Does this NEWS mean?

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MerlinL14

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Post by MerlinL14 » Sat Mar 22, 2014 4:23 pm
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http://www.bbc.co.uk/news/business-26692111

Does this NEWS mean that more people will be taken down the road of an IVA over a DMP? Personally I can say without reservation that I would have taken the path that was given to me at the initial stages of taking to some one about my debt problem, just because it had taken over my life and I had no 'Plan B' to get debt free. An IVA was, and has been, the best possible solution and I am glad that this was the way I was directed to go, the thought of making the same payments as now, with the same budget, but for ~15 years would have put me over the edge!
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
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Foggy

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Post by Foggy » Sat Mar 22, 2014 4:33 pm
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If ( and only "IF") a DMP was the way to go I would use Payplan or Stepchange. However, we have seen time and time again people who, having spent years in a DMP being advised by their providers that an IVA is now the way to go. Admittedly, for some, this could be down to a change in circumstances making an IVA more viable, but, for many, I feel they should have gone down the IVA ( or even BR) route from the off.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Pandy

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Post by Pandy » Sat Mar 22, 2014 4:42 pm
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We were on a DMP for a year before we had our IVA and we ended up with a bigger debt at the end because the creditors would not freeze the interest. We probably should have gone BR but felt the IVA was a better option as we wanted to pay as much back as we could.

*Edited to correct spelling*
Last edited by Pandy on Sat Mar 22, 2014 5:34 pm, edited 1 time in total.
If life is what you make it, I must have been in a strange mood when I made mine
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Foggy

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Post by Foggy » Sat Mar 22, 2014 4:46 pm
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Same here, PJ. We went IVA to pay back as much as possible. Though, there have been times I have regretted that choice ! In the end, though, I know I at least tried my best.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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ivamess

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Post by ivamess » Mon Mar 24, 2014 9:09 am
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We also had a choice - of all three. We don't own our property and don't have much in the way of assets. In theory BR might have been better although it would have created some business issues but this way we are acknowledging that we got in over the top and can at least pay back what we can afford. We also spent a year in a DMP which would have theoretically lasted 15 or more years with a further 6 years of black marks and watched the debt grow, plus had a few fairly unpleasant letters along the way.
Last edited by ivamess on Mon Mar 24, 2014 9:11 am, edited 1 time in total.
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