Thank you all for your feedback. I am seriously considering an IVA as I feel the DMP is not going to pan out in the way I had hoped. It just feels like such a big thing to sign yourself into for five years trying to cover all my bases before taking the plunge.
Dreaming of the day that I'll finally be debt free!
Ruth you are right to fully investigate all the options. 5 years is a long time to get into something like an IVA but many on here treat it as a sort of 5 year consolidation loan. DMP's can be useful but my thoughts on them are that unless you can repay your debts in less than 5 years you will be treading water,but do take as much advice on as you can before deciding.
You can never have too many teachers on here,especially when my son is struggling with his homework!!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Hi I teach and I have an IVA with my husband. Why not take a look at www.iva.com for a list of companies and some reviews of these. Always try and take the advice from 2 or 3 companies to ensure you get case specific impartial advice. All debt solutions can be discussed.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
If it will take you longer than five years to repay your debts via a DMP, then an IVA may well be a better solution for you - but do take advice and time to weigh up all of the advantages, disadvantages and implications of each option. An insolvency practitioner can really help to explain these areas more fully, but do your own homework as well and the internet and forums such as this can be invaluable during your search.
my wife is a teacher and we decided that this was the better option for us, life is still a struggle but the light at the end of the tunnel is gettin bigger 24 payments made
