Iva or Dmp

Shookt38

Hi! I am new to the community and badly needed help and support. 

I work as a part time NhS staff and then my husband and I share a LTD company for agency nurses. Last year was really good but agency shifts nowadays have dwindled down to none. 

I am in need of advice if I go with Dmp or Iva. I spoke with payplan and SC. Payplan offered straight out of the bat IVA. SC is dmp. My accumulated debt is about £85,000. Poor financial choices, maternity leave and also emergencies happened through out the years. I haven’t missed any payments ever. But i am worried as there is less work for me now that agency nursing is dying. 

My husband and I are also moving out of the country to start a new job. How will this affect us if i go with dmp or iva? 

Help please!😫😫😫😫

Grumpelstiltskin

You mean you are moving out of the UK? If so which country are you moving to?

Do you have a mortgage?

Have you spoken to Business Debt Line?

Shookt38

@Grumpelstiltskin yes out of the UK.

I didnt contact any business debt line because the debt is personal not under our LtD. 

Shookt38

I dont have mortgage. We have been renting only for 10 yrs. 

ManyWays

So if you move abroad, the limited company will close? 
At the moment, you probably have very little idea of what your income and expenses will be abroad. I don't think you should make any insolvency decision at the moment. A DMP is flexible, and IVA isnt. 

RAS

You certainly should not make an decision on this if you are going to move abroad. Is it likely you'll return to the UK in the next 6-7 years?

Shookt38

ManyWays said:

So if you move abroad, the limited company will close? 
At the moment, you probably have very little idea of what your income and expenses will be abroad. I don't think you should make any insolvency decision at the moment. A DMP is flexible, and IVA isnt. 

Yes it will have to close coz we will be getting permanent jobs.

Shookt38

RAS said:

You certainly should not make an decision on this if you are going to move abroad. Is it likely you'll return to the UK in the next 6-7 years?

Not in those years. Maybe longer as my kids are going to study there as well.

Shookt38

ManyWays said:

So if you move abroad, the limited company will close? 
At the moment, you probably have very little idea of what your income and expenses will be abroad. I don't think you should make any insolvency decision at the moment. A DMP is flexible, and IVA isnt. 

Hi! Would you tell me more about how flexible a dmp is? Im worried about the hounding or threats I read about

RAS

In the UK those with debt who are not resident may be subject to legal proceeding ( usually CCJs), but they cannot be enforced if the debtor is outside the UK. Nor can parents' debt be enforced against children.

Don't think about this in other countries as many will commit a debtor to prison if they touch ground many years after the debt was incurred.

sourcrates

If you are leaving the country then there is very little you can do, as with any debt solution here, you must reside in the UK, non of the debt charities will deal with you living abroad.

The bad debt will stay on your UK credit file for 6 years, then disappear, the debt will eventually become statute barred or if legal action is taken, the judgements become unenforceable after 6 years, consumer credit debt is not chased abroad, the system is very lax here, unlike in the middle east.

You can just walk away, come back in 8/10 years it will all have vanished.

I`m not saying this to be blasé, that`s simply a factual forecast of what will happen.