My LBM...here goes!

redrose76_2

Hi all , new to the boards although been lurking for somewhile trying to grasp what to do. So any advice is appreciated.

I have a few questions, after completing a debt remedy with CCCS they recommended I do an IVA or DMP. Now could anyone answer:
1) With an IVA does the figure you pay each month every change ie if OH did some overtime after agreeing a figure will they look into finances and ask for it?? just we cant rely on O/T.
2) Also do they both affect your credit rating the same??
3) Same question for DMP about overtime??
4) And also on a DMP do they have much luck in freezing interest??
5) If I went IVA/DMP on my own can i still bank with OH's bank and it not affect his account??
6) Would anyone recommended me just going on a IVA/DMP with just my debts or do they look at household income and it would be the same outcome???

I am sorry to ramble but just keep chasing my tail and worry myself silly over it!!! We would have approx 520pm surplus and our bills at minumum only are 900pm so need to sort this out quick! Thanks

KellsBells

D'oh!
I so wanted to help you, but don't have a Scooby-doo about debt management plans and Ivas. Sorry.

I can still welcome you though, and say Hi :wave:

Don't be embarrassed, we are all here for a common cause and there is a wealth of knowledge on here. It's lovely to "meet" you.xxxxx

southernscouser

1)No it won't take that into consideration. An IVA is a formal agreement between you and your creditors where you will come to an arrangement with people you owe money to, to make reduced payments towards the total amount of your debt in order to pay off a percentage of what you owe then generally after 5 years your debt is classed as settled. However it does cost to set one up and should you fail to pay you risk losing your home!

2) Basically you will default on both so your credit file will be a pretty sorry state for 6 years

3) Overtime isn't I don't think included. 99.9% sure about this

4) Yes and no. It all depends on the creditors. Generally speaking I'd say the majority comply.

5) Are the debts in joint names? If he has any debts with that bank it is advisable to open a new basic account with someone you don't owe money too!

6) I think only a professional can answe that to be honest!


Hope that helps.

redrose76_2

Thank you both for your help and support. I think I will start the ball rolling and ring CCCS or CAB and see what they think would be the best option for me, I just needed a little insight before taking the plunge. Thank you again.

Gemmzie

Good luck with the CCCS, don't forget there's PayPlan too. Come back if you need any more advice