Hello, I seem to have got myself into a bit of debt and am running out of options as to how to solve it. I have currently just started the process of a debt management plan, but I have already had some quite nasty letters from my creditors, which has been scary and I would not like to end up with my debt being passed to debt collectors or to be awarded a CCJ.
I am an accountant, currently working in practice at a top 10 UK firm. I am AAT qualified and have achieved MAAT status. I am currently studying ACCA and am roughly 18 months to 2 years away from qualifying.
Please could you advise if an IVA is worth me even considering? I have always thought that with an IVA being a form of insolvency, that a DMP will be my only option.
It would depend upon the current views of your professional body. Then you might have to run the same gamut with your employer.
Who are you dealing with regarding a DMP ? The nasty letters are mostly computer generated and creditors are going to have to get used to the fact, in the current crisis, that these things happen. The firm dealing with them on your behalf should be shielding you to some degree.
I am not qualified to give advice and can only state my opinions, based on my IVA experiences.
Debt support service is the company I’m using for my DMP negotiations. I’m hopefully speaking with them today, but I was issued a default notice last week from one of my creditors as they had received my first instalment of the DMP which is less than their required minimum payment.
I have tried to search my employment contract regarding the IVA but I haven’t found anything. I could ask them, but it’s an embarrassing subject is all.