Advice please

[MARK1882]

Hello. 1st time on here. Have debts of 80,000+.
Tried for an IVA about 4 years ago with W3 which
was regected. Entered a debt management plan after
that & have been payig £515 a month ever since.
However, looking at the sitaution it is going to
take about 16 years to pay off. Looking into an IVA
but the formality of it all scares me. Also the fact that
someone says what you can & cant spend will take some getting
used to. Also I have a company pension that I pay does this have
to be frozen whilst in the IVA. I also have the chance of overtime
which seems pretty pointless if you have to give up 50%. ANYONE WITH
ANY ADVICE. THANKS

[loubylou10]

Hi Mark welcome to the forum, someone will be with you shortly with more experience than me - just thought I would say hi

[aguise]

Hi Mark and welcome to the forum.
I would certainly look into a definitive solution. Have a word with an Ip and see what they think. I would as always recommend Melanie Giles who posts on here as a good start, you will always get good honest advice.
I have said this so many times but overtime to us is well worth doing. Yes you pay the 50% over to the iva but the other 50% is ours for those extra luxuries or help through those usual emergencies. Before the iva we would have to use all our overtime to keep the mimimum payments up, now we get to enjoy that 50% to me it is 50% more than I ever got before. Its how you look at it.
I know what you mean about being scary having a set amount to live on, but if the I and E is set at a manageable amount at the beginning, five years of being frugal is so worth it when at the end your income is yours again.
Better than struggling with a dmp for such a long time.
Pensions I am not sure about. we have kept our works pensions, that is something for an Ip to advise on.
Anyway hope this helps a bit.
all the best keep posting.

Ang

[MelanieGiles]

Hi Mark

It would seem appropriate for you to reappraise your finances to see what is the best way of dealing with your debts into the future. 15 years would seem to be a very long winded way of doing things, and does not give you much incentive to look forward.

An IVA may well be a sensible option for you to explore, and I suggest a chat with an insolvency practitioner would be useful to discuss all options and make a reasoned choice as to which way to go.

[plasticdaft]

Pretty pointless worrying about a company pension when you could still be paying debts off in 15 years time. Get an IVA up and running and in 5 years time be debt free and get pumping more cash into your pension fund.
As for doing overtime and giving up half the money you will still be getting your debts sorted quicker than you are just now. Any idea how much your debt has dropped since you have been paying into a dmp??? The money you have been paying into that seems like a good amount to offer into an iva. Its a stricter way of life but one you could well adjust to and 5 years to rid yourself of the burden of debt is surely better than 15 years!!
Talk to an IP(or 3)and see what they think would be your best option,you have nothing to lose and everything to gain.

Good luck

Paul

[Wizzard]

Wot Paul said .....[:D]