Can you help me help my mum?

fermi

With an IVA you normally need to owe over £15,000 and have a disposable income of £200 per month or greater.

Have a read of Martins guide: Guide to IVAs - Are they worth it?

To be blunt, IVAs are normally only suitable for a very small percentage of people. This is usually those who have property to protect, or whose circumstances or job prevent them considering bankruptcy.

Given the details you have posted, I can't see an IVA as being suitable.

But whatever decision they make, they must get some professional and independent advice.

james32_uk

Yep - without knowing the full detail if your parents are living in a HA home and will never have a career in finance or want to be a Company Director then there is no negative to them going bankrupt. It could all be over for them in about 12 months and leave them debt free. I strongly advise you to get them to ring either CCCS or Payplan for advice.

10past6

squibbs25 wrote: »

I thought anyone could do an IVA, does it only apply to people with homes / equity then?

Hi Squibbs

I'll back up what Fermi has said:

fermi wrote: »

To be blunt, IVAs are normally only suitable for a very small percentage of people.

Even if you they did qualify, it’s not a decision to be made overnight, it will take sometime to do your research to make sure that it is suitable for the right person.

squibbs25

Can someone please explain the difference between an IVA and a DMP and in what circumstances they 'could' be used.
Do you think a DMP would be more suitable for mum and stepdad?

Squibbs

squibbs25

UPDATE:]

Mum spoke with a cccs advisor this morning (sheduled phone call).
The lady was really helpful, she has gone though thoroughly all incoming and outgoing expenditure.
She advised mum that a DMP would be best for mum and stepdad and has already set this up.
Today i saw my mum smile for the first time in ages, the advisor thinks it will take about 3 and a half to 4 years to clear the debt, then she will be debt free.
For mum, today, there is light at the end of the tunnel. She also feels proud (rightly so) of herself for dealing with the debt.
I can't thank the people on this site enough for the support and advice you give. I would never have heard of the cccs without you guys.

Thank you so much.

Squibbs xx

fermi

I'm glad they have found a solution that they are happy with.

There are plenty of people here on DMPs, so if they encounter any problems with the DMP or the creditors then get back to us.

There is even a dedicated thread: DMP Mutual Support Thread (Part Three)