if necessary, a debt management plan.

Your debt is far too small for anything else to be considered.

If you opt for a DMP, then go through one of the debt charities in my signature, you should not pay anyone for a DMP, but there are a lot of shyster sites out there purporting to be charities, when they are not.

Any further advice you need, please feel free to ask on here.

One thing I would add to this, is for you 3k may sound like nothing , but for those on the breadline who have been hit severely by job cuts, pay cuts, cost of living, inflation, even 3k can be a massive mountain that’s not possible to clear. 

RAS

We understand the issue GentleGiant.

But the IP fees to an IVA are around £9K, which is three times the debt noto83 owes. And the person they've spoken to will be an introducer, not an Insolvency Practitioner, who will be getting £several hundreds for referring noto83 to the IP.

If noto83's life improves or they get a small windfall, it will cost them £3K+£9K and possibly more to pay off the IVA.

There are no fees for a DMP arranged through a debt charity, and some creditors will sell on to debt. Those companies may well offer reduced settlements after a few years, or even agree to write off the debt. So noto83 could be paying back half what they currently owe.

sourcrates

GentleGiant01 said:

sourcrates said:

Noto83

Hello. I literally have about £3K debt to pay. I am not a homeowner. Im looking into other options than the IVA thanks for the advise I really appreciate it 

3k, Three Thousand Pounds, is that correct ?

Seriously, stay away from IVA`s, or any form of insolvency, a 3k debt can be repaid either by better budgeting, or if necessary, a debt management plan.

Your debt is far too small for anything else to be considered.

If you opt for a DMP, then go through one of the debt charities in my signature, you should not pay anyone for a DMP, but there are a lot of shyster sites out there purporting to be charities, when they are not.

Any further advice you need, please feel free to ask on here.

One thing I would add to this, is for you 3k may sound like nothing , but for those on the breadline who have been hit severely by job cuts, pay cuts, cost of living, inflation, even 3k can be a massive mountain that’s not possible to clear. 

I was simply stating facts, RAS has given the reasons why insolvency is not a good choice for the OP above.

If the OP is that deluged by debt, then they can write to their creditors and try and get it written off, it`s not a mountain they will have to climb, if they don`t have the money, they don`t have the money, they cannot pay what they do not have.

If they don`t have sufficient disposable income to service a 3k debt, then they don`t have sufficient income for an IVA, its simple maths.

A debt management plan through one of the debt charities is the likely solution to this particular problem not withstanding any luck with write offs..

ToxtethO'Grady

Just to add to this for OP there is another option for a small amount of debt and if you have a CCJ.

An Administration Order - it is classed as a form of insolvency and it is managed by the county court, stops enforcement and can have debts written off if the court agrees. Sounds good doesn't it? But there is a court hearing and the court can do an Attachment of Earnings to take the payment if you are working

OP - the debt charities may make you aware of this but it is your decision at the end of the day. If you follow the link you can see what it is on the Citizens Advice website. It all comes down to how would feel doing court paperwork and going to a hearing? If you feel ok with that it's an option, if that would stress you out a DMP maybe a better option due to it's informal nature.

Hope this helps OP